Vice-President Saulos Chilima has assured Malawians that his ministry, the Ministry of Finance and the Reserve Bank of Malawi are working tirelessly to stabilize the Kwacha devaluation, inflation and rising cost of living.
He said one measure undertaken by the central bank is to reduce the policy rate to make borrowing cheaper.
Chilima alluded to the fact that currently, Malawi is facing exchange rate challenges because there is a deficit between imports and exports (current account) around $800 $900 million.
He said Malawi is a net importer of goods and services that requires more forex which is why government is working to improve production and productivity for exports to reduce the current account deficit.
Said Chilima: “Let me assure Malawians that we will be taking short to medium term painful measures that will better the situation soon.
“I can assure you that we are aware of the situation on the ground and we will not let the nation perish”.
