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ANALYSIS OF STRUCTURAL ADJUSTMENT PROGRAMS IN MALAWI WITH EMPHASIS ON AGRICULTURE AND TRADE

INTRODUCTION Structural Adjustment in Perspective Structural adjustment is a term used to describe a series of reform programs aimed at changing the structure of the economy from government controlled to private sector-led. As a strategy for development, structural adjustment has been pursued by a number of less developed countries, including Malawi. Structural adjustment is expected to create a free market economy through reforms of policies that depart from free market conditions. A typical structural adjustment process involves liberalization of trade through removal of tariffs and import controls; the adoption of flexible exchange rate regimes as a correction of over-valued foreign exchange rates; and devaluation of local currencies and deflationary measures aimed at reducing aggregate demand through, e.g., reduction of government expenditure on goods and services. These reforms are necessary for efficient allocation of resources. The theory is that in the absence of protective measures and other free market constraints, the performance of the economy would be based on the production of goods and services under the guiding principle of comparative advantage. Then, only internationally competitive industries become viable while those under protection are justified to die natural deaths. To complement domestic oriented reforms, the international economic system is expected to undertake measures that are consistent with the free market conditions in an attempt to accommodate developing countries through reduction of protectioinist measures by increasing the access of exports of primary commodities and manufactured goods from developing countries. The biggest drive for structural adjustment of domestic economies to free market conditions has come from multilateral lending agencies like the World Bank, the International Monetary Fund (IMF) and other international lending and banking institutions. In fact, adjustment is a requirement for obtaining financial and investment resources. Market-oriented development implies a reduction of government involvement in production and marketing. The role assumed by the government is that of providing incentives to stimulate private sector performance by ensuring availability of investment resources through official and private sources by way of concessionary borrowing and increasing the provision of credit. Structural adjustment with its implied free market approach, therefore, requires the existence of markets for products, capital and labor, and a guaranteed availability of the required investment resources and the necessary technology to be employed in the production of goods and services. Malawi is a landlocked developing country in Southeastern Africa, bordered by Tanzania on the north and northeast ; Mozambique on the south, southeast and …