The International Monetray Fund (IMF) says it will consider to resume extended credit facility (ECF) to Malawi in the 6th scheme after the end of mission to Malawi. Addressing a news conference in Lilongwe on Thursday, 18 December, 2014, the IMF representative in the country ,Oral Williams who was accompanied by the Minister of Finance, […]
Malawi is getting gloomier about the economic future again as London based Legatum Institute has told Nyasa Times that the country dropped 12 places in the 2014 Legatum Prosperity Index, which measures the human and economic prosperity of nations around the world, due to a decrease in a number of objective and subjective variables. Malawi is […]
As the economic woes continues biting Malawians, the International Monetary Fund (IMF) which froze its Extended Credit Facility (ECF) to Malawi due to cashgate scandal says it will consider to submit the country’s request to complete the fifth and sixth reviews under the ECF-supported program during its board meeting early 2015, dashing hopes of possible […]
The International Monetary Fund (IMF) is in Malawi for two weeks to discuss the country’s economy with various stakeholders.The team led by the new Mission Chief to Malawi, Oral Williams, will discuss with the authorities about the IMF supported programme and the Extended Credit Facility (ECF). “The team will also meet government officials, representatives of […]
A professor in economics, Chinyamata Chipeta has spoken against the floatation of the Kwacha, saying the policy is wrong as the local unit continues to weaken further against the US dollar with the middle rate falling to about K440 compared to about K430. The floatation of the kwacha was made in 2012 by the previous […]
Malawi Finance Minister Goodall Gondwe has said the country’s economy may be understated by as much as 40 percent . Gondwe told Bloomberg TV Africa in Washington on Oct. 11 that “the methodology that we are using to calculate gross domestic product has got to be looked .” The 78 –year-old former World Bank official said: “I’m sure that […]
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 […]
President Peter Mutharika has told US based financial and business news agency Bloomberg that his administration expect to reach an agreement with International Monetary Fund (IMF) as the government struggles to pay its bills after donors cut aid. “We’ll obviously need the IMF,” Mutharika told Bloomberg in an interview in Washington at the U.S.-Africa Leaders Summit. According […]
A team from the International Monetary Fund (IMF), led by Mr. Tsidi Tsikata, visited Lilongwe from July 7 to 15, 2014 to review recent economic developments, discuss the Government’s policy priorities, and assist with the development of the broad parameters of the Fiscal Year 2014/15 budget. The mission also took stock of program implementation under Malawi’s current Extended […]
International Monetary Fund (IMF) has describe the macroeconomic performance of Malawi’s economy under the IMF-supported Extended Credit Facility (ECF) as a “mixed bag”. The mission which was in Malawi for assessment, says the Peter Mutharika administration faces a daunting task of turning around the fortunes of the economy due to ” high interest cost of domestic […]
Malawi marks 50 years of independence next Monday. But the country is hardly independent in any meaningful sense. It heavily relies on donor support and international NGOs. It is these foreigners, not the citizens, who are in charge of the country’s governance Malawi is one of the most aid dependent countries in the world. In […]
In developed countries there are occasional grumbles about much of their money going down rat-holes into the hands of corrupt leaders in developing countries. A popular phrase is donor-fatigue. In developing countries there are occasional grumbles about economic-dependence compromising both political-independence and national-sovereignty. The popular phrases are tied-aid and neo-imperialism. Others claim that foreign-aid encourages […]
Malawi government spokesman Brown Mpinganjira has taken the statement by United Democratic Front (UDF) presidential candidate Atupele Muluzi that World Bank and International Monetary Fund (IMF) officials told him they will not resume aid to Malawi until the Joyce Banda administration are voted out in the May 20 elections. Atupele was quoted by Nyasa Times speaking in […]
The International Monetary Fund (IMF) said Thursday Malawi has made progress in addressing governance and public financial management weaknesses after a massive government corruption scandal christened by the media as “Cashgate”. Cashgate scandal forced the government to shut down its payment system last year to investigate allegations that about K13 billion state funds had been […]
Members of the Common Approach to Budgetary Support (CABS) a grouping of Malawi’s donors who withheld aid last year due to looting of billions of public funds from government coffers in what is known as Cashgate scandal, are maintaining that they will not be lured by the IMF’s approval of credit facility to resume funding. […]
Malawi’s finance minister, Maxwell Mkwezalamba, has said IMF’s release of a $20 million (around K9 billion) under the Extended Credit Facility (ECF) will encourage other donors who have withheld aid to resume funding. Mkwezalamba told a news conference in Blantyre that the release of the IMF funds four months after cashgate corruption scandal broke and following consequent […]
Malawi’s Finance Minister Maxwell Mkwezalamba has announced that the auditing that government undertook on the onset of cashgate scandal revealed that the money stolen was K8.9 billion, not the K20 billion that the Financial Intelligence Unit (FIU) suspected. Mkwezalamba announced at a news conference in Blantyre on Sunday when he welcomed IMF’s “exciting news” of […]
The Executive Board of the International Monetary Fund (IMF) meeting in Washington on Friday completed the third and fourth reviews of Malawi’s economic performance under a program supported by the Extended Credit Facility (ECF) arrangement where it approved about US$20m (about K8billion) disbursement. This sum brings in a total disbursements under the arrangement to US$79.8 (about K30billion). […]