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IMF praises Malawi’s resilience

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The International Monetary Fund (IMF) has said Malawi has performed well under the Extended Credit Facility (ECF) Programme and has

registered economic stability despite the impact of Cyclone Idai this year.

IMF Mission Chief for Malawi, Pritha Mitra, said yesterday at the end of second and third reviews of ECF programme that the IMF also expects growth of the economy next year.

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“It’s a bigger achievement that even with high food prices related to the impact of Cyclone Idai, single digit inflation has been maintained for more Mitra said during the review, they also discussed the country’s budget.

“We also discussed the medium term plan for reducing debt to GDP ratio in order to maintain sustainability but to do all of this in a way that will be actually preserving and boosting growth, enhancing expenditure on things like infrastructure, healthcare, education and social assistance,” she said.

Mitra said to achieve this, there is need to find ways of improving revenue and efficiency of spending including better public investment management.

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The IMF chief for Malawi further disclosed that Malawi should expect two disbursements from the ECF programme linked to the second and third reviews.

Minister of Finance, Economic Planning and Development Joseph Mwanamvekha made commitment to fulfil what the government had agreed with IMF to continue registering growth.

“We expect that when they conclude the meeting with the board [of the IMF] on the matter, they should continue assisting us with resources. We have asked them to increase the resources allocated to us. The programme is supposed to increase our resource basket to the tune of $112 million and we have so far received $22million,” he said.

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