Malawi’s public debt rose to 9.4 tln kwacha or 75% of GDP. The external debt is USD 3.94 bln or 32% of GDP, while the domestic debt is 43%. The March budget had reported public debt at 69.9% of GDP. This debt increase results from significant maturities and high-domestic debt refinancing costs. Much of the debt is legacy-based and rolled over upon maturity at higher costs. In August, the central bank deemed the external debt unsustainable and disclosed ongoing talks to restructure USD 1.2 bln, including USD 800 mln owed to Afreximbank.