February 16, 2018 / 12:57 PM / a year ago

Malawi to cut borrowing, aims to grow economy by 7 percent -finmin

LILONGWE, Feb 16 (Reuters) - Malawi aims to cut government borrowing and stick to an International Monetary Fund programme in order to boost the economic growth rate to 7 percent in the medium term, the finance minister said on Friday.

Goodall Gondwe made the comments in his budget speech to parliament.

The impoverished southern African nation is recovering from drought-induced economic stagnation and remains heavily reliant on borrowing, with about a third of its $3.5 billion total debt coming from external lenders. (Reporting by Frank Phiri; Writing by Mfuneko Toyana; editing by John Stonestreet)

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