Malawi - Financial policies for sustainable growth
PINERA, S. | SELOWSKY, M.
As one of the world's poorest countries, Malawi's open economy has a fragile and narrow resource base, which is dependent upon a few exports and small domestic markets. This report reviews the financial system and makes recommendations for the sector's contribution to Malawi's longer term sustainable economic growth. Growth prospects are tied to the Government's long-term development strategy whose aim is to achieve a sustainable higher level of economic growth by channelling adequate resources to the productive sectors through more efficient domestic resource mobilization and allocation. The report concludes that important prerequisites for the financial sector, to make effective contribution to the development process, are the existence of a stable, market based macroeconomic environment and a robust, efficient and competitive financial structure. To achieve this objective, the authorities in Malawi have been liberalizing financial markets in order to encourage competition, the development of new financial instruments, and the evolution of market-based monetary policy. This report, therefore provides a road map for the authorities as they steer towards a more diversified, liberal and competitive financial system that would help finance sustainable growth.
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