Bigger picture of the economy: IMF says Malawi has overperfomed

International Monetary Fund (IMF)has given another positive rating to Malawi’s performance under its Extended Credit Facility programme, approving a US$15.4 million disbursement.

IMF ton the completion of the first review of Malawi under the Extended Credit Facility

In a statement dated November 21, Deputy Managing Directot and acting chair of the IMF Board Tao Zhang commended Malawi’s economic performance.

He said Malawi has actually overperformed in some areas.

“Malawi’s program performance has been satisfactory. Program-supported structural reforms advanced and most performance criteria were met, with significant overperformance in international reserves and reduction in the Reserve Bank of Malawi (RBM) holdings of government securities,” Zhang said

He noted that Malawi’s fiscal position declined as government tried to deliver on three areas:

  1. Maize purchases to avert food insecurity
  2. Financing elections. (For the first time in the history of multiparty democtacy in Malawi, government is funding the enture election budget on its own)
  3. Payment of debt  arrears which were accrued at the height of economic mismanagement just because Peter Mutharika took over.

The IMF acknowledges Government commitment to deepen macroeconomic stability and enhancing poverty-reducing and resilient growth.

Zhang also says inflation is expected to be contained and exchange rate flexibility maintained.

“Economic growth, currently barely above population growth, is expected to gradually improve over the medium-term with continued macroeconomic stability and ongoing structural reforms,” says Zhang in the statement

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SKC
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SKC

‘Mwana akamachita bwino afiti sakondwera’ SKC

oMachemba
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oMachemba

Nothing but good economic news and reviews piling on the Malawi government. Portends well for a better future of our country, to be sure.
Detractors: you can’t argue against these measurable parameters used by the IMF. Or can you?

Noxy
Guest

Credit to the Government!

BigMan
Guest
BigMan

Dear IMF, give us a break!!! We dont care whether some economic indicators or calculations for the ECF are looking good on your excel sheet!!!! We are suffering here under Goodal and Mchacha’s pathetic stewardship of the economy. Corruption is rife, there is no medicine in hospitals, fuel hikes are now happening weekly to the point of some of us looking for fake fuel from China, interest rates are off the chart and prostitutes are outnumbering imbibers at the pubs around town. Do these sound like good economic indicators to you!? Arent you the same clowns who told Bakili to… Read more »

Ken
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Ken

And if the same IMF gave a negative report, you would be one of the most wise to agree with IMF and bash government. Simply put, you are interested in ‘negative news’ towards this government for obvious reasons, period! Amwene IMF simanyengelera kapena kukondweretsa munthu. We have been here long enough what shit they are made of.

kavibangwa
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kavibangwa

this is confusing, yesterday there was a report saying malawi is performing poorly and Goodal even lamented that it breaks his heart but now this! what are we supposed to believe here?

Aka
Guest
Aka

Nothing to is true. In terms of figures and your mathematics you may be right by looking at the yardsticks you have put in place. However, this does not translate to real life on the ground. Poverty is real and is killing our people. To hell with the projections

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