President Dr Lazarus Chakwera says the International Monetary Fund IMF approval of $174 million approximately K290 billion Extended Credit Facility ECF will help facilitate foreign direct investment that will in turn address the macroeconomic challenges the country is facing.
The President said this in Lilongwe in his national address at Kamuzu Palace.
Dr Chakwera said now the Malawi Government will start receiving direct budgetary support which will address foreign exchange shortages.
The President has since announced measures to cut costs which include cancellation of all his foreign trips from now until the end of the financial year (March 2024) including the trip to COP 28 in Dubai.
File photo
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