Malawi’s President Tightens Belts to Revive Economy
In a bold move, he has suspended all foreign travel for himself and his cabinet members, effective immediately. This decision extends to cabinet ministers currently abroad, who have been instructed to return home promptly.
To further conserve resources, President Chakwera has slashed fuel allowances for cabinet ministers and senior government officials by 50%. This measure aligns with the recent devaluation of the Malawian kwacha, a step taken to secure a loan from the International Monetary Fund (IMF) and bolster the ailing economy.
In recognition of the financial strain faced by citizens, President Chakwera has directed the finance minister to incorporate a reasonable wage increase for civil servants in the next budget review. Additionally, he has mandated a reduction in income tax for individuals in the upcoming budget, providing relief to workers grappling with the rising cost of living.
These measures underscore President Chakwera’s determination to steer Malawi through challenging economic times. His focus on fiscal prudence and measures to alleviate the burden on citizens demonstrates his commitment to steering the country towards stability and prosperity.