By Linda Kwanjana
Minister of Finance Josephy Mwanamveka says the just ended International Monetary Fund (IMF) and World Bank Group spring meetings successful.
Addressing the press conference in Lilongwe, Mwanamveka said Malawi secured $45Million for food procurement.
Mwanamveka said Government will use the money to procure maize from Zambia.
“We are happy that we have secured $45Million from World Bank Group and this money will be used to procure maize from Zambia and I can also confirm that World Bank President will be coming to Malawi where he will be engaging the President on a number of areas such as Food, Fuel , Fertilizer, Forex and Pharmaceuticals (Fs and P) ” he said the Minister.
Mwanamveka said Government has also secured $3Million in form of rice to Malawi from Chinese Government. On top of that, the Minister said China has given Malawi a debt relief of $20Million.
“As we speak Chinese Government has also given Malawi $3Million and this will be accessed immediately and shortly you will be seing us signing with Government of China,” he said.
On Devaluation Mitigation, the Minister said Government has no plans to devalue the Malawi Currency.
“Government does not see devaluation as a solution, Will address foreign exchange issues through:
 1. Controlling money supply
 2. Managing public debt
 3. Reviewing monetary policy
 4. Cutting unnecessary expenses (like expensive vehicle imports)
 5. Reducing government spending,” he said.
During the press conference, Reserve Bank of Malawi (RBM) Governor Dr McDonald Mafuta Mwale concurred with Mwanamveka that Government will need to find other means of generating Forex and taming inflation.
Commenting on the same , Secretary to the Treasury Cliff Chiunda said the country is in economic crisis and will need swift measures to put the economy back to its rail.
Chiunda said one such action will be to reduce the expenditure.
On those hoarding maize, Mwanamveka warned any mega farmer hording that should sell the maize now.
Mwanamveka said it is sad to note that some people can be hording maize while Malawians are suffering from hunger.
Based on the minister’s statements, here’s how these will be implemented:
