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Malawi to Devalue Kwacha 40% to Unlock Aid by Meeting IMF Terms

Malawi will devalue its currency, the kwacha, by 40 percent to unlock blocked aid by meeting conditions set by the International Monetary Fund, President Joyce Banda said.

The government has resumed relations with the U.K. and held talks with the IMF, World Bank and U.S. after the death of Bingu wa Mutharika, the leader who clashed with western donors, Banda said. She was sworn-in as president of the southern African nation this month after Mutharika died of a heart attack on April 5.