Malawi: Chakwera Meets Afrexim Bank Officials Over DPP Administration Toxic Loans

20 June 2023
Nyasa Times (Leeds)
By Owen Khamula

President Dr Lazarus McCarthy Chakwera on Sunday met Afrexim Bank officials to discuss repayment of the toxic loans the Democratic Progressive Party (DPP) led government took which is a stumbling block to the unlocking of IMF's extended credit facility.

President Dr Chakwera, senior cabinet ministers and senior government officials met the President of African Export-Import Bank (Afrexim Bank) Board Chairman Prof. Benedict Oramah and his officials on Sunday in Accra, Ghana over the loans.

Minister of Finance Sosten Gwengwe said the meeting was held to discuss the repayment of the debt that was incurred by DPP administration before the country can be deemed eligible for the Extended Credit Facility (ECF).

The country is currently in talks with international lenders to restructure as much as K1 trillion (US$1 billion) debt as it seeks an economic program from the IMF.

A significant portion of the external debt with which the country is currently contending originates from Afrexim Bank and the Chinese Government.

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