World Bank Document

Total Page:16

File Type:pdf, Size:1020Kb

World Bank Document Report No. 3460-MAI Mjawi The DevelocpmenIt of Manufacturng 8, 1981 Public Disclosure Authorized May Eastern Africa Regional Office FOR OFFOCDAL USE ONLY Public Disclosure Authorized Public Disclosure Authorized Document of the World Bank Public Disclosure Authorized This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization. CURRENCY EQUIVALENTS Currency Unit = Kwacha (K) Exchange Rate Kwacha 1 = US$ US$1 = Kwacha Average 1973 1.2206 0.8193 Average 1974 1.1888 0.8412 Average 1975 1.1577 0.8638 Average 1976 1.0953 0.9130 Average 1977 1.1075 0.9029 Average 1978 1.1851 0,8438 Average 1979 1,2241 0.8169 ABBREVIATIONS ADMARC - Agriculture Development and Marketing Corporation AMEC - American Management and Engineering Corporation, Inc. BTN - Brussels Tariff Nomenclature CDC - Commonwealth Development Corporation DEG - Deutsche Gesellschaft fur Wirtschaftliche Zusammenarbeit DEVRES - Development Resources EAD - Economic Affairs Division, Ministry of Finance EDD - Economic Development Division, Office of the President and Cabinet EPD - Economic Planning Division, Office of the President and Cabinet FMO - Nederlanse Financierings-Maatschappij voor Ontwikkelingslanden N.V. IFC - International Finance Corporation IMEXCO - Import and Export Company of Malawi INDEBANK - Industrial Development Bank MES - Minimum Economic Size Plant MTIT - Ministry of Trade, Industry and Tourism NSO - National Statistical Office Press - Press Holdings Ltd. FISCAL YEAR April 1 - March 30 - i- FOR OFFICIAL USE ONLY PREFACE 1. This report is one of a series of six special reports that have been produced as the result of the 1979 Basic Economic Mission.l/ The major purposes of the Basic Economic Mission were to review the performance of the Malawian economy since independence (1964) and to assess the future prospects for growth over the next decade or more, identifying the major constraints to development and making recommendations for their relief. The focus of the basic economic mission was upon macroeconomic performance (the national accounts, balance of payments, budget and public enterprises and employment), the development of agriculture and manufacturing; and the provision of government resources for the development of human capital and for meeting basic needs. 2. Despite the country's extremely low level of development at independence, the Malawi Government opted for an outward-looking strategy of rapid growth, based on encouragement of private enterprises, use of the market mechanism, favorable treatment of foreign capital, low levels of protection and wage restraint. The public sector investment program has emphasized the direct support of the commodity producing sectors through the provision of agricultural services, internal and external transport links and power. The development of the social sectors (education, health, etc.) received relatively less attention until recent years. 3. These policies have been successful and the Malawian economy has recorded an impressive list of accomplishments since independence. Real GDP has grown at about six percent per annum and growth in all sectors (except subsistence agriculture) has been rapid. Wage employment has grown almost -as rapidly as modern sector output, suggesting a relatively labor-intensive pattern of development. Export volumes, at least those of the agricultural estate sector, have increased significantly. DOmestic investment has grown from about 9 percent of GDP at independence to an average of 25 percent in recent-years, while domestic savings have increased from virtually nil to 17 percent of GDP. The Malawian economy has also attracted large increases in foreign capital for private/public enterprise investments and for government projects. In addition, the domestic rate of inflation has been relatively low. 1/ The siy. reports are: The Development of the Agricultural Sector The Development of Manufacturing The Fiscal Performance of the Public Sector Employment Aspects of Economic Development The Development of Human Capital Basic Needs This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization. - ii - 4. Despite this record of accomplishments, there is now concern about the prospects for future growth owing to: - the slow growth of smallholder output and exports; - the relatively poorer prospects for traditional estate exports; - the projected decline in the external terms of trade (relative to those of the 1970s); - the continued rapid growth of population and labor force (and the rapid decline of unutilized cultivable land); - the deterioration in budgetary and public enterprise performance; and - the continued shortage of skilled manpower. 