By Austin Fukula
Reserve Bank of Malawi Governor Wilson Banda says the growth of the country’s Gross Domestic Product is still hovering around 1.9 percent this year due to economic shocks such as cyclones, dry spells and the effects of the Russia – Ukraine War that the country is experiencing.
Banda made the remarks in Lilongwe during a press briefing on the current economic situation of the country.
Banda said the non-food inflation rate is going down but food inflation is gradually increasing as a result of maize scarcity on the market.
The governor disclosed that the institution has put in measures to ensure that the economy is on track.
Banda believes the country is managing the monetary and fiscal policy well based on the first review of the International Monetary Fund (IMF).
He highlighted that the IMF team will be coming to the country in September for the second review to asses how the country has performed and is optimistic that the country is on course to get an Extended Credit Facility once the second review is done.
