Press Release No. 24/28

IMF Staff Concludes Visit to Malawi

January 26, 2024

Lilongwe: An International Monetary Fund (IMF) staff team led by Ms. Mika Saito visited Malawi during January 22-26 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.

At the conclusion of the visit, Ms Saito issued the following statement:

“We discussed recent macroeconomic developments. Malawi’s economic position remains challenging, 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.

“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.

“The IMF mission held meetings with Minister of Finance and Economic Affairs, Hon. Simplex Chithyola Banda, 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.

“The IMF staff wishes to express its gratitude to the Malawian authorities and stakeholders for the constructive and open discussions and support during the visit.”