5. The basic economic report explores the possibilities for improving the output, trade, and employment performance of agriculture and industry through changes in price-tax-tariff policies, improvements in sectoral institutions, and improved government services. It analyzes the possibilities for improved resource management through better government revenue performance, increased allocations for recurrent operations to raise the payoffs to past government investments and measures to improve the efficiency and profitability of public enterprises; it also analyzes the effects on future budgetary balance of changes in the growth and composition of government investment expenditure or in the amounts and terms of foreign financing. In addition, it assesses the nature and magnitude of Malawi's manpower constraint, estimates the returns to investments in secondary education, examines the costs of expanding social services for meeting basic needs and, in the face of likely government budgetary constraints, explores the possibilities for meeting some of these costs through higher user charges. 6. The basic economic report places the themes outlined in the preceding paragraph in a macroeconomic framework for an analysis of the future economic develapment possibilities in Malawi. We expect that the draft basic economic report will be discussed with Government in July 1981 and that circulation of the final version will shortly follow. The members of the basic economic -mission were: William A. MIcCleary (Mfission Chief) Gilbert Brown (Basic Needs) Peter Hansen (Public Finance) Kazuko Hashimoto (General Economist, Agriculture) Stephen Heyneman (Education) Richard LaCroix (Consultant, Agro-industry) Ben Lehbert (Industrial Economist) Katherine Sierra (Employment) Robert Wesselman (Consultant, Agricultural Extension) Dennis IW'ood (Consultant, Agro-industry) Shirin Velji (Research Assistant) - iii - MALAWI THE DEVELOPMENT OF MANUFACTURING Table of Contents Page No. Preface. Summary and Conclusions v I. PAST PERFORMANCE AND INDUSTRIAL STRUCTURE .......... ........ 1 Background. .. ........... 1 Past Performance ....... ....... .......... ... 1 I-ndustrial Structure ~ ................. *.... 5 Present Situation . ......................... .............. 18 II. INSTITUTIONAL FRAMEWORK ...o .................................... 19 Background .................................................... 19 Parastatals--General ................... .. .. .. .. .. ...... ... *.... .. 19 MDC 0- *....... *.......................................20 Press Holdings .................................................... 21 ADMARC ................. o....................................... 21 IMEXCO ......................................................... 23 INDEBANK ...... ................................................ 24 The Parastatal's Position in Industry............................ 25 III. POLICY FRAMEWORK ................................................... 29 Institutional Background ........ O.*.......... ............. ........ 29 Long-term Policy Background .... .. .................................. 30 Licensing System .... ................................... ............. 31 Industrial Incentives in the Protection System ......... ........ 32 Price Policy ............ * 35 Tax Incentives ................................................. 36 Implementation and Practical Consequences of Policies ...................................................... ........ 37 IV. PROSPECTS: CONSTRAINTS AND POSSIBILITIES ....... ............... 41 Constraints .................................................... 41 Possibilities . .. ................ 