Malawi will get resources amounting to US$40.0 million (Approximately, MK29 Billion) from the International Monetary Fund (IMF) in direct budget support, the first time this has happened since 2013 when it was suspended.
Minister of Finance, Economic Planning and Development, Joseph Mwanamvekha, disclosed this Saturday afternoon during a media briefing at Capital Hill in Lilongwe.
Mwanamvekha, who was flanked by the Reserve Bank Governor, Dr, Dalisto Kabambe and the Secretary to the Treasury, Cliff Chiunda, described the disbursement as a sign that ‘the IMF has their faith in the Government of Malawi’s economic management and policies which have resulted into continued strengthening of this country’s economy in the midst of negative shocks and vulnerabilities. As a nation, this approval by the IMF has come at a time when Government and the people of Malawi are focused on a growth path to take advantage of the macroeconomic stability that continue to prevail in this country.’
Added Mwanamvekha: “I therefore wish to thank His Excellency the State President, Professor Arthur Peter Mutharika for his stewardship and visionary leadership in taking Malawi to this level of macroeconomic stability. Our cooperating and development partners have now trust and confidence in working with Malawi and thereby supporting its development efforts.”
on his part, Kabambe, said the news was exciting for a the nation that will ensure that the country’s macroeconomics are well anchored leading to a stable exchange rate and catalyse other development partners to pen their taps for direct budget support and other financing.
Development partners led by the IMF suspended direct budget support in 2013 following looting of public funds at capital hill dubbed cashgate.