IMF IMPRESSED WITH MALAWI ECONOMY ,CONSIDERS TO INCREASE FUNDING

The International Monetary Fund during its second and third review in Malawi has commended the Malawi government for its effort in maintaining inflation rate of single digit while interest rate going down.

The IMF mission team which arrived on 10 September 2019 through its mission’s chief Prita Mintra considers increasing funding allocation through the Extended Credit Facility.

“Despite facing challenges in Agricultural sector caused by cyclone Idai Malawi has maintained inflation rate of single digit while interest rates have gone down,” said Mintra.

Minister of Finance Joseph Mwanamvekha said government has been committed to working around meeting the IMF requirements and is hopeful that the outcome of the review will be positive.

“Government will work on meeting some benchmarks of the facility such as reducing internal borrowing. IMF program is so far on track and government is committed to ensure that it remains on this path,” said Mwanamvekha.

The International Monitory Fund (IMF) team has completed a week long review on the countrys economic status to determine the future of its support under the Extended Credit Facility.