By Draxon Maloya

President Peter Arthur Mutharika has sparked hope among women and youth by announcing a K200 million annual fund for soft loans, which will be disbursed starting next fiscal year.

In his inaugural speech at the opening of the 52nd Session of Parliament, Mutharika highlighted the economic vulnerability of women and youth, which he said subjects them to abuse instead of contributing to the country’s socio-economic development.

“My government will from next fiscal year start the disbursement of K100 million for women and another K100 million meant for soft loans to our youth in every constituency,” Mutharika said.

The President also addressed pressing issues, including the passport and fuel shortages plaguing the country. He assured Malawians that his administration is working to resolve these challenges.

“My government is aware of fuel challenges troubling the country. We’ll embark on an open tender basis for fuel suppliers to compete and provide competitiveness in the fuel supply chain,” he said.

Mutharika also touched on the erratic energy supply affecting mining activities and economic growth, citing the scarcity of foreign exchange.

The announcement has been welcomed by stakeholders, including the Agriculture and Food Development Programme (AFDEP) CEO and the Farmers Union of Malawi. They praised Mutharika’s address, saying it provides direction for meaningful economic growth.