Get Up Stand Up Project on Wednesday held a meeting with chiefs of 17 groups on the project future after 49% devaluation of Malawi Kwacha.
Speaking during the meeting, the project Coordinator Henry Goster, told farmers to expect an upward price adjustment of farm inputs this year. In his address, Goster pleaded with farmers to make sure that they pay back the loan in time so that preparations for next purchase are made in time.
“We are very much concerned with the development because the agricultural sector will be affected by this devaluation,” said Henry Goster
Yotamu Mkandawire, one of the beneficiaries who attended the meeting, thanked the project for informing and explaining to them about devaluation.
“As people who stay in the villages we don’t know about these things and how they affect us. It is also our hope that well-wishers will help this project to succeed so that other farmers can have access to the loan,” said Yotumu.
The Reserve Bank of Malawi (RBM) on 7th May, 2012 announced that it has devalued the Malawi exchange rate from 168 to 250 Kwacha per United States Dollar.