International Monetary Fund (IMF) Managing Director Christine Largade is set to visit Malawi in what has been billed as the first trip ever by an IMF top brass to Malawi. According to the Business Times, several IMF officials who were attending the IMF/World Bank annual meetings in Tokyo, Japan confirmed that Largade has decided to visit […]
Any good deed that a person starts during his lifetime, and that is of renewed benefit and ongoing use for others, will continue to benefit him and augment his record of good deeds, even after his departure-as long as its benefit continue to reach others. It is because of this accepted wisdom that former President […]
Amidst the economic hardships that Malawi experienced, and continues to experience, there have been a number of suggestions virtually from every angle of the society as to how we can find ourselves out of this quagmire. Some of these suggestions seem weird, others just incomprehensible. One of the suggestions which most analysts put forward has […]
Out of seven key donors who provide budgetary support to Malawi, only two have so far released their aid totalling K22.9 billion (US$90 million) from the required K124.08 billion needed for the 2012/2013 financial year. Business Times reported on Wednesday that the two donors that so far have unfrozen their aid to Malawi are the […]
Reforms by President Joyce Banda are paying for Malawi as International Monetary Fund (IMF) announced on Monday that it has approved a new three-year $156.2 million loan arrangement under the Extended Credit Facility (ECF) to address chronic balance of payments problems, improve the outlook for poverty reduction and boost growth. In a media statement made available […]
The International Monetary Fund (IMF) on June 19, 2012 issued a letter of comfort for Malawi which will open taps for other donors to help Malawi. President Joyce Banda has since hailed the development. “God loves Malawi,” said jovial President Banda during a news conference at New State House in Lilongwe. Banda said the comfort […]
Leader of the House Henry Phoya took time to school lawmaker Peter Mangulenje that International Monetary Fund (IMF) is not a donor organisation but a world lender. Mangulenje, MP for Zomba Chisi, told the House that President Joyce Banda government which has been in power for only two months “has already let Malawians down by agreeing to everything that […]
Long time ago I used to watch lots of movies. I have not watched one for a number of years now. I always tell myself that I will go to the theatre when I get time. And it so happens that the time never seems to come. But I recall one movie I watched back […]
The World Bank and International Monetary Fund (IMF) have said they are pleased with economic reforms being carried by President Joyce Banda government in Malawi and assured their continued support to the country. Managing Director of the World Bank (WB) Sri Mulyani Indrawati, told a news conference on Monday at the World Bank (WB)’s headquarters […]
Malawi Congress Party (MCP) parliamentary spokesperson on finance Joseph Njobvuyalema has asked donors to give Malawi a bailout package to help mitigate the effects of 48 percent devaluation of the local currency – Kwacha – against the dollar. On May 7, Malawi’s President Joyce Banda made a decision to devalue the Kwacha from K168 to K250 to the dollar. Njobvuyalema told Parliament […]
A team from the International Monetary Fund (IMF) visited Lilongwe during May 23-June 6, 2012 for discussions with Malawi’s new government, in the context of the 2012 Article IV consultation and the authorities’ intention to request a new three year arrangement under the IMF’s Extended Credit Facility (ECF)[1]. The mission was received by Her Excellency […]
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 […]
Malawi’s former minister Dr George Chaponda, who is opposition Democratic Progressive Party (DPP) leader in parliament , has faulted President Joyce Band and her government for the poor implementation of the Kwacha currency devaluation. Chaponda, who has served as minister in various portfolios for the past eight years, said in the House on Tuesday that […]
Malawi Revenue Authority (MRA), which has denied borrowing from commercial banks to spruce up revenues, has said the country’s central bank-Reserve Bank of Malawi (RBM)-also has to answer how huge sums of money from commercial banks’ liquidity reserves found their way into a government account. Reports surrounding the tax collection institution so far indicate that […]
The International Monetary Fund (IMF) team is expected to visit the country on May 22, Finance Minister Dr. Ken Lipenga has confirmed. Lipenga told Nyasa Times on the sidelines of the just ended pre-budget consultative meetings in Blantyre that the IMF team is expected to hold what he called “regular contact” meetings with Malawian authorities and would […]
The remarks made by Dr. Andrew Mwaba – the AfDB Resident Representative – at the opening of the Bi-Annual 2012 Common Approach to Budget Support (CABS) Review at Sunbird Capital Hotel in Lilongwe on May 8, 2012 cannot go without comment. Before doing that it is in order to acknowledge support rendered by the CABS […]
As we speak, people are weeping and wailing because the Malawi Government has devalued the over-valued currency the Kwacha, which was not backed by any foreign exchange reserves, nor any export commodities of note, save for tobacco. In the face of tobacco’s increasing poor performance, Malawi’s major source of foreign exchange are grants from bilateral […]
Malawi has devalued its Kwacha currency as part of its battle to tackle its troubled economy. The official exchange rate announced by Reserve Bank of Malawi on Monday showed that one US dollar now buys 247.50 Malawi Kwacha on the official market, having previously earned 168 Malawi Kwacha. “At K250 per dollar the exchange rate […]