The action comes after Malawi's currency underwent a significant depreciation in exchange for an IMF loan intended to strengthen the country's faltering economy.
Beyond the foreign travel suspension, President Chakwera further ordered that all ministers who are currently abroad return home.
Additionally, senior government officials' fuel allowances have been slashed by fifty percent as part of austerity measures to save the Malawian economy which has been hit with severe petrol and diesel shortage as well as significant inflation.
In a televised speech, Chakwera said that the newly introduced measures will be in effect until March 2024, which is the end of the fiscal year.
He has tasked the country’s finance minister to include a reasonable pay increase for all civil servants in the upcoming budget review as part of efforts to alleviate the cost-of-living problem. He has also ordered that the individual income tax be lowered in the next budget to assist workers whose wages have decreased in value.
Only a few days after Malawi's central bank declared that the kwacha would devalue by 44%, the IMF approved a $174 million (£140 million) four-year lending facility. Analysts speculate that obtaining the IMF credit facility might have required the devaluation.
Malawi, just like other African countries, has been going through tough times economically, and the incumbent administration has been making all efforts to remedy the situation.