Africa-Press – Malawi. Former Finance Minister Joseph Mwanamveka has warned on economic instability amid heavy debts President Lazarus Chakwera’s Tonse Alliance government has accumulated since assumed the country’s leadership in 2020. The warning comes as Minister of Finance Sosten Gwengwe is set to present 2023-2024 National budget on Thursday, March 2, 2023.
In an interview with Maravi Post on Wednesday, Mwanamveka who is also opposition Democratic Progressive Party (DPP) finance spokesperson in Parliament observes that if Tonse government will not properly manage the level of public debts the country’s economy is to collapse.
He said the country should balance payment by exporting more to have more forex. Mwanamveka therefore called upon Gwengwe to stabilize the exchange rate and manage the balance of payment.
“Currently kwacha is trading at MK1,600 to a dollar which not normal failure to manage this the country will collapse,” said Mwanamveka
He also call upon government to manage high cost of living to avoid creating more problems for the country. The former finance minister observes further that citizens are committing suicide as they have nothing to do.
He also urged Chakwera Tonse government to address unemployment for the youth who are just looming around in the country’s town. Mwanamveka however predicated hunger due to fertilizer delay delivery.
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