Malawi’s government has ruled out devaluing the national currency, the Kwacha, even as a new World Bank report shows the country still grappling with serious economic headwinds despite some progress on public finances. Finance minister Joseph Mwanamvekha conceded that more needs to be done to deliver positive economic outcomes, but was unequivocal that currency devaluation […]
The International Monetary Fund (IMF) latest mission statement reads like a diplomatic pat on the back — “constructive discussions”, “credible policies”, “commitment to stability”. But for Malawians living with a collapsing kwacha, empty forex reserves and the highest cost‑of‑living pressure in years, the tone borders on detached. The Fund applauds government efforts to “align domestic […]
When U.S. President Donald Trump slashed billions from the United States Agency for International Development (USAID) and the International Monetary Fund (IMF) withdrew its Extended Credit Facility (ECF) support to Malawi, many in the global aid community sounded the alarm. Panic spread across diplomatic circles and NGO corridors. Yet, here in Malawi, we must choose […]
“We take these issues seriously.” Malawi needs to toughen and tighten its noose on its public funds management system gaps in order to forge a sound economic and finance apparatus devoid of abuse, The international Monetary Fund (IMF) has said. The IMF, which is Malawi’s third largest multilateral lender after the World Bank through the […]
The International Monetary Fund (IMF) has approved debt relief for Malawi to help address the economic impact of the Covid-19 pandemic. Malawi is one of the 28 countries in the world to benefit from the third tranche of grants for debt relief under the catastrophic Containment and Relief Trust. According to IMF, this new approval […]
President Lazarus Chakwera has given a strong indictment to foreign financial institutions – such as Bretton Woods institutions International Monetary Fund (IMF) and World Bank – that their programmes have had any significant progress to alleviate poverty, in African countries at least, and in Sub-Saharan Africa more particularly: home to the largest portion on the world’s bottom […]
International Monetary Fund (IMF) has approved US$101.96 million additional disbursement under the Rapid Credit Facility for Malawi to help the Southern African country address the economic impact of the marauding novel Covid-19 pandemic, the Fund said in a statement. The decision to release the funds was made by the IMF board at a meeting in […]
Minister of Finance Fleix Mlusu has disclosed that the Tonse Alliance government has cancelled the International Monetary Fund (IMF) programme, the Extended Credit Facility (ECF), with immediate effect. Mlusi made the disclosure when he was presenting the 2020/21 national budget in Parliament, Lilongwe on Friday. “Madam Speaker, following discussions between the Tonse Alliance Government and […]
Minister of Finance, Economic Planning and Development Jospeh Mwanamvekha has thanked the World Bank for funding to support Malawi’s response to the global Covid-19 (coronavirus) pandemic, describing the institution’s help as crucial to Malawi’s determination to prevent the spread of the virus. Mwamvekha said about $100 million has been injected by the World Bank to Malawi. […]
Executive Board of the International Monetary Fund (IMF) on Friday approved a disbursement under the Rapid Credit Facility (RCF) equivalent to US$91 million to help Malawi meet the urgent balance of payment (BOP) needs stemming from the COVID-19 pandemic. The IMF notes in a statement that Malawi is being severely affected by the COVID-19 pandemic […]
State Vice-President Salous Chilima has issued a stern warning against abuse of funds allocated by government and development partners to fight the coronavirus (Covid-19), including the impending package that International Monetary Fund (IMF) is set to give Malawi. Speaking at a news conference in Lilongwe, Chilima said government has committed a lot of funds while […]
International Monetary Fund (IMF) has warned that Malawi risks a “deeper disruption to economic activity” due to the effects of coronavirus (Covid-19). In a statement at the end of an IMF staff visit, Mission Chief for Malawi Pritha Mitra while commending authorities for regaining control over budget in the first half of the 2019/20 financial year, […]
Malawi’s economy recent economic performance has been favourable and the International Monetary Fund (IMF) says it is likely to expand by 6-7% this year, notwithstanding the effects of coronavirus on its economy. IMF mission chief for Malawi Pritha Mitra said late on Tuesday that inflation is expected to fall to 9.3% in 2020 from 11.5% in […]
The International Monetary Fund (IMF) has trimmed its team which is in the country for a review of its programs due to the ravaging coronavirus outbreak which has been labelled a pandemic by the World Health Organization (WHO). However, it is not yet known whether the trimming was as a result of some members contracting the disease […]
Minister of Finance, Economic Planning and Development Joseph Mwanamvekha has said Treasury is excited that African Development Bank (AfDB) has confirmed the possibility of providing budgetary support to Malawi in this financial year. Mwanamvekha said the indication by International Monetary Fund (IMF) that the country’s economy is on track has injected a positive signal from […]
Malawi will finally get resources amounting to US$40 million (about K29 billion) from the International Monetary Fund (IMF) in direct budget support, Minister of Finance, Economic Planning and Development, Joseph Mwanamvekha has announced. This will be the first time in six years after the IMF suspended support in 2013 following looting of public funds at […]
The International Monetary Fund (IMF) has given Malawi a flicker of hope for continued Extended Credit Facility (ECF) programme, saying the recent economic performance has been favourable and the country should expect two disbursements from the funds linked to the second and third reviews. Addressing a news conference at the end of its week-long mission […]
Minister of Finance, Economic Planning and Development Joseph Mwanamvekha has said Malawi was on track to remain within the terms of the International Monetary Fund (IMF) Extended Credit Facility (ECF) program. An IMF mission team arriving on September 10 for the second and third review will unlock the remainder of about $56 million of the […]