The economy of Malawi, which was estimated to grow less than 2 percent in 2023, is set to grown by 3.3 percent in 2014, according to the International Monetary Fund (IMF).
This is indicated by the report of IMF staff team led by Ms. Mika Saito and visited Malawi from January 22-26, 2024. “We discussed recent macroeconomic developments. Malawi’s economic position remains weak, but stabilization efforts continue to get traction. Real GDP growth is projected to increase to 3.3 percent in 2024 from an estimated 1.6 percent last year,” said Ms. Mika Saito in a statement.
“We also discussed the authorities’ progress in implementing macroeconomic adjustment and reforms under the ECF-supported program. These efforts will be formally assessed in the context of the first review of the ECF arrangement, which is expected to take place in the summer. We 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,” she said.
“The IMF mission held meetings with Minister of Finance and Economic Affairs, Hon. Simplex Chithyola Banda, Minister of Trade and Industry, Hon. Sosten Gwengwe, the Secretary to the Treasury, Professor Betchani Tchereni, the Reserve Bank of Malawi Governor, Dr. Wilson T. Banda, other senior government and RBM officials. The team also engaged with representatives of the private sector and Malawi’s development partners.”
IMF staff made the visit to Malawi as part of its regular engagement with the Malawian authorities and other stakeholders. “The discussions focused on recent macroeconomic developments and the implementation of macroeconomic adjustment and reforms committed under the Extended Credit Facility (ECF) arrangement approved on November 15, 2023. Discussions were held in Lilongwe and Blantyre,” said the IMF.