Malawi is a strong performer – Revenue side

The International Monetary Fund (IMF) has urged Malawi authorities to maintain fiscal prudence and control of public spending. IMF Mission Chief for Malawi, Oral Williams, said the challenge for the government is how to contain spending in line with available financing but not leaving out social issues to meet development objectives. “Malawi is a strong performer on the revenue side, sitting comfortably above the median revenue collected by Low Income Countries in Sub- Saharan Africa,” Williams said. He further…

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Malawi’s Extended Credit Facility on track

IMF has declared Malawi’s Extended Credit Facility on track. IMF says this is due to good management of domestic finance since September 2015.  This was disclosed at a press briefing that IMF and Minister of Finance Goodall Gondwe addressed in Lilongwe. IMF says it appreciates the hard work that Malawi government has put in to bring the programmes back on track. The fund has however, asked government to work on bank reconciliations and report on arrears going forward. IMF has…

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IMF Executive Board Approves US$ 18.1 Million Disbursement for Malawi

At the conclusion of the Executive Board’s discussion, Mr. Mitsuhiro Furusawa, Acting Chair and Deputy Managing Director, issued the following statement: “Malawi’s macroeconomic outlook and performance under the IMF-supported program was significantly damaged by a large-scale theft of public funds and by policy lapses in the run- up to elections. The breach of governance resulted in the suspension of budget support from donors, which has led to increased recourse to central bank financing, accumulation of domestic arrears, exchange rate…

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