By Senior Business Editor
President Dr Lazarus McCarthy Chakwera has commended International Monetay Fund (IMF) for the approval of $174 Million Extended Credit Facility (ECF) saying the facility will will unlock many economic opportunities.
“An hour ago, the Board of the International Monetary Fund approved the Extended Credit Facility to Malawi that we have
been negotiating for the past two years. Under this facility, Malawi will receive an injection of 174 million dollars over the
next four years, as well as the resumption of direct budget support from international partners after a 10 year absence
because of Cashgate and the financial mismanagement of the previous administration,” he said.
The president said the benefits of this IMF Program are many saying will help unlock foreign direct investments into the country.
“First, the IMF approval will unlock
foreign direct investments into the country to strengthen productivity. For example, as a result of our qualification for this IMF Program, several development partners have already lined up a number of financial facilities that will boost the supply of foreign exchange in our banks,” he said.
The support includes the World Bank’s US$60 million Trade Finance Facility that will assist domestic banks to support importation of strategic commodities
like fertilizer, pharmaceuticals and industrial raw materials.
“It also includes the World Bank’s 217 million dollar package in response to the fiscal reforms we have implemented, one third of which will be made available immediately. It also includes 250
million dollars from the World Bank for the Agricultural Commercialisation Project, ” he said.
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