The opposition Democratic Progressive Party (DPP) has asked President Lazarus Chakwera to resign accusing him of failing to lead the nation.
Addressing a joint media briefing in Lilongwe, DPP Vice President for the North Goodall Gondwe said the current state of economic affairs illustrates how the Tonse-led administration has failed to fulfill its promises.
“The reason why we have devaluation is that we have created too many Kwachas in the system because the government is spending a lot of money in the system and chasing very little foreign exchange,” observed the former finance minister.
On his part, the Party’s spokesperson Shadric Namalomba has challenged government to a referendum where voters will decide whether to renew the Tonse-led administration mandate to govern the country.
“The Tonse Alliance government is a good example of a failed and dishonest leadership, and their continued stay in power has no blessing of Malawians and is in breach of the contract they had with the voters.
“The DPP therefore challenges the Tonse administration to a Referendum where voters will decide whether to renew the Tonse Alliance mandate to govern,” said Namalomba.
Gondwe cautioned that if the current economic trend continues, the country must be preparing for another devaluation.
“If they are going to be hiring more planes and so forth, it will continue having more Kwachas than foreign exchange and it’s quite possible that the International Monetary Fund (IMF) would ask you to devalue again,” warned Gondwe.
On his part, DPP Spokesperson on Finance Joseph Mwanamvekha says it does not make sense for government to be preaching of fiscal consolidation yet it is increasing public debt.
Mwanamvekha says the Party is ready to make a public lecture on fiscal consolidation and public expenditure citing that the current government is failing to work on the same only blaming the DPP which he says it is unfortunate.
Speaking during the same briefing, former Reserve Bank of Malawi (RBM) Governor Dalitso Kabambe said since 1964, Malawi has been relying on tobacco and tea as major sources of foreign currency.
He said the current leadership is failing to work through on effective policies that can assist on availability of forex in the country.
On government expenditure, Kabambe stressed that the 2022-2023 national budget is largely dependent on borrowing from commercial banks and the private sector.
