Opposition Aford’s Karonga-Nyungwe MP, Khwauli Msiska, on Tuesday told parliment that Malawi should take International Monetary Fund (IMF) advice to devalue the local currency Kwacha before the end of the year. “We are treading on a dangerous path if we don’t want to be truthful. Not long ago, it was almost obscene to relate the […]
President Bingu wa Mutharika has shot down demands by International Monitory Fund (IMF) and other donors to devaluate the local currency, arguing doing that will only worsen poor people’s lives. Mutharika while opening the budget review session of Parliament in Lilongwe, this morning vehemently argues that it was improper for IMF and other donor partners […]
The Malawi currency, the kwacha, has been losing value against all major world currencies, according to published report. Reserve Bank of Malawi spokesman Ralph Tseka confirmed that the depreciation, saying it is within a set band where the kwacha is officially allowed to fluctuate. He commented after Business Times had observed from the market that […]
Economics Association of Malawi (Ecama) has said government risks plunging the country into an abyss if it does not quickly negotiate and agree to a win-win programme with the IMF. This is coming at a time when forex supply is short in the country and European Union coming out of its shell to say Malawi […]
Following mountainous pressures from the donor community and International Monetary Fund (IMF), Malawi has cowered and is doing something about its overvalued currency, the kwacha. Reserve Bank of Malawi (RBM) revealed that kwacha’s strength is weakening against other currencies including the United States dollar. Despite President Bingu wa Mutharika’s stubbornness that kwacha is not going […]
Malawi is heading back to its old ways of accumulating massive foreign debt barely 5 years after the international community approved a debt relief program for the Southern African country. Through Malawi’s securing of a $200 million (K34 billion), largely from various creditors, to steady the deteriorating economy the country has dramatically pushed up its foreign debt […]
Malawi should devalue the official exchange rate further to between 230 – 250 against the dollar to address a foreign exchange shortage and stem a thriving black market, the International Monetary Fund said. Malawi devalued the kwacha by 10 percent in August, but at 166 kwacha to the dollar, the official rate is not as […]
Malawian government officials should stop protecting the IMF at the cost of their own citizens, President Bingu wa Mutharika said on Thursday amid a public spat with the global lender. Technocrats should not “protect the IMF but protect the people”, Wa Mutharika said in a speech that was broadcast on national radio. Officials who were […]
Malawi President Bingu wa Mutharika says he remains opposed to devalue the country’s currency, Kwacha, as argued by economists and has challenged International Monetary Fund (IMF) that the devaluation will not benefit Malawi. IMF wants Malawi to further devalue the Kwacha and liberalise foreign exchange before resuming the country’s Extended Credit Facility and cushion the […]
One of Malawi’s renowned economists Dr Charles Chanthunya has asked the country’s monitory authorities to consider abolishing the existing exchange controls to contain the acute shortage of forex which Malawi is facing. Chanthunya was speaking Saturday on ‘Contemporary Issues’ aired on Radio Islam which is hosted by Amadu Rashid Mapila. The weekly panel discussion program […]
The IMF mission which visited Malawi from 1-12 December 2011 has sternly warned the government to liberalise the foreign exchange market or continue sinking in the current economic woes which will worsen in a short period of time. The mission was requested by the Ministry of Finance and Economic Developent (MFDP) and it comprised of […]
The International Monetary Fund (IMF) has minced no words but directed the Malawi government to institute a liberalized exchange rate regime as a way manage the overvauled local currency, the Kwacha. This is contained in a report titled ‘Liberalization of the foreign exchange regime for current account transactions and exchange rate flexibility’ on Malawi by […]
The tone set by the coming in of the International Monetary Fund mission to Malawi and visit by a delegation from the Millennium Challenge Corporation has set new hope among senior government officials in a country ravaged by a host of shortages of basic goods. Malawi’s economy is on its death bed as it mangled […]
With the worsening economic situation that is tightly gripping Malawi, members of the civil society have sounded an SOS to government for an intervention on widespread commodity price hikes and hoarding of vital products. This is coming barely a day after a conclusion of the IMF mission to Malawi that came two weeks ago to […]
Malawi’s international development partners have clearly called on government to address economic and non-economic concerns raised by various stakeholders and earnestly work on reviving the International Monetary Fund (IMF) programme which is now off-track. This is contained in a stand by the Common Approach to Budgetary Support (CABS) now chaired by the World Bank Malawi […]
The presence of experts from the International Monetary Fund (IMF) who flew into the country last week has led to more fears and speculation from the market about how much the Kwacha would be devalued. Analysts say it is clear that when the IMF mission is through with its task of putting the local economy […]
Reserve Bank of Malawi (RBM) Governor Dr Perks Ligoya says there is no need to press the panic button for Malawians over devaluation of the Kwacha currency, saying it will not be done imminently. Ligoya had disclosed that the International Monetary Fund (IMF) “high powered team” will be coming in the country from December 1 […]
Reserve Bank of Malawi (RBM) Governor Dr Perks Ligoya has disclosed that the International Monetary Fund (IMF) “high powered team” will be coming in the country in December to help reform the exchange rate and look at devaluing the Kwacha currency. IMF wants Malawi to further devalue the kwacha and liberalise foreign exchange before resuming the […]