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(NYASATIMES) Bingu should take responsibility and not blame World Bank – economist

Bingu should take responsibility and not blame World Bank – economist
By Nyasa Times
Published: November 29, 2009

President Bingu Wa Mutharika is slowly losing his status as the “economic engineer” due to the current economic woes which have hit Malawi. A top Lilongwe based government economist has revealed to Nyasa Times that Bingu’s economic plans were more of theory than practical.

He observed that Bingu’s style of leadership was one characterised with blaming others for his misfortunes.

“Bingu is a person who can’t take responsibility for any bad thing. He wants to come out a saint in every situation hence his constant blaming of others on his failures.”

Mutharika has heaped all the blame on the current economic meltdown in the country on the IMF, World Bank and foreign investors.

“If the opposition was still strong, they would have shouldered all the blame for the current problems,” observed the economist who sought anonymity for fear of facing arrest and being under oppressive charges pressed for those critical of Mutharika government.

He wondered whether the IMF or the World Bank or indeed the foreign investors were responsible for borrowing [lending - MrK] Robert Mugabe $100 million.

“Since when did Malawi become a donor country? We are failing to fend for ourselves, yet we are able to give away such colossal sums to our neighbours,” wondered the economist working in government.

Meanwhile, a Mzuzu University professor has attributed the current forex shortage to
President Mutharika and his government officials who are investing outside the country.

“Look here, Bingu and his family are investing outside unlike Bakili Muluzi (former president) who put most of his investments at home. He (Muluzi) built Keza in Blantyre while Bingu is building Mansions in Europe.”

Other sectors have also accused Mutharika of deposing the “real economic engineer,” Goodall Gondwe from Finance Ministry and replacing him with Ken Kandodo who failed to run even his family business.

And a survey on the streets of the capital city Lilongwe have shown that the general public has lost confidence in Mutharika to turn around the country’s ailing economy.

“The problem is that the President is not offering solutions but blaming others. OK, if it’s true that the economy is in a mess because of the World Bank, and then what is he doing as Head of State to correct the situation,” asked a female employer of Shoprite, one of Malawi’s leading chain sores.

A local business man based in Area 25 observed:”Here it’s like the President has told us that it’s not me, but the World Bank and there is nothing I can do about it. My question to him is, why is he still President. Why can’t he give way for someone who can do something about it.”

Mutharika speaking on public radio blamed the World Bank and the IMF for causing foreign exchange shortages by forcing the country to liberalise the economy.

“The International Monetary Fund (IMF) and World Bank have been forcing us to have a free market economy…but now all foreign business operators externalise forex to Asia and the Middle East,” Mutharika said.

The two lending institutions are the major sponsors of Malawi’s economic reforms.

“The forex is ours, but there is no money at the moment. Right now we cannot import anything. How do I run this country? The forex is externalised to Dubai, Bombay and London,” said the economist turned politician.

Labels: BINGU WA MUTHARIKA, GOODALL GONDWE, KEN KANDONO, World Bank

posted by MrK @ 12:58 PM