IMF impressed with Malawi reforms, pledges continued support

International Monetary Fund (IMF) has said it will continue supporting Malawi in the course of achieving its economic recovery.

Speaking in Lilongwe on Friday, Deputy Director of African Department for IMF David Owen said IMF would help in promoting and achieving a speedy economic recovery, saying they are impressed with reforms government has undertaken.

“IMF is impressed with the reforms the current administration has undertaken in order to address economic challenges the country faces. Because of this, we will continue supporting Malawi to regain its economy back,” Owen said.

Owen also commended President Joyce Banda for her leadership style, saying this has prompted development partners to be geared to stabilize the country’s economy.

David Owen Deputy Director of IMF, African Department

He said some reforms government implemented have seen fuel and forex shortages being addressed and urged government to continue implementing good reforms.

“Some of the reforms government implemented since President Joyce Banda came into power have resulted in fuel and forex shortages being addressed. The bold decisions President Banda made have paid dividends,” he added.

When President Banda took over the office on April 7, 2012, the country was facing chronic challenges such as shortage of foreign reserves, scarcity of fuel and essential drugs in hospitals.

Some industries were operating below capacity due to inadequate imported raw materials and others literally shut down resulting in massive retrenchment.

As that wasn’t enough, donors suspended aid to Malawi after late President Bingu wa Mutharika was blamed for mal-administration that were characterized by bad governance, human rights violation, among others.

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