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.
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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