President Lazarus Chakwera of Malawi on Thursday November 16, suspended with immediate effect all foreign travels for himself.
In a press release, Chakwera placed the same embargo to his Cabinet effective immediately.
According to Chakwera, the move is aimed at saving money spent flying out for various functions.
Chakwera has also ordered all ministers currently abroad to return home.
BBC Africa reported that the austerity measure followed a huge devaluation of the currency.
The suspension came days aftter Malawi secured a loan from the International Monetary Fund (IMF) to boost its ailing economy.
The loan was expected to help turn around the ailing Malawi economy.
Malawi’s economy has been undergoing turbulent times, characterised by an acute shortage of petrol and diesel, as well as high inflation.
In a televised address, Chakwera said the measures would remain in place until the end of the financial year in March 2024.
He has also ordered a lowering of income tax on individuals in the upcoming budget, to help workers whose incomes have lost value.
Financial Analysts argued that IMF set the conditions before agreeing to lend Malawi money.
The IMF approved a four-year credit facility worth $174m (£140m), just days after Malawi’s central bank announced the devaluation of the kwacha.
Some fear the currency devaluation will only raise prices and potentially worsen Malawians financial woes, as happened a decade ago.
