Joyce Banda made headlines in April when she was sworn in as president of Malawi, becoming the first female head state in southern Africa and the third in the whole continent.
More recently, she grabbed the spotlight again after deciding to sell her presidential jet and downsize the government's car fleet.
Her move came as Malawi, one of the world's poorest countries, tries to cut spending and deal with its pressing economic challenges -- the government recently cut the value of its currency, the kwacha, by 40%, to restore donor funding by meeting conditions suggested by the IMF.
"The fact that we had to devalue by 40% at once means that Malawians are feeling the shock," Banda says. "While that is going on, they need to see, us, the commitment on our part, particularly right at the top. The political will needs to go through this with the people, side by side."
Banda spoke to CNN's Athena Jones about why she believes repairing her country's relationship with the IMF was so imperative for its future and why the African Union Summit will no longer be held in Malawi.
An edited version of the interview follows.
CNN: You've introduced some fundamental changes already in your country.
When it comes to what happened before you, relations with the IMF and with donors had deteriorated significantly under the previous administration. What was the cost to the economy and to the people of Malawi?
Joyce Banda: The bad news is that it's tragic that the former president refused to devalue the kwacha for four years. Because what that could have meant was maybe they could have devalued the kwacha by 10% a year.
It would still have been 40% by now.
President leaves Malawi in ruin
But the fact that we had to devalue by 40% at once means that Malawians are feeling the shock, the impact of that huge devaluation and particularly rural people, the poor are the ones that are going to be most affected. That is why there is the austerity plan.
CNN: Talking about the austerity plan, the presidential plane has been sold, the government's car fleet has been significantly down-sized, what other plans do you have to cut government spending?
JB: What I have said to my team is that at a point such as this, with 40% adjustment in our currency, it means that Malawians are paying the price. While that is going on, they need to see, us, the commitment on our part, particularly right at the top. The political will needs to go through this with the people, side by side.
