By Cedric Nkungula
Vice President Saulos Klaus Chilima has applauded President Dr. Lazarus McCarthy Chakwera for working tooth and nail to secure the US$88.3 million International Monetory Fund (IMF) Rapid Credit Facility (RCF).
IMF Board meeting on Monday 21st November, 2022 approved US$88.3 million under the Rapid Credit Facility (RCF).
Minister of Finance, Sosten Gwengwe confirmed the development saying the money will be disbursed to Malawi with immediate effect.
Gwengwe explained that the funds will help the country in replenishing the country’s forex reserve.
Writing on his Facebook page, Chilima said the development calls for celebration and appreciation of efforts led by Dr. Chakwera and Minister of Finance Sosten Gwengwe.
“The news that the IMF Board has approved US$88.3m to Malawi under the new a Food Shock Window is indeed good news and calls for celebration and appreciation of efforts led by His Excellency Dr Lazarus Chakwera, President of the Republic of Malawi and Minister of Finance Hon. Sosten Gwengwe. Mindset Change is about celebrating milestones achieved as we take aim at greater things to come as espoused in the National Development Blueprint – MW2063,” said the vice president.
“So today, we have reason to celebrate because this is good news. Change happens by changing – they say!.”
Last month, Malawi became the first low income country to reach a staff level agreement to receive the amount under the IMF’s new Food Shock Window.
The disbursement of the money is expected to address Malawi’s urgent balance of payment needs.
This is good news to the Chakwera led administration which is working around the clock to bring back to life the country’s economy which was left in tatters by the erstwhile Democratic Progressive Party (DPP) administration.
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