Malawi’s $175 million loan programme from the International Monetary Fund has been terminated after no review was completed over an 18-month period, the fund said late on Wednesday.<\/p>\n
The donor-dependent Southern African country only received an initial disbursement of $35 million under the four-year Extended Credit Facility approved in November 2023.<\/p>\n
The IMF said the programme was not able to restore macroeconomic stability.<\/p>\n
Inflation is running at over 30% in annual terms, while crippling\u00a0foreign exchange shortages\u00a0have curbed key imports such as fuel and fertiliser.<\/p>\n
“Fiscal discipline has proven difficult to maintain in the current environment due to elevated spending pressures and insufficient revenue mobilisation efforts,” the IMF said on its website.<\/p>\n
It said the country’s foreign exchange system had made it difficult to rebuild international reserves and its external debt remained unsustainable because it had not been fully restructured.<\/p>\n
Malawi’s finance ministry said the government would seek to negotiate a new IMF programme after national elections in September.<\/p>\n
It said government efforts to stabilise the economy had been dogged by “exogenous shocks” like a cholera outbreak, cyclones and last year’s El Nino-induced drought.<\/p>\n","protected":false},"excerpt":{"rendered":"
Malawi’s $175 million loan programme from the International Monetary Fund has been terminated after no review was completed over an 18-month period, the fund said late on Wednesday. The donor-dependent Southern African country only received an initial disbursement of $35 million under the four-year Extended Credit Facility approved in November 2023. The IMF said the […]<\/p>\n","protected":false},"author":1,"featured_media":9190,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_featured":"1","show_post_meta":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","number_popup_post":"1","show_post_related":"1","show_inline_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","source_name":"Reuters","subtitle":""},"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[32,30],"tags":[1163,274],"class_list":["post-16235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-southern-africa","tag-international-monetary-fund-imf","tag-malawi"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/16235","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=16235"}],"version-history":[{"count":0,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/16235\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/9190"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=16235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=16235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=16235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}