Connecting Theory to Reality: IMF Interacts with UNIMA Students on Structural Reforms
The University of Malawi in partnership with the International Monetary Fund (IMF), hosted the launch of the October 2024 World Economic Outlook on October 29, 2024, at the Wadonda Lecture Theatre. The event, themed “Understanding the Social Acceptability of Structural Reforms,” featured Senior Economist Ms. Silvia Albrizio from the IMF Research Department and attracted over 100 students, both undergraduate and postgraduate. In attendance were Dr. Gowokani Chirwa, Head of the Economics Department, and Mr. Nelnan Koumtingue, the IMF Resident Representative for Malawi, among others.
Ms. Albrizion delivered an insightful presentation, providing students with detailed knowledge about the IMF. In her presentation, she addressed several topics, including the social acceptability of reforms, financial systems and state-owned enterprises, strategies for building consensus around these reforms, and attitudes toward reforms, among others. She remarked that Malawi is in a low-growth environment, experiencing the lowest growth in decades, and urged policymakers to take action by implementing structural reforms to make the economy more productive and boost potential growth.
She further stated that the IMF encounters significant resistance and delays in the reform process. She went on to highlight some of the challenges the IMF faces, particularly social resistance, which often leads to reform reversals. As an example, she noted that some reforms discussed in other sectors never materialize. She also shared that, after analyzing case studies and historical evidence, it was clear that people’s attitudes towards reforms are driven primarily by their beliefs and perceptions about the necessity and impact of these reforms. She remarked, “What is important is to inform people not just through an advertisement campaign on what the reform entails but to truly engage in a two-way dialogue. This interaction helps in understanding people’s knowledge and perspectives about these reforms.”
Ms. Albrizio was impressed with the student turnout and noted that students represent a population that should understand the IMF’s mission and its role in supporting sound reforms and effective policies for countries. She emphasized the importance of students contributing to research and gaining insight into how governments and authorities can improve their interactions with the public.
The presentation was followed by an interactive session, where students engaged in a question-and-answer session with the IMF officials. Dr. Gowokani Chirwa, Head of Economics Department, noted that the presentation was invaluable for students, as they study the IMF and other institutions, primarily from a theoretical perspective. “Hosting IMF officials on campus allows students to connect classroom learning with real-world practices,” he said. He added that such sessions help students understand various public perceptions about the IMF and equip them to address misconceptions. The officials provided students with an accurate view of the IMF’s role, helping them gain a practical understanding of its activities and impact.
Emmanuel George Banda, a fourth-year Bachelor of Social Sciences student majoring in Economics and Demography, expressed his satisfaction with the speaker’s caliber and the presentation, noting that he gained insights into various topics covered in his coursework. He added that he could see how theoretical concepts from class apply to real-world challenges and opportunities.
