Established in 1891, the British protectorate of Nyasaland became the independent nation of Malawi in 1964. After three decades of one-party rule under President Hastings Kamuzu BANDA the country held multiparty elections in 1994, under a provisional constitution, which came into full effect the following year. Current President Bingu wa MUTHARIKA, elected in May 2004 after the previous president failed to amend the constitution to permit another term, has struggled to assert his authority against his predecessor, who still leads the UNITED DEMOCRATIC FRONT (UDF) party. MUTHARIKA as President resigned from the UDF and formed his own party.
Landlocked Malawi ranks among the world's least developed countries. The economy is predominately agricultural, with about 90% of the population living in rural areas. Agriculture accounted for nearly 36% of GDP and 80% of export revenues in 2005. The performance of the tobacco sector is key to short-term growth as tobacco accounts for over 50% of exports. The economy depends on substantial inflows of economic assistance from the IMF, the World Bank, and individual donor nations. In late 2000, Malawi was approved for relief under the Heavily Indebted Poor Countries (HIPC) program. The government faces strong challenges, including developing a market economy, improving educational facilities, facing up to environmental problems, dealing with the rapidly growing problem of HIV/AIDS, and satisfying foreign donors that fiscal discipline is being tightened. In 2005, President MUTHARIKA championed an anticorruption campaign. Malawi's recent fiscal policy performance has been very strong, but a serious drought in 2005 and 2006 has increased pressure on government spending.
Courtesy of -
http://www.cia.gov/cia/publications/factbook/geos/mi.html -just slightly edited
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