Malawi Government upbeat on IMF credit facility approval

Malawi Government is upbeat that the IMF will unlock the US$350 million Extended Credit Facility (ECF) as the board of the Bretton Wood meets this week for a final decision.
Minister of Finance Sosten Gwengwe has said the processes for the IMF staff agreement is at an advanced stage ahead of this week’s IMFs board meeting.

Finance Minister Gwengwe – confident of the IMF facility approval
Gwengwe said the two sides discussed misreporting issues as well as the country’s debt levels as some of the key issues standing in between the two sides ahead of an agreeable program.
Earlier, the Minister expressed optimism in securing a new ECF after successfully establishing an economic framework where issues of governance and corruption were highly tackled.
It is still not known when the staff level agreement shall be submitted to the board; however, Gwengwe acknowledged efforts from the two parties in an attempt to find a plausible way out of the contentious issues.
Malawi is praying for a $350 million credit facility that is hoped to unlock foreign aid inflow, easing forex and revenue challenges.

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1 year ago

Bravo chakwera

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