Malawi President Lazarus Chakwera has determined to quickly ban authorities journey overseas, a measure he may even take to assist the nation cut back spending and address the financial disaster.

The transfer was introduced after the Worldwide Financial Fund (IMF) accredited a US$175 million mortgage to Malawi.

“I’m imposing a freeze on all agency-funded journey overseas in any respect ranges till the top of the monetary yr in March,” Lazarus Chakwera introduced to tv on Wednesday night time.

Because of this, Mr Chakwera is not going to attend the COP28 local weather summit scheduled to be held within the United Arab Emirates on the finish of November.

He additionally ordered all authorities members who’re touring overseas on official enterprise to return house as quickly as attainable and reduce the gas finances of senior authorities officers in half.

Malawi’s forex, the kwacha, will depreciate 44% to safe an IMF mortgage.

The Worldwide Financial Fund stated the nation has struggled for many years to realize sustained development regardless of receiving a big growth help finances.

“The previous three years have been significantly troublesome, as unsustainable debt and a number of shocks led to stagnant development and worsening macroeconomic imbalances,” the IMF stated, citing specifically current cholera outbreaks and hurricanes that killed greater than 1,000 individuals this yr.

Supply: Africa Information