IMF Deputy chief hails bilateral talks with President Lazarus Chakwera

International Monetary Fund ( IMF) has commended President Dr Lazarus Chakwera for the fruitful bilateral deliberations the Fund’s deputy Managing Director had with the Malawi leader at Lamuzu Palace.

In a statement released at the conclusion of her visit to the Republic of Malawi, the IMF Deputy Managing Director Gita Gopinath described the meeting as “productive exchange of views” coupled with home hospitality from President Chakwera, Minister of Finance and Economic Affairs Sosten Gwengwe, and the Governor of the Reserve Bank Dr. Wilson Banda.

Ms Gopinath said the two parties have discussed at length the economic and developmental prospects of Malawi.

“We discussed the economic and developmental prospects for Malawi. I commended the authorities’ efforts under the Staff-Monitored Program with Executive Board Involvement (PMB) to restore macroeconomic stability, which will set the stage for stronger durable growth and poverty reduction.

“Macroeconomic adjustment and reforms are gaining traction and it would be important to maintain the momentum in the period ahead,” she said.

She added: “We also discussed the policies that would be necessary to solidify the country’s hard-won gains. Securing a debt treatment would be vital for macroeconomic stability and ensure that additional financing could be used to address Malawi’s pressing developmental challenges. Moreover, strengthening fiscal discipline and addressing weaknesses in governance remain essential, ” she said.

The IMF deputy MD further observed that the close engagement between Malawi’s economic team and IMF staff in the context of the second review of the PMB is welcome, as is the authorities’ request for an arrangement under the Extended Credit Facility.

“IMF staff and management will continue to offer their strong support to the authorities’ efforts to stabilize the economy,” she said.