Mutharika prides himself over Malawi ‘success’ on economic front

Malawi President Peter Mutharika says Malawians should appreciate that his administration has put  effective economic strategies since he took over power in 2014 and said he was poised to will deliver all that he promised in the campaign.

He cited the reduction of fuel prices as a huge example of visible and tangible strides that his administration is making eight months after assuming power.

Mutharika was speaking in the capital Lilongwe on Saturday night during Valentines’ fundraising dinner and dance organized by his Democratic Progressive Party (DPP).

He said the economy is being well driven to boost growth.

“Our reserves [at the time I was taking over government] had only three to four weeks import cover in foreign exchange,” said the Mutharika adding; “We now have four to five months import cover; US$600 million at Reserve Bank of Malawi and about US$300 to US$400 million with commercial banks and forex bureaus which has led to the depreciation of the kwacha.”

He explained that it was the first time in Malawi’s history to achieve such economic success.

Mutharika, who came to power in May last year after defeating Joyce Banda in an election, has advocated for donations from the World Bank and other international donors in order to relieve the “almost bankrupt” country.

He said the decision to cut aid – after the Cashgate scandal – had contributed to the country’s economic hardship.

Malawi’s plight worsened in January when severe floods left more than 170 people dead and 200,000 homeless.

The Malawi leader pointed out, that some of the promises from the DPP manifesto had already been accomplished while other projects were underway.

“We have launched the Civil Service Reform Commission, subsidized cement and iron sheets, opened the Malawi University of Science and Technology (MUST),” said the President.

He added that construction of Mombera University in Mzimba district was underway.

Vice President Saulos Chilima had hailed President Mutharika as patient calm persistent and focused clarifying that those are the qualities that have made him pull through from campaign, through elections to the present success.