Malawi’s President Lazarus Chakwera has conceded defeat in this month’s presidential election to his rival and predecessor Peter Mutharika in the largely poor southern African nation, battered by soaring costs and severe fuel shortages.

“It is only right that I concede defeat out of respect for your will as citizens and out of respect for the constitution,” Chakwera, 70, said in an address.

“It was clear that my rival Peter Mutharika has an insurmountable lead over me,” he added.

“In the days that remain, I want you to know that I am committed to a peaceful transfer of power,” Chakwera said.

While the Electoral Commission was due to release the results of the vote at a briefing later on Wednesday , official results released so far show ex-president Mutharika has gained a strong lead

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