IMF Staff Concludes Visit to Malawi

IMF News, January 26, 2024

Source details

IMF staff team led by Ms. Mika Saito visited Malawi during January 22-26.
Visit part of regular engagement with Malawian authorities and other stakeholders.
Discussions held in Lilongwe and Blantyre.
Press Release No. 24/28.

Malawi’s economic position described as weak, but stabilization efforts are gaining traction.
Real GDP growth is projected to increase to 3.3 percent in 2024 from an estimated 1.6 percent last year.

Discussions focused on implementation of macroeconomic adjustment and reforms committed under the Extended Credit Facility (ECF) arrangement approved on November 15, 2023.
Progress on the ECF-supported program will be formally assessed in the context of the first review of the ECF arrangement, which is expected to take place in the summer.
IMF staff underscored the importance of staying the course with the program to restore macroeconomic stability—a necessary condition to build a foundation for inclusive and sustainable growth and resilience to climate-related shocks.

Meetings held with:
- Minister of Finance and Economic Affairs, Hon. Simplex Chithyola Banda
- Minister of Trade and Industry, Hon. Sosten Gwengwe
- Secretary to the Treasury, Professor Betchani Tchereni
- Reserve Bank of Malawi Governor, Dr. Wilson T. Banda
- Other senior government and RBM officials
- Representatives of the private sector and Malawi’s development partners
IMF staff expressed gratitude to Malawian authorities and stakeholders for constructive and open discussions and support during the visit.

IMF staff statement issued at the conclusion of the visit (January 26, 2024).