PETRA President Kamuzu Chibambo against devaluation of kwacha

The People’s Transformation Party (PETRA) President, Kamuzu Chibambo has said the country should not devalue the currency “because it is already vulnerable.

Chibambo said this during a media briefing in the commercial capital, Blantyre.

“We must be thinking about other ways of generating forex apart from tobacco sales such as promoting the mining industry.”

Chibambo said there is also a need to utilize wisely the little forex which the country has than importing nonessentials.

He further said International Monetary Fund (IMF) is not a solution to the country’s economic challenges.

Chibambo said IMF is in a business and that Malawi should use other alternatives to revamp the country’s economy.