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IMF approves ECF extension for Malawi

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The Executive Board of the International Monetary Fund (IMF) has approved — without an Executive Board meeting — an extension of Malawi’s arrangement under the Extended Credit Facility (ECF) to June 30, 2017.

This means that Malawi has been given more time to implement some programme objectives using about $49.2 million or 25 percent of quota approved by the Board in June this year to strengthen the response to the El Niño-induced drought.

Disclosing the news on Tuesday, the IMF board, in a statement, said the move aims to provide additional time for the Malawi authorities to achieve the programme’s objectives, which are to spur growth, diversify the economy and reduce poverty.

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Specific objectives of the programme include macroeconomic stability with low inflation, increasing international reserves to provide a buffer against external shocks and reforms to improve the investment climate and promote sustained inclusive growth.

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