International Monetary Fund tips on economy

International Monetary Fund (IMF) Resident Representative to Malawi, Jack Ree, has tipped government to enhance infrastructure development and structural reforms to consolidate gains the economy has registered in the past few months.

Ree’s comments follow the release of the IMF’s sub- Saharan Regional Economic Outlook and Malawi Report themed ‘Switching Gears.’

Ree said Malawi can achieve this by looking at infrastructure financing and unlocking private investment as a simple principle for turning a ‘vision’ into a ‘plan’.

“For Malawi to grow economically, it is ideal that authorities follow what the private sector wants and at the same time, bring on structural reforms,” Ree said.

He further said Malawi should capitalise on the current macroeconomic window of opportunity to bring back investors following the stability of the kwacha and single digit inflation.

“Among its peers, Malawi is not doing badly. However, that means we are not doing exceptionally well either. While growth is heading for a rebound, more is needed for convergence,” Ree said.

Industry and economic commentators have on numerous occasions said investors are not willing to invest in Malawi because of unstable water and power supply.

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