Malawi Kwacha to grow stronger by 6.1%, says Pres. Joyce Banda

Pres. Joyce Banda says there are signs that Malawi’s currency, the Kwacha, has begun to stabilize and should grow by 6.1 percent.

This, she says, is a result of the bold and tough decisions she made regarding the Economic Recovery Plan (ERP).

“When I took over the mantle of leadership, I directed the Economic Recovery Plan policies to redeem the severely damaged economy, this directive was in the best interest of all Malawians.

“We have walked through this journey together and right now there are signs that the kwacha has begun to stabilize and it has been projected that the kwacha will grow stronger by 6.1 percent. This is something we must facilitate about the decisions and the policies we implemented.

“Above everything else I desire that this administration meets the needs of every Malawian. That’s why we had to make some tough decisions with regards to the economy the moment I took over as President of the Republic of Malawi,” Banda said in her Facebook posting Monday.

The Malawi leader further observed that if her administration had not implemented the ERP immediately, the situation could’ve been worse: the kwacha wouldn’t have been stabilizing today; donors and investors wouldn’t have any confidence in Malawi’s economic policies and fuel scarcity would’ve gotten worse.