Press Coverage Workshop on the Global Financial Crisis in Zomba, Malawi

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Participants pose fora group photograph during the workshop

Economist warns against' one-size-fit-all' solutions the IMF and the World Bank to understana the BUSINESS EDITOR political and economic landscape in a particular conomist Dr. country before prescribing Thomas a programme or solution. C hat a gh a I a I a "Many countries have Munthalf on Thursday suffered [and continue cautioned countries, suffering] because of advice from the IMF and the especially developing economies such as World Bank that did not Malawi, against wholesale consider the landscape in adoption of 'one-size-fit- a particular country," said all' solutions offered by the Munthali who is also World Bank and the president of the Economics Association of International Monetary Fund (IMF).路 , Malawi (Ecama). In his contribution Commenting on the during a panel discussion global financial crisis and at a workshop on 'The effects on Malawi, Dr. global crisis and Ronald . Mangani, "'an consequences for Malawi' economics lecturer at the held at Annie's Lodge in University of Malawi's Zomba, Munthali urged Chancellor College in ---~~.AUBREY MCHULU

Zomba, said with fertiliser prices going down and Malawi's level of integration into the global economy, it is possible for the country to come out of the crisis as though there was none at all. Earlier, Mangani said in countries such as Malawi, where development partners finance over 4.0 percent of the budget, pressure to implement some policies come from the IMF and World Bank. He said usually the IMF prescribes an economiC programme which acts as the green light for other donors to give aid to a particular country. Mangani agreed with Munthali, saying in future

the IMF and the World Bank should move away from one-size-fit-all solutions facing poor economies such as Malawi because the landscape is different. Dr. Wilheim Lowenstein, a professor of economics at the Institute of Development Research and Development Policy at Germany's RuhrUniversity Bochum, said the'impact of the global crisis on agro-based economies such as Malawi is reflected in the commodity prices which have fallen. The workshop was held as a cooperative project of the South African-German Centre of Development

Munthali: Many countries have suffered Research and the University of Malawi. It was aimed at discussing the specific effects of the crisis for Malawi. _


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