44 This report was written by Mr. Ben Lehbert, Senior Industrial Economist, East Africa Projects Department. Table of Contents, cont'd - iv - Page No. V. THE NEXT TEN YEARS OOOOOOO-O.OOOO....OOOOOO.OOOOOOOOOOOOOOOOOOOO 48 Background . .. .. .. o. ..... * .... .... ............... , . .. 48 Food-related Issues ................ .........oo ooooo ...... o - 49 Energy-related Issues . ....... o........... .. ........... .... 56 Wood-related Issues ......... .... oo ............... ... oo-ao .... 59 Export-oriented Projects ..... ooo....o.....o...............o.... 61 Projects in Miscellaneous Other Areas ... o...............0....,, 62 Summary Review of Proposed Projects ............................ 64 Some Policy Suggestions o .............................. o ........ 66 LIST OF TABLES No. 1 Index of Manufacturing Output, 1970-78 No. 2 Industrial Licenses for New Investment, 1967-78 No. 3 Manufacturing Sector Reporting Units, Licenses Issued and Employment, 1975 No. 4 Size
Recommended publications
  • The World Bank for OFFICIAL USE ONLY
    Document of The World Bank FOR OFFICIAL USE ONLY Public Disclosure Authorized Report No: 59793-MW PROJECT APPRAISAL DOCUMENT ON A PROPOSED CREDIT IN THE AMOUNT OF SDR 18.1 MILLION Public Disclosure Authorized (US$28.2 MILLION EQUIVALENT) TO THE THE REPUBLIC OF MALAWI FOR THE FINANCIAL SECTOR TECHNICAL ASSISTANCE PROJECT (FSTAP) Public Disclosure Authorized February 28, 2011 Finance and Private Sector Development East and Southern Africa Africa Region Public Disclosure Authorized This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization. CURRENCY EQUIVALENTS (Exchange Rate Effective January 31, 2011) Currency Unit = Malawi Kawacha (MK) US$1 = MK 150.77 US$1 = SDR 0.640229 FISCAL YEAR January 1 – December 31 ABBREVIATIONS AND ACRONYMS ACH Automated Clearing House AfDB African Development Bank AFRITAC African Technical Assistance Center ATS Automated Transfer System BAM Bankers’ Association of Malawi BESTAP Business Environment Strengthening Technical Assistance Project BSD Banking Supervision Department CAS Country Assistance Strategy CEM Country Economic Memorandum CSC Credit and Savings Co-operatives CSD Central Securities Depository DEMAT Development of Malawi Trader’s Trust DFID UK Department of International Development EFT Electronic Funds Transfer FIMA The Financial Inclusion in Malawi FIRST Financial Sector Reform and Strengthening Initiative FMP Financial Management Plan FSAP Financial Sector
    [Show full text]
  • Malawi RISK & COMPLIANCE REPORT DATE: March 2018
    Malawi RISK & COMPLIANCE REPORT DATE: March 2018 KNOWYOURCOUNTRY.COM Executive Summary - Malawi Sanctions: None FAFT list of AML No Deficient Countries Not on EU White list equivalent jurisdictions Higher Risk Areas: Corruption Index (Transparency International & W.G.I.) Failed States Index (Political Issues)(Average Score) Non - Compliance with FATF 40 + 9 Recommendations Medium Risk Areas: World Governance Indicators (Average Score) Major Investment Areas: Agriculture - products: tobacco, sugarcane, cotton, tea, corn, potatoes, cassava (tapioca), sorghum, pulses, groundnuts, Macadamia nuts; cattle, goats Industries: tobacco, tea, sugar, sawmill products, cement, consumer goods Exports - commodities: tobacco 53%, tea, sugar, cotton, coffee, peanuts, wood products, apparel Exports - partners: Canada 9.8%, Zimbabwe 9.5%, Germany 6.7%, South Africa 6.3%, Russia 6%, US 5.7%, Egypt 5.3% (2012) Imports - commodities: food, petroleum products, semi-manufactures, consumer goods, transportation equipment Imports - partners: South Africa 26.5%, China 16.2%, Zambia 9.1%, India 8.5%, Tanzania 5.5%, US 4.1% (2012) Investment Restrictions: 1 The government encourages both domestic and foreign investment in most sectors of the economy without restrictions on ownership, size of investment, source of funds, or the destination of the final product. There is no government screening of foreign investment in Malawi. Apart from the privatization program, the government's overall economic and industrial policy does not have discriminatory effects on foreign investors. Since industrial licensing in Malawi applies to both domestic and foreign investment, and is only restricted to a short list of products, it does not limit competition, protect domestic interests, or discriminate against foreign investors at any stage of investment.
