BLANTYRE, Sept 21 (Reuters) - Malawi's former president Peter Mutharika has taken an early lead in this week's election, in which he faced off for the fourth time against incumbent Lazarus Chakwera, provisional results from one-quarter of councils showed.

Mutharika received roughly 51% of the valid votes cast in nine of the country's 36 councils, compared with nearly 39% for Chakwera, according to Reuters calculations based on results released by the country's election commission.

A candidate needs to secure more than 50% of valid votes for an outright win, otherwise there will be a second round.

Political analysts had predicted that the September 16 vote would be a two-horse race between Mutharika and Chakwera, the presidential candidates of the two biggest parties in the Southern African country's parliament.

Malawi has faced economic stagnation since former pastor Chakwera, 70, was elected five years ago.

A devastating cyclone and a regional drought, both linked to climate change, have wiped out crops and worsened hardship. Inflation (MWCPIY=ECI), opens new tab has been above 20% for more than three years.

Former law professor Mutharika, 85, was credited with improving infrastructure and lowering inflation during his 2014 to 2020 presidency, but critics accused him of cronyism, which he denied.

Chakwera came to office pledging to clean up graft, but his handling of cases has been criticised as selective and slow.

The election commission has until the end of September 24 to announce the full provisional result of the presidential election. It has warned candidates not to declare victory prematurely and says it is cross-checking every tally sheet to ensure accuracy.

The constitutional court annulled Mutharika's 2019 election victory because of irregularities including the use of correction fluid on results sheets. Chakwera won the re-run in 2020.

Reporting by Frank Phiri, Olivia Kumwenda-Mtambo and Nqobile Dludla; Writing by Alexander Winning and Hugh Lawson

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Malawi's ex-president Mutharika takes early lead in election