MMinister of Finance and Economic Affairs Simplex Chithyola Banda has confirmed that the Executive Board of the International Monetary Fund (IMF) in Washington, USA, has given its approval to Malawi’s four-year Extended Credit Facility (ECF) Programme, valued at $174 million.
The Minister expressed optimism that this approval would pave the way for renewed budgetary assistance and a fresh direction for the country’s economy.
It is worth noting that Malawi terminated its previous ECF arrangement in September 2020, merely two months after President Dr Lazarus Chakwera’s Tonse Alliance administration assumed power.
Meanwhile, the President of the Economics Association of Malawi, Professor Betchani Tchereni, has expressed his appreciation for the government’s successful acquisition of the ECF from the IMF. However, Professor Tchereni has also emphasized the importance of the government exercising caution in utilising the resources provided by the programme.
Reported by McDonald Chiwayula.
File photo: IMF Headquarters in Washington, USA.