The International Monetary Fund (IMF) team is in the country on a Governance Diagnostic Mission and they plan to meet officials from the Central Bank, Public Sector Reforms, Judiciary, Civil Society Organizations, and government to find out how governance issues are fairing.
Speaking in Lilongwe, when he met the IMF team, Minister of Finance and Economic Affairs, Simplex Chithyola-Banda said economic governance has a bearing on the social well-being of the people.
“We welcome the IMF Governance Diagnostic Mission with an open heart so that it fulfills its mandate without any challenges. When we say the economy is recovering it means people have a right to participate in economic activities and that the government is respecting people’s rights and fundamental freedoms.
“Governance also ensures equality and fairness in the distribution of resources so issues to do with corruption, accountability, and transparency among other things come into play,” he said.
Chithyola-Banda added that the political economy determines the pace at which the economic and social development of any country thrives.
He further highlighted that the recommendations from the IMF team would enhance governance and people’s active participation in the economic development of the country.
On his part, Secretary to the Treasury, Betchani Tchereni, said they consulted almost every section of the society including CSOs, chiefs, private sector, and opinion leaders during the Pre-budget consultation to entrench the spirit of economic governance in the country.
In his remarks, IMF Deputy Division Chief of Fiscal Operations in the Fiscal Affairs Department, Kenji Moriyama indicated that their mission is not directly linked to the Extended Credit Facility of the IMF however, the visit will form part of the IMF Staff Level Agreement Report.
