IMF Greenlights U.S.$101 Million Loan to Malawi for Covid-19
Malawi will be given U.S.$101.96 million additional funds from the International Monetary Fund's (IMF) Rapid Credit Facility (RCF), to address the economic impact of Covid-19. Tao Zhang, IMF Deputy Managing Director has said the authorities are actively implementing measures to mitigate the impact of the pandemic and preserve macroeconomic stability and emergency financing under the second RCF, that will help close the immediate additional external and fiscal financing gaps. In July 2020, the National Bank of Malawi projected that the country could be heading for economic recession with GDP projected to contract by 3.5% as the financial toll of the novel coronavirus continues to escalate. The loan from IMF is the second disbursement under the Rapid Credit Facility, which brings total IMF COVID-19 emergency support to Malawi to U.S.$193 million. This comes as the new president of the country Lazarus Chakwera marks just over 100 days in office since he took over from former President Peter Mutharika, in the tightly contested presidential election rerun held in June 2020.
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Malawi:
IMF Approves $101 Million Loan to Malawi for Covid-19 Economic Woes
Nyasa Times, 3 October 2020
International Monetary Fund (IMF) has approved US$101.96 million additional disbursement under the Rapid Credit Facility for Malawi to help the Southern African country address the… Read more »
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Malawi:
Chakwera Remarks On Gender Commitment Irk Activists
Nyasa Times, 6 October 2020
President Lazarus Chakwera on Monday failed to explain why he has failed to balance gender in his Cabinet and parastatal boards in his assessment of the first 100 days in office,… Read more »
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Malawi:
Chakwera's 100 Days of Hope and Betrayal - Malawi At a Crossroads
Nyasa Times, 5 October 2020
In 100 days, President Lazarus Chakwera has given us hope by not taking us back to Egypt but, at the same time, betrayed us by not putting us on a clear path to Canaan. Read more »
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Malawi:
IMF Approves Us$91 Credit to Malawi for COVID-19 Response.
Malawi News Agency, 4 May 2020
Lilongwe May 4, 2020;International Monetary Fund (IMF) Executive Board has approved disbursement of US$91 million to Malawi, as a way of helping the country meet the urgent Balance… Read more »
InFocus
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The High Court has stopped the government from implementing a nationwide lockdown for at least seven days. The ruling came after police used teargas to disperse hundreds of market ... Read more »
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Former Malawi president Joyce Banda has accussed the government of bloating COVID-19 figures and abusing resources for the pandemic in the country. While acknowledging the ... Read more »
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