Malawi: Mutharika rejects IMF's call to devalue currency

Malawi's President Bingu wa Mutharika said Saturday he would not take International Monetary Fund (IMF) advice to devalue the local currency because he was protecting the poor. Both the business community and the IMF were 'pressuring the government' to devalue to Kwacha to K180 to a dollar, he said. 'If we do that, prices of essential products and services will go up including transport. Who will win?' asked Mutharika. The president was speaking after the IMF said its programme in Malawi had stalled over policy disagreements.