• June 28, 2022 9:23 am

IMF pleased with progress of credit Facility -Chakwera

May 17, 2022

By Staff Reporter

President Lazarus Chakwera on Monday held bilateral discussion with the Managing Director of the International Monetary Fund (IMF), Christalina Georgieva. According to the information accessed from his Facebook page the Zoom meeting with the IMF Chief centered on the progress Malawi has made on the Extended Credit Facility (ECD).

President Chakwera said the Credit Facility seeks to restore the IMF programs which were suspended due to the misreporting and toxic borrowing at the Reserve Bank by the DPP regime. The Malawi head of state stressed his commitment to restore broken systems at the Central Bank and bring back the culture of transparency and professionalism.

‘’As you may recall, the IMF halted its program for Malawi after my Administration exposed the previous Administration’s acts of misreporting and toxic borrowing at the Reserve Bank. Following that exposure, I committed to fix the broken systems at the Central Bank and culture of transparency, professionalism, legality and discipline,” said the President.

The President further stressed his government commitment to restore faith with donor partners. The president said he seized the opportunity he had with the IMF Chief to reiterate his desire to do more to ensure that the donor support is used prudently and mitigate the economic shock the country has been experiencing.

‘’Even so, our biggest commitment as your government is to tighten public spending to make the most out of your taxes which calls for active sacrifices from all of us. And in the spirit of servant leadership, the act of tightening our belts begins with me and my cabinet. This is why for the past six months I have reduced my program of public events by over 50 percent prioritizing those that promote development, economic activity and agricultural activity,” said the President.

The IMF team is expected to jet into the country to assess the progress Malawi government has made on the terms of the on the program. The Extended Credit Facility is the IMF program designed to provide financial assistance to countries with protracted balance of payments problems.

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