In its efforts to eliminate the endemic problem of power cuts, the government has disclosed that it will build a new power plant in Shire River.

The Minister of Finance and Economic Affairs, Simplex Chithyola Banda, said the new power plant will help the country increase and improve access to electricity by citizens.

Presenting the National Budget in parliament on Friday, Chithyola Banda said the incumbent administration is keen to seal the gaps in the energy sector, including frequent power outages.

He disclosed that the government has already struck a deal with the EXIM Bank of India, which has expressed willingness to finance the construction of the new power plant in the Shire River.

Electricity is a key component in the social and economic development of any country.

However, for the past years, Malawians have had to endure endless power cuts thereby suffocating production in all spheres of the economy.

The infuriating blackouts prompted President Dr Lazarus McCarthy Chakwera to direct Electricity Generating Company (EGENCO) to find a lasting solution to the problem.

The interventions have started paying out as there is reliable supply, with minimal outages.