Malawi President Joyce Banda has used her Facebook account to comment on economic performance of her government, saying there are signs that the country’s currency, the Kwacha, has begun to stabilize and should grow by 6.1 percent.
President Banda attributed the stablisation of the Kwacha due to her bold reforms and the implementation of 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,” said President Bada.
“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’s Facebook posting read on Monday.
She 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.
“The scarcity of forex would have made it almost impossible for my government to import essential medicine and services for our people which would have resulted into a catastrophic situation in our hospitals and schools, the sales of tobacco would not have been great as we all can see today and the list is endless.
“I am overjoyed that my government is continuing to reverse the above regrettable situations that you used to face before I took over the leadership, as we are all able to see a better nation with essential services in place day by day because of the policies my administration has put in place. This is a step by step process, but we are confident we will get there,” she added.
Economists who spoke to Nyasa Times said the economic focus was “good news just when we needed it”. But the economists warned: “We shouldn’t get too excited, but it does provide relief from all the doom and gloom.”