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The unpegging of the currency from the dollar led to a devaluation of about 50 percent, and the price of commodities soared. Banda's policy turnaround prompted Western donor nations and agencies, including the IMF, to inject hundreds of millions of dollars into the economy. They had withheld the badly needed funds because of Mutharika's refusal to agree to IMF reforms. Despite the cash infusion, Malawi's population of about 15 million is struggling with inflation of more than 30 percent. Interest rates are an average of 36 percent, raising concerns about prospects for growth and investment.
[Associated
Press;
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