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Malawi domestic debt rises to over 25 pct/GDP - finance minister
December 6, 2017 / 5:28 PM / 6 days ago

Malawi domestic debt rises to over 25 pct/GDP - finance minister

LILONGWE, Dec 6 (Reuters) - Malawi’s domestic debt has risen to 1.1 trillion kwacha ($1.5 billion), over 25 percent of gross domestic product, Finance Minister Goodall Gondwe said on Wednesday.

Gondwe attributed the increase to government efforts to plug a huge budget deficit that arose after Malawi’s donors froze aid in reaction to a scandal in which senior government officials siphoned millions of dollars from state coffers.

Malawi has total public debt of 2.5 trillion kwacha, including 1.4 trillion in external debt, Gondwe added in a report submitted to parliament.

$1 = 713.5400 kwacha Reporting by Frank Phiri; Editing by Toby Chopra

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