Treasury, IMF meet over ECF

Post was last updated: October 16, 2019
GWENHAMO—Discussions on the same continue

A delegation from the Treasury led by Finance Minister, Joseph Mwanamvekha is meeting International Monetary Fund (IMF) officials in Washngton DC, to discuss Malawi’s performance in line with Extended Credit Facility (ECF) programme conditions.

The two sides are meeting on the sidelines annual meetings that bring together fiscal and monitory authorities from various countries jointly organised by The World Bank and IMF.

Among other issues, the meetings discuss world economic outlook, efforts towards poverty redaction, economic development, and aid effectiveness.

Last month, an IMF Mission team was also in the country for review of the $112.3 million (K85 billion) ECF programme.

IMF Resident Representative, Farayi Gwenhamo, confirmed the scheduled meeting yesterday.

“The IMF will be meeting Malawi authorities to discuss further the (ECF) programme. You remember they were here, basically for the second and third reviews. So discussions on the same continue in Washngton DC on the sidelines of the Annual meetings,” Gwenhamo said.

Spokesperson in the Ministry of Finance, Economic Planning and Development, Davis Sado the meeting gives Malawi an opportunity to update the Bretton Woods’ institution on registered progress and challenges encountered this far.

“As a country we will continue building on the economic gains achieved so far and that we perform within the agreed indicators. The Ministry of Finance will thrive to present an economic environment that will stimulate economic activity and growth and enable the citizenry to participate in economic activities,” Sado said.

He said so far Malawi, has done well on implementation of the ECF programme conditions.

The ECF-supported programme is aimed at entrenching macroeconomic stability and fostering higher, more inclusive and resilient growth.

The three-year ECF arrangement was approved in April 2018 to support the country’s economic and financial reforms.

In March this year, the IMF cautioned the Malawi government to improve on debt and public finance management and undertake regular bank reconciliations, improve commitment control and cash management.

It further urged Capital hill to enhance transparency in the budgeting process and improve on revenue administration.

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