Malawi president upbeat on country's economy

LILONGWE, May 4 (Xinhua) -- Malawi's President Peter Mutharika Friday expressed hope about the future of the country's economy, saying the "macro-economic outlook is now bright."

Mutharika made the statement in his State of the Nation Address (SONA) when he presided over the official opening of the country's 2018/2019 Parliamentary Session of National Budget.

He said despite challenges, the country's economy has a clear direction judging from recent achievement in macro-economic stability, inflation rate reduction and a rebound in economic growth.

He said: "The International Monetary Fund (IMF) has just given us a vote of confidence. This week the IMF has just approved a new Extended Credit Facility for the next three years. This means the IMF is satisfied with our economic management.

"From an import cover of two months, our import cover now stands at six months. Our local currency is now stable and predictable.

"In 2018 we expect GDP growth rate to be at 4 percent, and in 2019, we expect the growth rate to be at 6 percent." he said.

He however decried the habit of some people using political differences to sabotage the government's development efforts saying there was need to distinguish politics from development. Enditem