Government has not renewed the contract for Malawi Enterprise Development Fund (Medf) Chief Executive Officer Joe Mononga and has since replaced him with former Malawi Energy Regulatory Authority (Mera) Board Chairperson Dingiswayo Jere in acting capacity.
Jere worked with World Vision before he was appointed Mera Board Chair and thereafter in December 2015 he resigned after securing a new job with Malawi Rural Development Fund (Mardef) as Chief Operations Manager, where he was until the new appointment.
Inside sources at Medf confided in The Daily Times that a new board of Medf met in Zomba a week ago where a decision was made not to have the three –year contract renewed.
In an interview on Sunday, Jere, while confirming the appointment, said, being someone with private sector background, he intends to change the culture and way of doing things at the newly registered company.
“You Know whenever there is a new position, challenges are there, I would want us to work out on how best to move in the repayment of old loans and also trying to embrace a culture which is results-oriented. With my private sector background, I will work towards changing people’s mindset and work ethics.”
Jere observed that now that Medf is a registered company, there is need to work with speed and start making profits as well as changing mindset of clients so that they know the importance of repaying loans.
Between 2009 and 2013, about K1.6 billion was loaned out to young people through Yedef to venture into entrepreneurship.
Recovery of the loans, has, however, not been impressive and billions of taxpayers’ money remain unpaid.
Jere brushed aside reports that the government was considering writing off the debts, arguing that no such plans were there in the first place.
Some commentators criticised the way the loans were administered, arguing that the funds only benefited people who had political connections.
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