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The economy depends on substantial inflows of economic
assistance from the IMF, the World Bank, and individual
donor nations. In late 2000, Malawi was approved for relief
under the Heavily Indebted Poor Countries (HIPC) program.
In November 2002 the World Bank approved a $50 million drought
recovery package, which is to be used for famine relief.
The government faces strong challenges, e.g., to fully develop
a market economy, to improve educational facilities, to
face up to environmental problems, to deal with the rapidly
growing problem of HIV/AIDS, and to satisfy foreign donors
that fiscal discipline is being tightened. The performance
of the tobacco sector is key to short-term growth as tobacco
accounts for over 50% of exports.
GDP: Purchasing power parity
- $7.2 billion (2002 est.)
GDP - real growth rate:
1.2% (2002 est.)
Population Below Poverty Line:
54% (FY90 est.)
Inflation Rate (consumer
prices): 27.4% (2001 est.)
Labour Force: 4.5 million
(2001 est.)
Budget: Revenues: $490 million
Expenditures: $523 million,
including capital expenditures of $NA (FY99 est.)
Currency: Malawian kwacha
(MWK)
Currency Code: MWK
Fiscal Year: 1 July - 30
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