BLANTYRE (AFP) – Malawian President Bingu wa Mutharika Thursday said his election as the head of the African Union would not spell riches for the poor southern African nation.

"There won't be any chunk of money flowing into the country because we have assumed the chairmanship of the AU," said Mutharika, who on Sunday took over the presidency of the continental body from Libyan strongman Moamer Kadhafi.

Mutharika's administration has asked Malawi's parliament, which is dominated by the president's party, to approve 3 million dollars (2.18 million euros) to run activities that Mutharika would undertake as AU chair.

The funds would also enable the country, which depends on donor funds for its development programmes, to host AU meetings, including one by African finance and planning ministers set for March in the administrative capital Lilongwe, officials said.