Malawi leader pledges to stick with reforms as IMF disburses US$20m

President Mrs Joyce Banda says is pleased with the International Monetary Fund (IMF) first review of the Malawi economic performance which has led to the release of a US$20million disbursement to Malawi.

Malawi has been beset with economic problems since the IMF sharply curtailed lending facilities last year.

Former leader Bingu wa Mutharika, who died in office in April, was widely criticised for a poor human rights record and mismanaging the economy.

President Banda, who took over from late Mutharika,  has taken steps to appease donors with a series of reforms.

President Banda: To continue with reforms

On Thursday IMF announced it has disbursed some $20 million after completing the first review of the country’s economic performance under a programme supported by the Extended Credit Facility (ECF).

This brings the total disbursements under the programme to an amount equivalent to $40.1 million.

Presidential Press Secretary Steve Nhlane said President Banda appreciates this decision of the Board of the IMF as it instills confidence in the economic reforms that her government has undertaken since April this year.

“I would like to reiterate my commitment to sticking with the reforms as well as mobilising further support to cushion the resource poor Malawians as a result of the economic difficulties,” President Banda is quoted in a statement made available to Nyasa Times.

She further expressed optimism that the economic situation in the country will get better in a matter of time.

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