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Country · MWI

Malawi · Finances and debt

Source: IMF, World Economic Outlook (October 2026) · copied on 2026-11-11

Public finances and external accounts

A fiscal deficit of 10.2 % of GDP

Malawi: in 2025, the general government spent 10.2 % of GDP more than it collected, public debt stood at 96.6 % of GDP, the current account showed a deficit of 13.8 % (IMF).

Fiscal balance · 2025
−10.2 %
of GDP · −2.2 pt since 2020
Public debt · 2025
96.6 %
of GDP · +42.7 pt since 2020
Current account · 2025
−13.8 %
of GDP · 0.0 pt since 2020

Fiscal balance, % of GDP

Negative: a deficit · dashed: estimates and projections

−15 % −10 % −5 % 0 % 2015 2020 2025 2030 Southern Africa −3.7 Malawi −7.6 −15 % −10 % −5 % 0 % 2015 2020 2025 2030
  • Malawi
  • Southern Africa

Source: IMF, World Economic Outlook (October 2026) · general government net lending or borrowing · group values weighted by GDP in dollars (Syli Atlas)

Current account, % of GDP

Trade, income and transfers with the rest of the world

−20 % −15 % −10 % −5 % 0 % 2015 2020 2025 2030 Malawi −8.8 −20 % −15 % −10 % −5 % 0 % 2015 2020 2025 2030

Source: IMF, World Economic Outlook (October 2026)

Currency

Malawian kwacha

The Malawian kwacha has no fixed peg: its value against the dollar and the euro moves with the market and the central bank's policy.

Currency
MWK
Malawian kwacha
Exchange regime
—
no fixed peg
Inflation · 2025
28.4 %
average annual change in consumer prices

Currency codes: ISO 4217 · fixed parities: central banks (BCEAO, BEAC, Central Bank of the Comoros, Bank of Cape Verde…) · inflation: IMF, World Economic Outlook (October 2026)

Debt

A debt owed first to multilateral lenders

At the end of 2025, Malawi owed 3.3 bn$ in public external debt (World Bank). 6.6 % of it was owed to China, 88.8 % to multilateral institutions and 0.0 % to bond holders.

Debt of the 54 countries →
Public debt · 2025
96.6 %
of GDP · IMF
External debt · 2025
4.0 bn$
public and private · World Bank
Public external debt · 2025
3.3 bn$
owed or guaranteed by the State
Debt service · 2024
7.8 %
of exports of goods, services and income

Risk of debt distress

IMF and World Bank debt sustainability analysis

Latest analysis published on 2025-08-06: in debt distress. The debt is being restructured under an IMF programme.

Source: IMF, list of debt sustainability analyses of low-income countries, as of 2026-03-31 · imf.org

Public external debt by creditor

Share of the total at the end of each year

2015
2020
2025
Multilateral (IMF, World Bank, AfDB…)
88.8 %
China
6.6 %
Other countries
4.6 %
Bonds (Eurobonds)
0.0 %
Banks and other private lenders
0.0 %

Source: World Bank, International Debt Statistics (updated 2026-11-05) · public and publicly guaranteed external debt, end of year · CC BY 4.0 · shares: Syli Atlas calculation