Malawi is negotiating with foreign institutions to restructure its external debt, standing at USD 1.2 bln. As of the end of 2020, Malawi owed USD 3.76 bln, with the bulk of the debt contracted with the Afreximbank and the TDB. Repayments on this debt have started, significantly depleting the country’s FX reserves, and causing shortages of essential goods like medicines, fuel, and fertilizers.