IMF crew jets in Malawi next week: Goodall upbeat

Finance minister Goodall Gondwe is upbeat Malawi will qualify for IMF extended credit facility when the International Monetary Fund officials jet in the country next week for assessment amid poverty, high inflation and kwacha fall.

Goodall: Confident Malawi will get back on IMF track

Goodall: Confident Malawi will get back on IMF track

Gondwe said previous bottlenecks that put Malawi off IMF track included government heavy borrowing have been ironed out.

” As at 20 June, 2015, we had a debt hovering around K78 billion, but now we have brought it down to K8.4 billion although the IMF allowed us to borrow up to K58 billion. We are doing extremely well in this area which was a matter of their concern,” he said.

The IMF pulled out of Malawi due to economic mismanagement after a plunder of over K80 billion at Capital Hill in the infamous cashgate.

Spokesman for Finance ministry Nations Msowoya said the IMF team is expected on March 9.

“We have worked hard but well in areas they wanted us to work on since our last meeting. We have now improved on bank reconciliation, payroll audit and public finance management,” said Msowoya.

He however contradicted Gondwe when he said the debt stands at K4 billion.

“The scale down in borrowing will bring down the inflation and interest rates which will stabilise the kwacha,” he said.

However, Malawi Chamber of Commerce and Industry executive director Chancellor Kaferapanjira doubted the figures provided by the government on debt, fearing it might be as high as ever before.

He said government debt stands at US$3 billion.

“We are borrowing left, right and centre yet we are not borrowing for essentials. Future generations will pay higher taxes to repay these loans, the government is not taking advice, we are in total mess,” he said

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Second
Guest
Second
6 months 27 days ago

Mind you God is hory is never associated with thieves or criminals. So when asking God for mercy ushud first amend your ways. So does this government unite with God?

TRURH
Guest
TRURH
6 months 28 days ago

MALAWIANS PLZ PLZ LETS LOVE OUR NATION TIYENI POMWE ATSOGOLERI ANTHU AKUPANGA ZABWINO TIWAYAMIKILEKO,TISAMANGONYOZA NTHAWI ZONSE. TISAYIWALE KUTI DZIKOLI TIDAWONONGA TOKHA CHIFUYKWA CHA NSANJE,TIMAPEMPHERERA KUTI MULUNGU ATICHITILE CHIFUNDO NOW MULUNGU WATIMVERA MVULA NDI IYI IKUBWELA BWINOYI PANO TIKUMVA IMF IKUBWELA,IS THIS NOT ENOUGH TO THANK GOD INSTEAD OF KUMANGONYOZANA?

Wakutha
Guest
Wakutha
6 months 28 days ago

When will minister Goodall stop lying? So you have met the domestic borrowing target?
What about the borrowing from reserve bank? Since November 2015 close to k150 billion in ways and means has be converted so as to mask Govt exceeding the borrowing limit.
And as if this was not enough, what about African development money that were cheatingly classified as Government deposits so as to mask real govt borrowing?
k 4 billion ndaseka

Dgm
Guest
Dgm
6 months 28 days ago

Who is giving the right information then? Minister, spokesperson of finance ministry or MCCCI chancellor? Why do you always want to confuse Malawians?

therere
Guest
therere
6 months 28 days ago

We should all pray for this meeting to be successful, otherwise this is our last chance to convince them
Malawians let us be patriotic

Achi
Guest
Achi
6 months 28 days ago
Its very unfortunate to see Govt having high hopes just cos IMF is coming. Who doesn’t know that govt gets busy borrowing money locally from parastatals just to window dress? DPP govt is wasting the time for Malawians. All donors have original copies of the cashgate reports, and they know all the names of the real cashgate thieves. Unfortunately, thieves featuring prominently in original cashgate reports are those who, today, are in ministerial positions posing as sheep. These are the people who go to IMF to beg for aid on our behalf. Which donor, in their rightful minds, would commit… Read more »
BOKHO
Guest
BOKHO
6 months 29 days ago

Very bad government

Lexxxie
Guest
6 months 29 days ago

They coming to tell us to devalue the Kwacha

Concerned citizen
Guest
Concerned citizen
6 months 29 days ago

Plz let’s not depend on these pple,let’s just work hard for a better Malawi,kodi Gondwe ,do u work for Malawians or for IMF,plz IMF,we don’t need u,we don’t need another cashgate cz even now it’s happening at the state house,,we suffered a lot about cashgate!

imraan allan
Guest
imraan allan
6 months 29 days ago

zovuta kumvetsa izi from 78bn to 8.4bn kkkkkk mwina a IMF atha kumvetsa bwino enafe masamu amativuta.

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