Malawi President Joyce Banda has said the immediate restoration of the rule of law and donor confidence will be crucial to the struggling country's economic recovery.
Mrs Banda was making her first address to parliament on Friday since taking charge on April 7.
She said that she would need a year to bring back the southern African country's economy, which has been grappling with fuel, power and water shortages, back on track.
She said bad governance, a poor human rights record and a high unemployment rate had compromised Malawi's showing on the global scene and hence need urgent attention.
"This government believes that these issues need urgent attention, and to address them, government is working on a plan for a comprehensive recovery of the economy which will focus on short term, medium term and long term," she said.
"In the medium, within three months, [government] is dealing with fiscal, monetary and revenue, including foreign exchange rate adjustment, and expenditure control. Government will also implement measures to cushion the general population from the unintended social economic impact resulting from the exchange rate adjustment.
Malawi's central bank early this month devalued its currency and scrapped the peg to the dollar after pressure from donors.
"Hence in the meantime, government has taken a deliberate policy position to immediately restore the rule of law in the country where impunity will no longer be tolerated. In this regard, government will repeal the oppressive laws that were passed in this august house," she said.
President Banda said that the government has launched a national austerity drive that will emphasis on expenditure cuts.
She also disclosed that government has set up a cabinet committee to determine what to do with a presidential jet controversially bought by former President Bingu wa Mutharika.
"Government ministers, official as wells as statutory corporation executives will cut back on excesses. Overseas travels shall be approved only as a matter of national agency. I have asked my advisors as to how we can reduce the presidential motorcade to a sizeable," she said.
President Banda also disclosed that she has set up a commission of inquiry to investigate circumstances leading to the death of President Mutharika, who died last month after suffering a cardiac arrest during an audience with a lawmaker.
"The commission shall inquire into the actual date of death, the cause of death, medical attention available to our late president at the time of his death," said Mrs Banda
She said the commission will also investigate the role and activities of various individuals, during, and in managing the transition.
"I shall inform this nation, the out come of the inquiry and depending on the findings, appropriate action will be taken," she said.
The President also said that a special commission will also investigate the alleged coup by some six cabinet ministers soon after Mr Mutharika's death. "I have been receiving requests to investigate the alleged coup plot.
"So by public demand, I have decided to immediately set up a commission of inquiry to investigate the circumstances, intent and extent of the said alleged coup and put the matter to rest as a nation," she said.