    [Show full text]
  • Malawi-Financial-Sector-Technical
    Document of The World Bank FOR OFFICIAL USE ONLY Public Disclosure Authorized Report No: ICR00004184 IMPLEMENTATION COMPLETION AND RESULTS REPORT (IDA-48970) ON A CREDIT IN THE AMOUNT OF SDR 18.1 MILLION Public Disclosure Authorized (US$28.2 MILLION EQUIVALENT) TO THE THE REPUBLIC OF MALAWI MINISTRY OF FINANCE, ECONOMY AND DEVELOMENT FOR THE MALAWI - FINANCIAL SECTOR TECHNICAL ASSISTANCE PROJECT (P122616) Public Disclosure Authorized May 29, 2019 Finance, Competitiveness and Innovation Global Practice Africa Region Public Disclosure Authorized This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization. CURRENCY EQUIVALENTS (Exchange Rate Effective Currency Unit = Malawi Kwacha (MK) MK 726.35 = US$1 US$1 = SDR 0.71 FISCAL YEAR January 1 – December 31 ABBREVIATIONS AND ACRONYMS ACH Automated Clearing House ADR Alternative Dispute Resolution ATM Automated Teller Machine ATS Automated Transfer System CAS Country Assistance Strategy CSD Central Securities Deposit CDS Central Depository System CPFL Consumer Protection and Financial Literacy DFID U.K. Department for International Development EFT Electronic Funds Transfer FIU Financial Intelligence Unit FM Financial Management FSAP Financial Sector Assessment Program FSDT Financial Sector Deepening Trust FSPU Financial Sector Policy Unit FSTAP Financial Sector Technical Assistance Project GCI Global Competitiveness Index GDP Gross Domestic Product GoM Government
    [Show full text]
  • 2010, Significant Efforts Focused on the Implementation of a New Core Banking IT Platform and the Completion of the New Business and Office Complex Project
    In 2010, significant efforts focused on the implementation of a new core banking IT platform and the completion of the new Business and Office Complex project. The Bank of the Nation 2010 ANNUAL REPORT C O N T E N T S 4 Vision, Mission Statement and Core Values 5 Group Financial Highlights 6 Current Directors 8 Report of the Directors 12 Chairman’s Report 14 Senior Management 16 Chief Executive Officer’s Statement 23 Corporate Activities 31 Selected Key Clients’ Activities 39 Economic Review and Prospects for 2011 42 Corporate Governance Statement 43 Statement of Directors’ Responsibilities 44 Report of the Independent Auditor 45 Statements of Financial Position 46 Statements of Comprehensive Income 47 Statements of Changes in Equity 50 Statements of Cashflows 51 Notes to the Financial Statements 110 Correspondent Banks 111 Head Office and Service Centres 112 Map of Malawi - National Bank of Malawi Service Centres Mangochi andMulanjeServicecentres. We concludedtherenovationandre-brandingprogramwithrefurbishmentofChichiri, 3 N ATIONAL B ANK OF M ALAWI - THE B ANK OF THE N ATION VISION To be the most successful financial institution in Malawi with a visible presence in the Southern Africa Region. MISSION STATEMENT To provide the best financial services in Malawi and the region, distinguished by outstanding service, product innovation and sustained earnings growth. CORE VALUES Customer Satisfaction Employee Commitment Always striving to meet our customers’ The Bank will be commited to excellence in its 2010 expectations and putting the customer first. performance and that the employees will have a clear understanding of its objectives and goals. EPORT Employee Recruitment R and Development Integrity and Trust Employees are the key to the success of National All Bank employees will fully comply with and Bank of Malawi.
    [Show full text]
  • The Private Sector and the Economic Development of Malawi
    A.I.D. Evaluation Special Study No.ll The Private Sector And The Economic Development Of Malawi March 1983 U.S. Agency for International Developm~nt (AID) PN-AAL-006 THE PRIVATE SECTOR AND THE ECONOMIC DEVELOPMENT OF MALAWI A.I.D. Evaluation Special Study No. 11 by Jerome Wolgin, Team Leader (Bureau for Program and Policy Coordination) Cynthia Clapp-Wiricek (Bureau for .Program and Policy Coordination) George Honadle (Consultant, Development Alternatives, Inc.) Timothy Mahoney (Bureau for Program and Policy Coordination) Talbot Penner (AID, washington) U.S. Agency for International Development March 1983 The views and interpretations expressed in this report are those of the authors and should not be attributed to the Agency for International Development. A.I.D. EVALUATION PUBLICATIONS A complete list of reports issued in the A.I.D. Evaluation Publication series is included in the back of this document, together with information for ordering reports. TABLE OF CONTENTS List of Tables and Figures •• .. ... .. .. •• iv Foreword ••••••••••••••• _••••• ..... ... ..v summary and Lessons Learned. .vi Preface •• • • X Glossary. .... .xi Map •••••• . .. .. .. • .xiii I • Economic Development In Malawi ••••••••• • .1 A. Introduction ••••••••••••• .1 B. Economic Structure •.••••••• • • 3 1. The Statutory Bodies. .. .4 a. Press Holdings, Ltd. .4 b. The Malawi Development Corporation (MDC) • • 5 c. The Agricultural Development and Marketing Corporation (ADMARC) •••••••••••••••••••••••• • 6 d. The Investment Development Bank (INDEBANK) ••• 7 e. The Public Holding Company and the Private Economy ••••••••••••••••••••••••••••••.•••••• • • 8 2. The Large- and Medium-scale Private Enterprise In Malawi--Alive .and Well, and owned by the Government ••••••••••••••••••••••••••••••• •. 11 3. The smal.lholder and the Prop·r ietal Firm •• ..13 4.
