By Semafor Africa
Photos: YouTube Screenshots
Veteran Malawian politician Peter Mutharika vowed to rebuild the country’s ailing economy after he was sworn in for a second stint in power.
The southern African country is facing a barrage of challenges including dwindling foreign exchange reserves, acute food shortages, and one of the continent’s worst cost of living crises — annual inflation has been above 20% for more than three years.
Mutharika, who was president from 2014 to 2020, won last month’s election on a campaign largely fought on salvaging the economy and tackling corruption.
“I promise you hard work, tough and painful decisions,” the 85-year-old said in his inaugural address on Saturday, stressing that his administration had inherited an economic crisis: About three-quarters of Malawi’s population lives below the World Bank’s poverty line of $3 a day. “We will fix this country,” Mutharika said.
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