Lazarus Chakwera, the president of Malawi, has imposed a travel ban on himself and his administration in an effort to reduce spending and boost the nation’s faltering economy.
Following the International Monetary Fund’s ( IMF) approval of a$ 175 million loan for the country of southern Africa, the action was made public.
In a televised speech delivered late on Wednesday, Chakwera declared that all publicly funded international trips for public officials at all levels would be frozen until the end of the fiscal year in March.
The former evangelical preacher will therefore postpone his planned trip to the UAE later this month to attend the COP28 climate summit.
Additionally, Chakwera ordered a 50 % reduction in senior government officials ‘ fuel allowances and mandated that all cabinet members who are currently on publicly funded trips return home immediately.
The landlocked nation announced earlier this week that its currency had been devalued by 44 % in an effort to obtain an IMF loan.
Despite significant inflows of official development assistance, Malawi has reportedly struggled for decades to maintain growth.
According to the financial institution, the past three years have been particularly challenging due to stagnant growth, widening macroeconomic imbalances brought on by unmanageable debt, and the effects of numerous shocks, including a recent cholera outbreak and this year’s cyclone that claimed more than 1, 000 lives.