Malawi Government, IMF Talks Resume

6 January 2023

Government says its team is shortly meeting the IMF for a second meeting to push for debt restructuring and resumption of an extended credit facility.

Minister Finance Sosten Gwengwe has confirmed of the meeting.

This comes at a time the Reserve Bank of Malawi says the central bank has a 1.5 month import cover, less to sustain the country through the lean period.

Gwengwe says the talks with the creditors will also focus on a possible direct budgetary support, while RBM focuses on tightening loopholes in the country's forex leakage.

Reserve Bank of Malawi says forex availability has not improved in the country, and has 1.5 months of import cover.

RBM Ralph Tseka said Malawians should expect improvement of import cover after the opening of tobacco selling season in end March or April.

Tseka said currently commercial banks are trying their best to help with critical imports like medicine and fuel.

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