Wednesday, February 28

Former Finance Minister Mwanamveka Fault Government On Forex Scarcity

The former Finance Minister, Joseph Mwanamveka has attributed scarcity of forex in the country as a result of poor economic policies which government is following.

The sentiment comes at a time Reserve Bank of Malawi has disclosed that foreign exchange reserves are depleted.

Mwanamveka has faulted government on issuing licenses to foreign firms to import commodities into the country including crude oil and sugar saying such development runs out forex easily.

On this, Mwanamveka asks government to consider enhancing efforts that will ensure that forex is available with the public sector.

For instance, the parliamentarian for Chiradzulu South constituency says government may lobby for more donor aid, enhancing exportation and cutting foreign trips in order to have enough forex in its reserve.

In light of this, the former Minister believes that even further devaluation of kwacha cannot be of any significance as other sectors are suggesting.

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