    [Show full text]
  • 2016 Annual Report
    Strategic Report | Corporate Governance Financial Statements On the Malawi Stock Exchange Annual Report 2016 1 | PRESS CORPORATION LIMITED | Annual Report 2016 CONTENTS Strategic Report Strategic Report Financial Highlights 1 Corporate Social Responsibility 2 Vision, Mission Statement, Core Values 5 Chairman’s Report 6 | Corporate Governance Group Chief Executive’s Report 8 Business Overview 11 Corporate Governance Risk Management 32 Profile of Directors 34 Financial Statements Profile of Management 41 Five Year Group Financial Review 42 Financial Statements On the Malawi Stock Exchange Directors’ Report 44 Statement of Directors’ Responsibilities 45 Independent Auditors’ Report 46 Consolidated and Separate Statements of Financial Position 53 Consolidated and Separate Statements of Comprehensive Income 54 Consolidated Statements of Changes in Equity 55 Consolidated and Separate Statements of Cash Flows 57 Notes to the Consolidated and Separate Statements 58 - 149 On the Malawi Stock Exchange 150 Administration 151 Annual Report 2016 Cover photo by Billy Mphande, owner of Shire Camp Safaris in Liwonde PRESS CORPORATION LIMITED | Annual Report 2016 | 2 FINANCIAL HIGHLIGHTS Malawi Kwacha US Dollars Group Summary (in millions) 2016 2015 Change % 2016 2015 Change % Turnover 188,857 161,136 17.20 272 283 (3.85) Attributable earnings 6,804 4,197 62.12 10 7 33.00 Shareholders' equity 103,206 91,698 12.55 142 138 3.09 Share performance Basic earnings per share 56.61 34.92 62.12 0.08 0.06 33.00 Cash retained from operations per share 186.73 74.67
    [Show full text]
  • Annual Report 2016
    National Bank of Malawi Annual Report 2016 Feel the bliss of cashless banking NBM VISA CARD & MASTERCARD Revealing the happy and trendy you as you pay for goods and services cashlessly. Contents 7 Vision, Mission Statement and Core Values 9 Group Financial Highlights 11 Current Directors 14 Report of the Directors 17 Chairman’s Report 21 Senior Management 25 Chief Executive Officer’s Statement 33 Staff Activities 37 Corporate Social Responsibility 42 Selected Key Clients 52 Economic Review 54 Corporate Governance Statement 60 Statement of Directors’ Responsibilities 61 Independent Auditor’s Report 67 Statements of Financial Position 68 Statements of Comprehensive Income 70 Statements of Changes in Equity 73 Statements of Cashflows 74 -180 Notes to the Financial Statements 181 Correspondent Banks 182 Map of Malawi - NBM Service Centres 182 Head Office and Major Service Centres Cover photo by Billy Mphande, owner of Shire Camp & Safaris. A view of Lake Malawi in Mangochi. GROUP FINANCIAL HIGHLIGHTS Feel the bliss of cashless banking MyFuel Card Letting your smile go miles as you cashlessly pay for your fuel. ToVISION be the most successful financial institution in Malawi with a visible presence in the Southern Africa Region. Commitment The Bank will be committed to excellence in its performance and that the employees will have a clear understanding of its objectives and goals. MISSION STATEMENT To provide the best financial services in Malawi and the region, distinguished by Integrity and Trust outstanding service, product innovation All Bank employees will fully comply with and sustained earnings growth. and share the bank’s commitment to high moral, ethical and legal standards.
