Fitch affirms Malawi

Fitch Ratings said it affirmed Malawi's foreign and local currency issuer default ratings at CCC with positive outlook and short-term rating at C.

Fitch noted that Malawi's track record for sound economic management, in particular fiscal discipline, is lengthening.

The country satisfactorily completed a six-month staff-monitored program and its first review of a three-year poverty reduction and growth facility program, the agency added.

Fiscal performance, the main source of macroeconomic instability in the past, has improved as a result of better expenditure management and the return of donor budgetary support, Fitch said, noting that Malawi's debt ratios are high relative to rated peers and the economy remains vulnerable to external shocks.

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