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IMF audit report ready end May

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Treasury has engaged auditors Ernst and Young to do an audit of foreign exchange misrepresentation to the International Monetary Fund (IMF) committed by the previous administration, Times Business has established.

Finance Minister Sosten Gwengwe confirmed the development, saying the government expects the audit report on the matter to be out by the end of May or early June.

The audit would determine the extent of falsification of figures that former Treasury and Reserve Bank of Malawi bosses are alleged to have made to the Bretton Woods’ institution.

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Malawi is currently praying for a fresh Extended Credit Facility (ECF) programme with the fund after cancelling the previous arrangement.

Commenting on the IMF/World Bank spring meetings which ended in Washington DC on Sunday, Gwengwe said the meetings were fruitful as there is also a renewed commitment to speed up the roll out of G20 Common Framework for debt Treatment, which was agreed upon in Nov 2020.

“This is meant to help Debt Service Suspension Initiative (DSSI) eligible economies by providing debt relief and help solve insolvency challenges due high levels of debt.

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“Malawi is eligible for a debt service suspension initiative,” Gwengwe said.

Speaking in Lilongwe in October last year, IMF Director of African Department Abebe Aemro Selassie said the fund was concerned about a misreporting case about some of the targets during the implementation of the cancelled ECF on former governing Democratic Progressive Party’s watch.

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