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Malawi secures US$112.3m credit facility from IMF.
The International Monetary Fund (IMF) and the Government of Malawi have sign a three(3) year US$112.3m loan agreement. This credit facility is to assist Malawi’s economic and financial reforms. It is also for establishing macroeconomic stability, spur growth and reduce poverty.
With this deal there will be an immediate disbursement of US$16m while the remaining amount will be in phases over the duration of the agreement.
After two(2) years of drought, the Southern African country. have shown progress in achieving macroeconomic stabilization. There have also been a rebound in growth and inflation have also remained in single digits.
Despite these achievements, the fiscal position has declined and the public debt to GDP ratio has risen. Increase in servicing of debts have reduced space for infrastructure and social spending.