Chakwera meets IMF
By Antony Isaiah Jr:
-IMF committed to support Malawi……
The State President, Dr Lazarus McCarthy Chakwera on Wednesday after signing a US$350 million Millennium Challenge Corporation second compact in DC, he continued his high-level engagements.
Dr Chakwera headed to the headquarters of the International Monetary Fund where he met the Managing Director Ms Kristalina Georgieva.
He described their discussions as cordial and said they centred on their obligations and IMF’s commitments to the pursuit of an Extended Credit Facility for Malawi.
Last week the International Monetary Fund (IMF) said it was concerned about the debt situation in Malawi.
IMF Director of Communication Gerry Rice told reporters that the fund was watching the situation on the debt front to see what progress can be made.
Rice was responding to a question on the progress of Extended Credit Facility talks with Malawi.
Rice was asked to say what the Malawi Government needed to do to get programme talks back on track and reporters also wanted to find out which creditors specifically the government needed to restructure loans with.
Rice said Malawi is facing significant challenges, including high poverty incidence, despite the reforms that have been attempted by the authorities.
“We are seized of the seriousness of the situation. We are concerned. We want to help. And we’re now watching this situation very closely on the debt front to see what progress can be made,” Rice said.
However, after meeting with Dr Chakwera, Georgieva said Chakwera has thoughtful and productive discussion on the difficult economic situation facing Malawi and she was impressed by the President’s unwavering commitment to forge ahead with ambitious reform efforts to help improve the lives of Malawi.
She added that the IMF is committed to restore macroeconomic stability including tackling unsustainable public dept of Malawi and the IMF staff team will visit Malawi very soon to discuss the next steps to follow in order to address the Malawi’s economic woes.
“I reiterated to the President the Fund’s resolute support for his country and for the people of Malawi. In this regard, the IMF’s staff is working steadfastly with the President’s economic team with a view to the IMF staff team visiting Malawi very soon to discuss next steps and explore options for address Malawi’s immediate financing needs and support its reform program.
“We agreed that tackling the country’s economic challenges effectively calla for the concerted effort by all stakeholders, including the support of the international community.
“I was very pleased to welcome President Chakwera at IMF Headquarters today. We had a very thoughtful and productive discussion on the difficult economic situation facing Malawi. I was impressed by the President’s unwavering commitment to forge ahead with ambitious reform efforts to help improve the lives of the Malawian people and to firmly restore macroeconomic stability, including tackling unsustainable public debt,” said Georgieva.
Chakwera holds a cordial meetings with IMF on the pursuit of an ECF for Malawi
-IMF committed to support Malawi
The State President, Dr Lazarus McCarthy Chakwera on Wednesday after signing a US$350 million Millennium Challenge Corporation second compact in DC, he continued his high-level engagements.
Dr Chakwera headed to the headquarters of the International Monetary Fund where he met the Managing Director Ms Kristalina Georgieva.
He described their discussions as cordial and said they centred on their obligations and IMF’s commitments to the pursuit of an Extended Credit Facility for Malawi.
Last week the International Monetary Fund (IMF) said it was concerned about the debt situation in Malawi.
IMF Director of Communication Gerry Rice told reporters that the fund was watching the situation on the debt front to see what progress can be made.
Rice was responding to a question on the progress of Extended Credit Facility talks with Malawi.
Rice was asked to say what the Malawi Government needed to do to get programme talks back on track and reporters also wanted to find out which creditors specifically the government needed to restructure loans with.
Rice said Malawi is facing significant challenges, including high poverty incidence, despite the reforms that have been attempted by the authorities.
“We are seized of the seriousness of the situation. We are concerned. We want to help. And we’re now watching this situation very closely on the debt front to see what progress can be made,” Rice said.
However, after meeting with Dr Chakwera, Georgieva said Chakwera has thoughtful and productive discussion on the difficult economic situation facing Malawi and she was impressed by the President’s unwavering commitment to forge ahead with ambitious reform efforts to help improve the lives of Malawi.
She added that the IMF is committed to restore macroeconomic stability including tackling unsustainable public dept of Malawi and the IMF staff team will visit Malawi very soon to discuss the next steps to follow in order to address the Malawi’s economic woes.
“I reiterated to the President the Fund’s resolute support for his country and for the people of Malawi. In this regard, the IMF’s staff is working steadfastly with the President’s economic team with a view to the IMF staff team visiting Malawi very soon to discuss next steps and explore options for address Malawi’s immediate financing needs and support its reform program.
“We agreed that tackling the country’s economic challenges effectively calla for the concerted effort by all stakeholders, including the support of the international community.
“I was very pleased to welcome President Chakwera at IMF Headquarters today. We had a very thoughtful and productive discussion on the difficult economic situation facing Malawi. I was impressed by the President’s unwavering commitment to forge ahead with ambitious reform efforts to help improve the lives of the Malawian people and to firmly restore macroeconomic stability, including tackling unsustainable public debt,” said Georgieva.
