Malawi’s president-elect, Peter Mutharika, has pledged to tackle the country’s economic challenges, stressing the need for sufficient foreign exchange, fuel availability, and careful management of public debt, Bloomberg reports. 

Speaking in Blantyre on Friday, Mutharika said, “If we want to resuscitate this economy then we must make sure foreign exchange is available, essential commodities such as fuel are also available. We also have to keep an eye on our public debt. We are spending too much money repaying loans.”

Returning to office five years after losing power, the 85-year-old former law professor faces public scepticism following a previous term marred by corruption scandals and economic mismanagement.

Mutharika emphasised that stabilising the economy would be impossible without support from the International Monetary Fund (IMF), criticising the last administration’s cancellation of an IMF agreement as “suicidal.” He said his team would seek a financing programme with the Washington-based lender immediately after he is sworn in.

Malawi’s economy, heavily reliant on tobacco exports and tourism, has grown by around 2 percent annually over the past five years. Inflation exceeds 28 percent, and poor management risks pushing net international reserves roughly 2 billion US dollars into negative territory, complicating imports.

The president-elect also raised concerns over alleged financial irregularities during the transition, citing reports of large payments, dubious contracts, and government vehicles being transferred to private ownership. “This is criminal and it must stop because the law will soon catch up with you,” he said.