Malawi’s Minister of Finance, Economic Planning and Development, Goodall Gondwe said Malawi’s economy is at a critical stage due to tough economic situation which the country is facing.He told journalists in the capital Lilongwe on Friday that poor business environment, high interest rates, looming food crisis and the macro economic instability in general have crippled the Malawi economy.
“We are at a critical point as far as our economy is concerned. We are under difficult situation but as a government we are geared to improve it with a positive growth as soon as possible,” he said.
He cited that most of neighboring countries like Zambia, Mozambique and Tanzania have passed through the same phases and managed to stabilize their economy and Malawi is going through the same path and will eventually come out.
At the end of their two-week mission, International Monetary Fund (IMF) declared its Extended Credit Facility (ECF) program with Malawi off track due to failure to meet the agreed targets.