Government must rescue MSME’s – Mlombwa

Business players in the country have asked government to bail out Micro, Small and Medium Enterprises (MSMEs) that have been affected by the Covid-19 pandemic.

Speaking to YONECO FM  online as the country joined the global community to commemorate the MSME’s day on June 27 Indigenous Businesses Association of Malawi (IBAM) president Mike Mlombwa stated that government is the biggest buyer as such it needs to come up with measures to keep MSMEs floating.

“The key is to ensure that interest rates are reduced so that MSME’s do not collapse because this pandemic has left MSMEs vulnerable forcing some to close.”

The MSME day was commemorated under the theme “MSME 2021: Key to an inclusive and sustainable recovery.”

According to the United Nations (UN),formal and informal MSMEs make up over 90% of all firms and account, on average, for 70% of total employment and 50% of GDP.

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