Minister of Finance Goodall Gondwe says government is putting in place measures for the recovery of the economy and promises a turnaround \u201cby this time next year.\u201d<\/p>\n
He was speaking to journalists on Tuesday in Lilongwe after signing an agreement with the World Bank of a US$75 million injection towards social protection.<\/p>\n
Gondwe said the current situation was not expected and that he has sent fiscal and monetary experts in government back to the drawing board to craft measures that should propel a transition to more stable situation.<\/p>\n
He assured Malawians that the current economic problems will come to pass but urged people to be more productive and adjust to the current situation.<\/p>\n
\u201cBy the end of this financial year, you\u2019ll be clapping hands for government but it requires you and me to work extra hard,\u201d said Gondwe.<\/p>\n
On depreciation of the local currency, Gondwe said all of Malawi\u2019s neighbours have passed thorough sharp depreciations of their currencies and that Malawi should learn to adjust to such situations.<\/p>\n
He cited the Zambian kwacha which, before zeros were cancelled in the revaluation of the currency, was trading at K7, 000 to a dollar.<\/p>\n
The same, said Gondwe, was the case in Mozambique and Tanzania and that Malawi may have to go through similar situations before the kwacha settles down.<\/p>\n
On high interest rates, Gondwe said the government has a responsibility to put in place right policies that will, among others, eventually reduce interest rates.<\/p>\n
\u201cThe private sector will rise up to the occasion if we create a more conducive environment with right policies,\u201d he said.<\/p>\n
The ultimate objective of the government, said Gondwe, is to increase private sector productivity and create more jobs in the economy.<\/p>\n","protected":false},"excerpt":{"rendered":"
Minister of Finance Goodall Gondwe says government is putting in place measures for the recovery of the economy and promises a turnaround \u201cby this time next year.\u201d He was speaking to journalists on Tuesday in Lilongwe after signing an agreement with the World Bank of a US$75 million injection towards social protection. Gondwe said the […]<\/p>\n","protected":false},"author":3,"featured_media":7823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-7819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/7819","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/comments?post=7819"}],"version-history":[{"count":1,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/7819\/revisions"}],"predecessor-version":[{"id":7824,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/7819\/revisions\/7824"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media\/7823"}],"wp:attachment":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media?parent=7819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/categories?post=7819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/tags?post=7819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}