Malawi’s Minister of Finance, Sosten Gwengwe, has quashed rumours that government intends to devalue the Kwacha further as Malawians are lamenting and feeling the painful pinch of the already 25% devaluation last month.
Gwengwe was speaking to reporters on Monday morning in Lilongwe after meeting the International Monetary Fund (IMF).
“As Malawians, we should be pulling together on one side because it’s very saddening to hear some other Malawians scaring the market and everybody that there will be another devaluation.
“That is coming from people who do not wish this country well, because they if they were people who are enlightened and they know what they are talking about, they should have referred to the article 4 consultation that the IMF released in December 2021 which clearly said that the misalignment of the Kwacha was 25%,” explained Gwengwe.
The 25% devaluation has resulted in higher prices of commodities and services but President Dr Lazaruz Chakwera says the devaluation will pay dividends as time goes by.