Malawi, IMF agree 3-yr, $157 mln support package

Malawi has finally got back the International Monetary Fund (IMF) programme after an agreement was reached a 3-year, $157 million package.

IMF and Malawi government announced on Wednesday that the programme will help to support the southern African country’s troubled economy.

“We will be recommending to the executive board in July to approve the $157 million facility,” the IMF’s mission chief to Malawi, Tsidi Tsikata, told a news conference.

Good news: IMF's Tsikata and Malawi Finance Minister Ken Lipenga

“The new government has moved swiftly and boldly to change the policy environment and begin to address Malawi’s chronic imbalance between foreign exchange earnings on the one hand, and the demand for foreign exchange on the other,” Tsikata said.

The new President Joyce Banda has launched a raft of measures to lure donors back since taking over after Mutharika’s death from a heart attack in April.

The development will open taps from other cooperating partners who had withdrawn support due to absence of IMF programme.

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