{"id":56960,"date":"2024-01-19T21:07:52","date_gmt":"2024-01-19T21:07:52","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/chakwera-blames-bingu-and-peter-mutharika-for-devaluation"},"modified":"2024-01-19T21:23:49","modified_gmt":"2024-01-19T21:23:49","slug":"chakwera-blames-bingu-and-peter-mutharika-for-devaluation","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/chakwera-blames-bingu-and-peter-mutharika-for-devaluation","title":{"rendered":"Chakwera blames Bingu and Peter Mutharika for devaluation"},"content":{"rendered":"

Africa-Press – Malawi. <\/strong><\/span>President Lazarus Chakwera has blamed former presidents Peter Mutharika and late Bingu wa Mutharika for Malawi\u2019s economic mess which he says he is now cleaning up by making painful corrections.<\/p>\n

Chakwera, who was elected in 2020, spoke from Kamuzu Palace in Lilongwe yesterday following the 44 percent devaluation of the Malawi Kwacha. When Bingu was in power, Malawi\u2019s donors including the International Monetary Fund and the World Bank, cancelled the country\u2019s international debts in 2006.<\/p>\n

According to Chakwera, the fresh start Malawi was given under Bingu was put to good use for the next two years as Malawi\u2019s economy began to rebound. Chakwera, however, noted that these gains began to be lost after the 2009 presidential elections in which Bingu was re-elected by a massive landslide.<\/p>\n

\u201cPeople developed insatiable appetites for spending on consumption and neglecting to invest in production, including a presidential order to the banks to allow people to cash government cheques at commercial banks without any controls.<\/p>\n

\u201cThe result was cashgate and the loss of international budgetary support we had received in 2006 which we have never gotten back, until now,\u201d said Chakwera.<\/p>\n

He added that his administration is correcting mistakes in economic management he had inherited after taking over from former President Peter Mutharika.<\/p>\n

Chakwera claimed that he is cleaning up the mess which was created by other people and this clean-up involves making painful decisions such as devaluation of the Kwacha and implementation of reforms to regain donor confidence.<\/p>\n

He said the support Malawi has regained under his administration include African Development Bank\u2019s US$30 million for budgetary support and European Union\u2019s 70 million Euros for budgetary support.<\/p>\n

Malawi is also set to receive US$6 million from International Fund for Agriculture Development\u2019s for projects in agriculture, World Bank\u2019s US$60 million Trade Finance Facility and US$217 million as a response to fiscal reform.<\/p>\n

Chakwera said these injections of millions of dollars will help enrich the local banks with forex and enable them to import strategic commodities. He added that Malawi once again has an opportunity to put to good use the international confidence the country has regained.<\/p>\n

\u201cI know that there will be some who will want us to squander this opportunity by spending money. I will not allow that,\u201d said Chakwera.<\/p>\n

For More News And Analysis About Malawi<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Malawi. President Lazarus Chakwera has blamed former presidents Peter Mutharika and late Bingu wa Mutharika for Malawi\u2019s economic mess which he says he is now cleaning up by making painful corrections. Chakwera, who was elected in 2020, spoke from Kamuzu Palace in Lilongwe yesterday following the 44 percent devaluation of the Malawi Kwacha. […]<\/p>\n","protected":false},"author":84,"featured_media":56959,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,12],"tags":[233,371,234],"class_list":["post-56960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-policy","tag-africa-press","tag-africa-press-malawi","tag-malawi"],"yoast_head":"\nChakwera blames Bingu and Peter Mutharika for devaluation - Malawi<\/title>\n<meta name=\"description\" content=\"President Lazarus Chakwera has blamed former presidents Peter Mutharika and late Bingu wa Mutharika for Malawi\u2019s economi ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/malawi\/all-news\/chakwera-blames-bingu-and-peter-mutharika-for-devaluation\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chakwera blames Bingu and Peter Mutharika for devaluation\" \/>\n<meta property=\"og:description\" content=\"President Lazarus Chakwera has blamed former presidents Peter Mutharika and late Bingu wa Mutharika for Malawi\u2019s economi ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/chakwera-blames-bingu-and-peter-mutharika-for-devaluation\" \/>\n<meta property=\"og:site_name\" content=\"Malawi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-19T21:07:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-19T21:23:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2024\/01\/sm_1705686655.218186.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1728\" \/>\n\t<meta property=\"og:image:height\" content=\"1151\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/chakwera-blames-bingu-and-peter-mutharika-for-devaluation#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/chakwera-blames-bingu-and-peter-mutharika-for-devaluation\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Chakwera blames Bingu and Peter Mutharika for devaluation\",\"datePublished\":\"2024-01-19T21:07:52+00:00\",\"dateModified\":\"2024-01-19T21:23:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/chakwera-blames-bingu-and-peter-mutharika-for-devaluation\"},\"wordCount\":397,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/chakwera-blames-bingu-and-peter-mutharika-for-devaluation#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2024\/01\/sm_1705686655.218186.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Malawi\",\"Malawi\"],\"articleSection\":[\"all news\",\"head lines\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/chakwera-blames-bingu-and-peter-mutharika-for-devaluation#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/chakwera-blames-bingu-and-peter-mutharika-for-devaluation\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/chakwera-blames-bingu-and-peter-mutharika-for-devaluation\",\"name\":\"Chakwera blames Bingu and Peter Mutharika for devaluation - 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