LILONGWE, April 21 (Xinhua) -- The Malawian government is considering borrowing 120 million U.S. dollars from the African Export-Import Bank to procure fuel as the country grapples with acute foreign exchange shortages, a senior official said on Tuesday.
Minister of Information and Communications Technology Shadric Namalomba, who is also the government spokesperson, told local media that the country's fuel reserves are completely dry as the conflict in the Middle East has disrupted global oil supplies, and the Malawian government has no foreign exchange to pay importers for petroleum products.
He said the much-needed 120 million dollars would cater for the procurement of 120 million liters of fuel, a volume he said would help ease the situation in the country.
Long queues of vehicles have become a common sight in filling stations across the country, with residents expecting the fuel to become fully available.
On April 1, the Malawi Energy Regulatory Authority hiked the fuel prices by an average of 35 percent, saying the Middle East conflict had pushed prices for petrol and diesel to very high levels.
On Monday, during the opening of the 2026 tobacco marketing season, Minister of Agriculture, Irrigation and Water Development Roza Mbilizi said the Malawian government is counting on the tobacco market to generate more foreign exchange and strengthen the country's import cover. ■