Malawi President Lazarus Chakwera has described the 44 percent kwacha devaluation as a ‘painful correction’ he had to make.
The former Assemblies of God leader, Dr. Chakwera made the remarks on Wednesday through a televised address.
According to President Chakwera, no one will be spared from the pain that the country is going through.
He further said the pain which Malawians are going through as result of the devaluation of Kwacha will continue for the next few months, but soon things will improve.
In his address, Chakwera also announced a suspension of all his international trips, including the next one he was expected to make to attend COP 28 in Dubai.
He has also suspended all international travels for all cabinet ministers, senior government officials, as well as those in statutory corporations until March next year.
Last week, RBM announced a 44 percent devaluation of the Kwacha which has resulted in the rising cost of almost all basic commodities on the local market.
