The chief of the International Monetary Fund visited Malawi on Friday in a show of support for the southern African nation's decision to pursue tough economic reforms despite widespread opposition to the measures, AP reported. IMF director Christine Lagarde met Malawi's president, Joyce Banda, who has been criticized by domestic opponents for sharply devaluing the national currency in line with prescriptions from the Washington-based international lender that are designed to make the economy competitive. Banda let the currency, the kwacha, float freely against major currencies after assuming power following the death in April of President Bingu wa Mutharika, who had opposed such a move on the grounds that it would trigger inflation and ultimately hurt the poor. The unpegging of the currency from the dollar led to a devaluation of about 50 percent, and the price of commodities soared. -- SPA
