IMF's Gita Gopinath Lauds Malawi's Economic Progress
Gopinath also welcomed the close collaboration between Malawi's economic team and IMF staff during the second review of the PMB.
LILONGWE, Malawi— Ms. Gita Gopinath, the First Deputy Managing Director of the International Monetary Fund (IMF), commended Malawi's strides in economic stability during her visit to the country, writes Winston Mwale.
In discussions held during her visit, Gopinath extended her gratitude to President Lazarus Chakwera, Minister of Finance and Economic Affairs Mr. Sosten Gwengwe, and Reserve Bank Governor Dr. Wilson Banda for their warm hospitality and productive exchange of views.
"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," Gopinath stated.
She continued, "Macroeconomic adjustment and reforms are gaining traction and it would be important to maintain the momentum in the period ahead."
Regarding the policies necessary to solidify Malawi's hard-won gains, Gopinath emphasized, "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."
Gopinath also welcomed the close collaboration between Malawi's economic team and IMF staff during the second review of the PMB.
Furthermore, she acknowledged the authorities' request for an arrangement under the Extended Credit Facility and reaffirmed the IMF's commitment to supporting Malawi's ongoing efforts to stabilize its economy.