Sharp Daily
No Result
View All Result
Friday, June 6, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Malawi president suspends travel, slashes fuel allowances amid economic crisis

Editor SharpDaily by Editor SharpDaily
November 17, 2023
in News
Reading Time: 1 min read

Malawi’s President Lazarus Chakwera has immediately suspended all international travel for himself and government officials as part of a cost-saving measure.

Additionally, Mr. Chakwera has instructed the recall of ministers with travel plans and mandated a 50.0% reduction in fuel allowances for senior government officials. Malawi recently obtained a four-year deficit credit from the International Monetary Fund (IMF) following the devaluation of its currency.

In November 2023, Malawi, ranked among the world’s poorest countries, devalued its currency by 44.0% against the US Dollar, signifying a substantial depreciation. This marks the second instance within 18 months that the currency has experienced such a significant decline.

The nation attributes this depreciation to a shortage of dollars in foreign currency reserves. Malawi is also contending with high inflation, a budget deficit, and a burgeoning debt burden.

RELATEDPOSTS

No Content Available

President Chakwera has affirmed that these measures will remain in effect until the conclusion of the financial year in March 2024. Similar measures were implemented during the COVID-19 pandemic, albeit with limited impact due to lax enforcement.

Furthermore, President Chakwera has assured citizens that, in the budget review, he will contemplate a reasonable wage increment for civil servants to mitigate the cost of living crisis. He has also mandated a reduction in income tax on individuals to support workers grappling with diminished income value.

While the devaluation may have been a prerequisite for securing the IMF credit, it has elicited mixed feelings among citizens and economists, given that the effects are often irreversible over extended periods.

Citizens are expressing apprehensions about the inevitable escalation in basic commodity prices and an upswing in import costs. Moreover, the currency devaluation is anticipated to exacerbate Malawi’s financial challenges by further driving up prices.

Previous Post

Africa’s media landscape: Navigating misinformation and harnessing digital opportunities

Next Post

EPRA: G-to-G fuel deal prevented economic decline

Editor SharpDaily

Editor SharpDaily

The latest in business, real estate, education, investments, tech and entrepreneurship, brought to you daily. Reach us through thesharpdaily@gmail.com

Related Posts

News

Co-op Bank posts KES 6.9 billion profit in Q1’2025

May 16, 2025
Agriculture And Economy
News

Lets get Kenya out of FATF list

May 9, 2025
News

The downside of Impact Investing

May 2, 2025
News

Leadership challenges at the University of Nairobi

April 24, 2025
News

Easter eggs and earnings: Growing your nest egg with CMMF

April 16, 2025
News

Geoffrey Ruku declares KES 377M net worth during CS vetting

April 15, 2025

LATEST STORIES

How Kenya’s E-Mobility shift could redefine urban planning

June 5, 2025

Economic liberators are the real heroes and heroines of the year

June 5, 2025

Affordable retirement planning for small businesses with CURBS

June 5, 2025

How Kenyan banks can modernize without marginalizing

June 4, 2025

Human rights concerns over activists’ treatment in Tanzania

June 4, 2025

Decoding stock-based compensation

June 4, 2025

Comparative advantage is the secret to real economic take off

June 4, 2025

Understanding inflation and its impact on everyday life

June 4, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024