JUST IN: IMF Okays $91 Million To Support Malawi’s Economy
The International Monetary Fund has approved a disbursement of $91 million under the Rapid Credit Facility to aid the Malawi economy.
The IMF on Friday said the fund would help the country to “meet the urgent balance of payment (BOP) needs stemming from the COVID-19 pandemic.”
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“The pandemic is expected to have a significant impact on Malawi including affecting the near-term economic outlook, which has deteriorated significantly.
“The authorities have proactively responded to the pandemic with a national response plan—supported by the World Health Organization and other development partners—and measures to preserve macroeconomic stability while protecting the vulnerable,” the Washington based lender said.
The IMF Managing Director, Kristalina Georgieva, in a tweet commended the country for its proactive response to reduce the impact of the virus.
“I commend Malawi for a proactive response to COVID19 – we come in support of it with US$91 million emergency financing, approved by IMF’s Board today,” she said.
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