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Fitch affirms Malawi
Fitch Ratings said it affirmed the Republic of Malawi's long-term foreign- and local-currency issuer default ratings at B- with a stable outlook, the country ceiling at B- and short-term foreign-currency issuer default rating at B.
"Malawi enters its third consecutive year of strong growth and continues to reduce domestic debt and reform public finances," Charles Seville, an associate director for Fitch, said in a written statement.
Malawi's structural weaknesses are reliance on agriculture, vulnerability to climatic shocks and poverty, the agency said, but noted that the government has a medium-term strategy to tackle these issues.
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