Government is pleased to inform the nation that there has been a tremendous improvement in the official and private foreign reserves translating into greater import cover as never seen before in the country’s history.
The official foreign reserves are at USD646.26 million translating into an import cover of 3.38 months and the private sector official foreign reserves are at USD325.94 million translating into an import cover of 1.71 months.
Cumulatively, it means the country has a total of USD972.16 million in foreign reserves translating into an import cover of 5.1 months.
It is worth pointing out that this has never happened before in Malawi’s history. It is the first time for the country to hit such levels of reserves and import cover even at the highest periods of good economic growth.
The above is a result of sound economic policies and government strategic thinking as spearheaded by President Professor Arthur Peter Mutharika.
Government would like to assure Malawians that it will continue on this path withstanding all the challenges – present and past – so that Malawi is transformed into a middle income country.
In the same vein, government wishes to appeal to every one of us to use these foreign reserves prudently, focusing only on those activities that will help grow the reserves, while we all rally behind the leadership of His Excellency the State President Professor Peter Mutharika to push further the agenda of shifting the direction of the country into better days.