    [Show full text]
  • National Bank of Mw Vs Lilongwe Gas Company Ltd 1
    IN THE HIGH COURT OF MALAWI COMMERCIAL DIVISION BLANTYRE REGISTRY COMMERCIAL CASE NUMBER 165 OF 2016 NATIONAL BANK OF MALAWI LTD .................................................. PLAINTIFF VERSUS LILONGWE GAS COMPANY LTD ................................................... DEFENDANT CORAM: HON. JUSTICE J. N. KATSALA H. Mwangomba, of counsel for the plaintiff A. ·Kauka, of counsel for the defendant Makonyo, Court Clerk/Recording Officer JUDGMENT The plaintiff took out a writ of summons against the defendant claiming the sum of K31,424,072.42 being money advanced to the defendant by way of loan plus interest thereon "at the plaintiffs prevailing lending rate plus 10% penalty interest ... ". The defendant served a defence in which it admitted obtaining the loan but disputed that it is liable to pay penalty interest to the plaintiff. The defendant then took out a Notice of Motion under section 3 of the Loans Recovery Act and Order 7, rule 11 of the High Court (Commercial Division) Rules, 2007 seeking a declaration of this Court that it (the defendant) is not liable to pay to the plaintiff penalty interest or a sum of Kl4,500.00 for every default in instalments, as was claimed by the plaintiff. The facts of the case are brief, straight forward and agreed between the parties. By an agreement made on or about 2 January 2013 , the plaintiff advanced to the defendant by way of loan a sum of K9.1 million for the purpose of procurement of raw materials. It was agreed that the loan would attract interest at the rate of 5% above the plaintiff's base lending rate then at 35% per annum - making an effective rate of 40% per annum.
    [Show full text]
  • SADC Financial Systems: Structures, Policies and Markets
    SADC Financial Systems: Structures, Policies and Markets September 2012 Disclaimer This report has been prepared from information produced by the SADC central banks and all efforts have been made to ensure the accuracy of the information contained herein. However, the Secretariat of the Committee of Central Bank Governors does not warrant the correctness of, and shall not be held responsible for any errors or omissions contained in the information received. This report has been prepared by the Secretariat of the Committee of Central Bank Governors with information made available as at 20 August 2012. Foreword Early in 1995, the Finance & Investment Sector of the Southern African Development Community (SADC) was created and the co-ordination of this new sector was allocated to South Africa. Within this sector, two independent but interrelated committees were established, namely the Committee of Treasury Officials to attend to fiscal issues, and the Committee of Central Bank Governors to attend to monetary policy issues. At its inaugural meeting on 24 November 1995, the Committee of Central Bank Governors in SADC (CCBG) identified the need for greater knowledge of the structures and policies of central banks as well as the financial markets of member states as a prerequisite for future co-operation in the area of monetary policy. To this end, a project was launched to establish an information base on central banks in the region. In July 1996, the Ministers of Finance of the twelve member states approved this initiative as an official project of SADC. A comprehensive questionnaire was developed, based on a similar survey done by the Bank for International Settlements (BIS) on central banks in Eastern Europe.
    [Show full text]
  • NB 2010 ANNUAL REPORT2012.Qxd
    NNNNNNNNNNNNNNNN Cover Photo (Night Scene): National Bank Business Centre and Office Complex - Courtesy of Govati Nyirenda N ATIONAL B ANK OF M ALAWI - A NNUAL R EPORT 2011 00 NNNNNNNNNNNNNNNN 2011 ANNUAL REPORT Cover Photo (Night Scene): National Bank Business Centre and Office Complex - Courtesy of Govati Nyirenda N ATIONAL B ANK OF M ALAWI - A NNUAL R EPORT 2011 00 N ATIONAL B ANK OF M ALAWI - A NNUAL R EPORT 2011 2 CONTENTS 4 Vision, Mission Statement and Core Values 5 Group Financial Highlights 8 Current Directors 10 Report of the Directors 12 Chairman’s Report 14 Senior Management 16 Chief Executive Officer’s Statement 22 Corporate Activities 26 Selected Key Clients’ Activities 30 Economic Review and Prospects for 2012 34 Corporate Governance Statement 35 Statement of Directors’ Responsibilities 36 Independent Auditor’s Report 37 Statements of Financial Position 38 Statements of Comprehensive Income 39 - 41 Statements of Changes in Equity 42 Statements of Cashflows 43 - 104 Notes to the Financial Statements 105 Correspondent Banks 107 Head Office and Service Centres 108 Map of Malawi - NBM Service Centres N ATIONAL VISION To be the most successful financial institution in MISSION Malawi with a visible STATEMENT presence in the Southern Africa Region. To provide the best financial services in Malawi and the region, distinguished by outstanding service, product innovation and sustained earnings growth. CORE VALUES Customer Satisfaction Always striving to meet our customers' expectations and putting the customer first. Employee Recruitment and Development n Employees are the key to the success of National Bank of Malawi n The Bank will recruit based on merit and competencies required for the job.
