Chakwera upbeat on Malawi economy,  Tonse govt ‘likiliki’ on policies on prospering together: Kwacha depreciation ‘ temporary’

President Lazarus Chakwera says Malawi economy has shown resilience despite Covid-19 and he is optimistic that it  will recover as his administration  is working on policies designed to reorient the governance  framework from one that enriches a few individuals to  one where all Malawians can prosper together.

He said such policies are  in line  with the third pillar of  Super  Hi-5 Agenda.

Commenting about the state of  economy, Chakwera says  Malawi’s economic outlook for 2021  “remains positive” with a GDP growth rate of 3.8 percent.

“Although headline inflation recorded an uptick to 8.3  percent last month, which is consistent with the nature  of the transition we are in, it remains within the desired  trajectory towards achieving a medium to long term  inflation target of 5 percent,” he said.

“Even with respect to the  exchange rate, I can assure you that the depreciation  pressures it has experienced over the past few months  are temporary. This is because we expect the supply of  foreign exchange in this country to soon be bolstered by  the commencement of the agriculture marketing season  for our export crops, including tobacco and soya beans.,” he said.

Chakwera said his administration will be implementing policies across all Government Ministries, Departments,  and Agencies (MDAs) to ensure that there is money in  people’s pockets “in compliance with our Tonse Philosophy  of shared prosperity.”

The President said this in his national address last Sunday as he is set to name his new Cabinet on Wednesday two months before clocking one year in office.