IMF says Malawi economy stabilizing under Chakwera

President Lazarus Chakwera with IMF first deputy manager Gita Gopinath

The International Monetary Fund (IMF) has claimed that President Lazarus Chakwera’s government is making efforts in stabilizing the country’s economy.

The IMF delegation led by first deputy manager Gita Gopinath hailed the country’s efforts in recovering the struggling economy.

Speaking after meeting Chakwera at State House in Lilongwe, Gopinath said that the country has gone through a myriad of inconveniences due to external shocks such as natural disasters and geopolitical strife in Eastern Europe.

“We are beginning to see progress and the results from these efforts that he has made. The reform momentum must continue. We will continue supporting Malawi in its reforms,” said Gopinath.

Chakwera in his statement appreciated the trust IMF has rendered to Malawi as he has been making tough and bold decisions in recovering the economy.

“I have told the IMF team that Malawi remains determined and focused to grow the economy and build sustainable communities inline with the Malawi vision 2063 agenda,” he said.

Chakwera, however, expressed hope that the discussion the IMF is undertaking with the Reserve Bank in Malawi and the Ministry of Finance will progress into clarity of new Extended Credit Facility (ECF).

Despite the IMF’s claims that Chakwera is making efforts to improve the economy, Malawi’s economic situation has been worsening over the past months with the Kwacha losing value and prices of commodities continuing to to go up. Malawi has also been facing a shortage of forex.