    [Show full text]
  • 2017 Annual Report
    2017 Annual Report 2017 Annual Report Banking without breaking your strides I have just paid my tuition fees right here on campus without going to the bank. No interruption to my studies. 7 Vision, Mission Statement and Core Values 9 Group Financial Highlights 11 Current Directors 14 Report of the Directors 17 Chairman’s Report 21 Senior Management 24 Chief Executive Officer’s Statement 35 Staff Activities 39 Corporate Social Responsibility Activities 46 Selected Key Clients 56 Economic Review and Outlook 58 Corporate Governance Statement 64 Statement of Directors’ Responsibilities 65 Independent Auditor’s Report 71 Statements of Financial Position 72 Statements of Comprehensive Income 74 Statements of Changes in Equity 77 Statements of Cashflows 78 -186 Notes to the Financial Statements 187 Correspondent Banks 188 Map of Malawi - National Bank of Malawi plc Service Centres 189 National Bank of Malawi plc Head Office and Major Service Centres Cover photo by Bobby Kabango ............................ Inside Photos by Govati Nyirenda I have Just paid my MASM contribution right here in bed. No interruption to my medication VISION MISSION STATEMENT To be the most To provide the best successful financial financial services in institution in Malawi Malawi and the region, with a visible presence distinguished by in the Southern Africa outstanding service, Region. product innovation and sustained earnings growth. CORE VALUES Customer Satisfaction Always striving to meet our customers’ expectations and putting the customer first. Equal Opportunity Employee Recruitment and Development > Employees are the key to the success of National Bank of Malawi > The Bank will recruit based on merit and competencies required for the job > The Bank will ensure that employees are properly trained so that it retains a disciplined and motivated staff > The Bank will provide a working environment which is conducive to continuous employee self-development and advancement.
    [Show full text]
  • Malawi Country Strategy Paper 2005–09
    AFRICAN DEVELOPMENT BANK AFRICAN DEVELOPMENT FUND MALAWI COUNTRY STRATEGY PAPER 2005–09 COUNTRY OPERATIONS DEPARTMENT NORTH, EAST & SOUTH (ONCF) SEPTEMBER 2005 MALAWI 2005-09 COUNTRY STRATEGY PAPER Table of Contents EXECUTIVE SUMMARY--------------------------------------------------------------------------- VI 1. INTRODUCTION -------------------------------------------------------------------------------- 1 2. COUNTRY CONTEXT ------------------------------------------------------------------------- 2 2.1 POLITICAL SITUATION ------------------------------------------------------------------------- 2 2.2 MACROECONOMIC AND STRUCTURAL ISSUES----------------------------------------------- 2 2.3 SECTORAL CONTEXT ISSUES ------------------------------------------------------------------ 5 2.4 PRIORITY CROSS-CUTTING ISSUES ----------------------------------------------------------- 6 2.5 POVERTY, SOCIAL CONTEXT AND ISSUES---------------------------------------------------- 8 2.6 MEDIUM-TERM ECONOMIC OUTLOOK AND EXTERNAL ENVIRONMENT ------------------10 2.7 PRIVATE SECTOR CLIMATE AND ISSUES ----------------------------------------------------11 3. NATIONAL DEVELOPMENT AGENDA AND MEDIUM-TERM PROSPECTS 13 3.1 KEY ELEMENTS OF THE GOVERNMENT DEVELOPMENT AGENDA -------------------------13 3.2 ASSESSMENT OF IMPLEMENTATION PROGRESS OF THE AGENDA -------------------------14 3.3 THE PARTNERSHIP FRAMEWORK ------------------------------------------------------------16 3.4 CHALLENGES AND RISKS---------------------------------------------------------------------18
    [Show full text]