The Parliamentary Cluster Committee on Agriculture, Irrigation, Natural Resources and Climate Change is pushing for a major overhaul of the mining sector to increase national revenue and ease foreign exchange shortages, according to Nyasa Times. Presenting the recommendations in Parliament, committee co-chairperson Tiaone Hendry proposed raising the current K10,000 mining fee to a minimum of K1 million for local investors. Lawmakers are also demanding that foreign mining companies pay their fees in United States dollars to directly boost the country's foreign currency reserves, allAfrica reports.
To strengthen sector administration, the parliamentary committee recommended a K1.3 billion funding allocation for the Malawi Mining and Minerals Regulatory Authority. This legislative proposal aligns with the government's current budget plans, which have earmarked K352 billion for the combined energy and mining sectors in the 2026 to 2027 financial year. In broader economic indicators, the official currency exchange rate remains stable, with the Malawi Kwacha trading at approximately 1,737 to the US dollar as of Tuesday, according to FX-Rate.