IMF to review Malawi's economy earlier than scheduled
A high level delegation from the International Monitory Fund (IMF)is scheduled to visit Malawi early October to review the country’s budget performance, a move coming earlier that expected.
Under review will be the first quarter of the financial year, which has been characterised by numerous challenges.
Finance Minister Ken Lipenga confirmed the meeting saying previously they were conducted every six months but now the fund has decided otherwise in line with the newly approved Extended Credit Facility Programme - ECF.
“We agreed to be having regular reviews of the budget and the programme. We think this would help us monitor more closely the budget performance,’ said Lipenga in an interview.
This is part of the new agreements made in the new ECF Programme which the IMF approved recently. Previously such meetings were conducted every six months.
According to the finance Minister, the agreement was reached at in a bid to ensure effective and regular reviews of the performance of the programme and the budget in the country.
He said this might be a mechanism to minimise slippages in terms of budget performance in the country.
“As part of the review, there will also be some sort of symposium to share some thoughts on the economy and there will be some speakers to share their individual thoughts,” said Lipenga.
The visit by the IMF team comes amid sentiments by renowned consumer rights activist John Kapito that the fund is running this country by imposing policies on the Joyce Banda administration, an allegation government has trashed