Malawians should brace up for more hard times up to next year as the country’s economy continues to plummet to the dissatisfaction of the general population, Reserve Bank of Malawi Governor has warned.
RBM Governor, Charles Chuka, speaking during a meeting with Business Journalists Association of Malawi in Blantyre, said the current economic woes are yet to continue up to mid next year and that the country should brace up for hard times.
He said most of the initiatives government is currently putting in place to restore the ailing economy will take some time to bear fruits.
Chuka noted the low inflow of donor support and shortage of forex as some of the problems crippling the economy.
“The country should at least hold on up to mid next year when things will be back to normal. Some of the challenges noted currently include poor proceeds Tobacco sales this year and the low donor inflow, which was expected to boost our forex reserves,” Chuka said.
His remarks come following reevaluation by Minister of Energy and Mines Cassim Chilumpha recently that currently the country was experiencing shortage of forex, resulting in fuel shortages across the country.
Meanwhile, government officials are meeting some donors in Lilongwe as part of the assessment on the current administration’s performance, which determine if they are to continue supporting Malawi or withhold aid.
Malawians continue to experience economic hardships as the cost of living upsurge following the government’s decision to devalue and float the country’s currency per donors’ demand.