Barely a day after the World Bank approved the disbursement of about 75 Billion Kwacha towards Malawi’s service delivery project, the International Monetary Fund (IMF) has moved in to approve about 70 billion Kwacha under the rapid credit facility for Malawi.
A statement issued by the IMF at the end of its Executive Board’s discussion of Malawi, IMF Deputy Managing Director and Chair of the meeting Tao Zhang said the funds are meant to help Malawi meet the urgent balance of payment needs stemming from the COVID -19 pandemic.
Mr Zhang said the IMF realized that the pandemic is expected to have a significant impact on Malawi including affecting the near term economic outlook.
The board then applauded the Malawi government for proactively responding to the pandemic with a National Response plan that includes measures to preserve macro-economic stability while protecting the vulnerable.
The IMF noted that key among the measures; the Malawi government has increased health sector outlays, supported incomes and food security of the most vulnerable households with expanded social assistance and grain purchase programs, and easing liquidity constraints in the banking system.-(Source MBC)
I sincerely hope this is controlled very well. The money will help if it is used properly. No
please.