Jumbe heading to Africa Development Bank: Mkwezalamba to IMF

Malawi economist and former finance Minister Friday Anderson Jumbe is heading for a post at African Development Bank (AfDB) while another former finance minister Maxwell Mkwezalamba has been picked as International Monetary Fund (IMF) executive director.

Jumbe, who contested for the presidency in May 20 elections under the New Labour Party and lost miserably, stepped down as party leader and withdrew from frontline politics last month.

His move is said to have been preparation for the job at AfDB.

He has been seconded by Malawi government.

Meanwhile, Mkwezalamba who was finance minister in Joyce Banda administration will be IMF director to represent Malawi and other 21 African countries on the fund’s board for the next two years.

He was nominated to the job by Malawi government together with former Reserve Bank of Malawi (RBM) general manager Wilson Banda and former RBM governor, Elias Ngalande not as it is now Malawi’s turn to provide a director for the Africa Group Constituency.

The three underwent interviews by a group of African finance ministers in Washington DC last week but Mkwezalamba, who previously also served as economic commissioner at the African Union, emerged as successful.

The position is a full time salaried job paid by the IMF and the office holder will be based in Washington DC where he will attend IMF executive board meetings representing the Africa Group Constituency.

Malawi will take over the directorship from Gambia whose national Momodoe Bamba Saho has been executive director since November 1, 2012.