Malawi's newly-elected President Peter Mutharika named Joseph Mwanamvekha as finance minister late on Sunday, returning him to a role he held from 2016 to 2020 as the country faces challenges such as foreign exchange shortages and rising living costs.

Mwanamvekha is an economist and former banker and served during Mutharika's first administration. 

His appointment comes as Malawi faces ongoing fuel shortages, debt distress and a constrained business environment, exacerbated by currency instability.

Mutharika, who was sworn in on Saturday following his victory in last month's presidential election, has yet to announce a full cabinet.

He also named Enoch Chihana as second vice president and George Chaponda as foreign affairs minister, a position he held during Mutharika's previous term.

Former law professor Mutharika was credited with lowering inflation during his 2014 to 2020 presidency and improving public infrastructure like roads. But he faced allegations of cronyism, which he has denied.