IMF approves loan

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By Malawi News Agency 

The International Monetary Fund (IMF) Executive Board has approved the disbursement of a 91 Million loan to Malawi to cushion the country from the impact of the coronavirus.

In a statement, the IMF states that the disbursement falls under the Rapid Credit Facility and has been necessitated by the urgent Balance of Payment needs.

The Executive Board acknowledges that coronavirus has led to the deteriorating macroeconomic outlook and the policy responses in the country.

The approval of the credit follows IMF’s discussion of Malawi, focusing on macro-economic stability while protecting the vulnerable.

Treasury Spokesperson Williams Banda hails IMF saying the country’s debt management strategy would help to sustainably manage the debt and trade-offs.

Banda told the Malawi News Agency that the development follows IMF’s assessment of the shocks currently affecting the country’s economy.

 

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