In a significant meeting at the International Monetary Fund (IMF), President Lazarus Chakwera has expressed gratitude for the ongoing support of the Fund while outlining the challenges and progress of its Extended Credit Facility (ECF) program.
Chakwera met with IMF Managing Director Kristalina Georgieva, marking the third visit in as many years, during which he pledged Malawi's unwavering commitment to economic reform and recovery.
The Malawi leadeer congratulated Georgieva on her reappointment as Managing Director, highlighting the IMF's role as a "financial vaccine" against global economic challenges, particularly unsustainable sovereign debts.
He acknowledged the mixed performance of the ECF program, citing both successes and setbacks attributed to external shocks, notably climate-related challenges that have left millions food insecure.
Despite these difficulties, the President reaffirmed his government's dedication to meet the program's targets, stating, "We believe in our ability to restore long-term macroeconomic stability." He emphasized plans to enforce revenue measures and prioritize expenditures to address fiscal targets that had been missed.
The meeting also addressed ongoing debt restructuring efforts, with positive progress reported in negotiations with major creditors, including China and India. The President underscored the importance of these agreements in achieving budgetary savings and supporting Malawi's fiscal trajectory.
Looking forward, Chakwera called for continued international support and urged the IMF to present Malawi's case at a Board meeting before the year's end, emphasizing the urgency of timely assistance to avoid potential setbacks in the recovery process.
As discussions with the IMF continue, the commitment to strengthening Malawi's economy remains a top priority, aiming to build resilience against future shocks while fostering sustainable growth in agriculture, tourism, and mining sectors.
The meeting exemplifies Malawi's proactive approach in navigating economic challenges and reinforcing its partnership with international financial institutions.
