During the presentation of the a K2.2 trillion budget made in Parliament on Friday, Minister of Finance Felix Mlusu revealed that that government has instituted a financial audit and is in the process of reviewing operational models and procedures of Malawi Enterprise Development Fund (MEDF), which will result into a total rebranding, including change of name.
Medf was formed by an Act of Parliament in February 2014, aimed at assisting Malawians who wish to set up small businesses in the country by providing them with financial means of setting up new businesses or expanding one. Medf chief executive officer Mervis Mangulenje, revealed that the firm will not be able to recover about K8.9 billion worth of loans issued by its predecessor Malawi Rural Enterprise Development Fund (Mardef) in 2015
Recently it was reported that UTM and MCP supporters were in competition of who should be prioritized at Medf. The matter seems so because of the promises that the parties is promising their supporters; MCP second vice-president Harry Mkandawire declared that MCP supporters will be prioritised in the Medf loans disbursement because President Lazarus Chakwera is the party’s leader. According to Mkandawire, he was reacting to UTM Party secretary general Patricia Kaliati’s visit earlier in the week to the district’s Medf offices to collect loan forms. He said Kaliati was accompanied by some UTM Party women during the visit. Kaliati refuted the allegations but evidently the rebranding of Medf will ensure that the institution is not politicised; after all, it is for the benefit for all Malawians.