We applaud the countryâ€™s development partners for noticing the signals that have been sent by Capital Hill and moving swiftly to support them.
News that the International Monetary Fund (IMF) is engaging with other partners to mobilise resources to support government is truly encouraging. It is also heartening to note that they have cut down on bureaucracy to beef up funding for governmentâ€™s comprehensive reform package and social protection measures.
Furthermore, the administration also deserves a pat on the back for moving swiftly and boldly to restore macro-economic stability and taking steps to protect the poor and other vulnerable people, who will probably be affected the most by Mondayâ€™s devaluation.
We hope the mitigation measures will be implemented quickly for the sake of all Malawians who have been affected by the devaluation, which has already led to a sharp rise in prices of basic commodities and services, despite stagnation or erosion of incomes..
Which is why the 49 percent devaluation was met with sighs of despair by most Malawians, but, as we argued on Tuesday, it is a necessary evil whose fruits may take time to be seen.
But while we appreciate that the positive effects of the devaluation will not be felt overnight, we urge government to speed up the implementation of the mitigation measures.
This will ensure that the pain Malawians will suffer by having to go deeper into their pockets for their survival will be short-lived, and that soon Malawiâ€™s economy will return to the vibrant state it enjoyed during late president Bingu wa Mutharikaâ€™s first term of office.