MALAWI GET $174 MILLION CREDIT FROM IMF

-

 


The International Monetary Fund (IMF) has reached an agreement with Malawian Authorities on the second (last) review for the staff monitored program with executive board involvement and an Extended Credit Facility arrangement.


In a statement released by IMF, an IMF team led by Ms.Mika Saito has been holding discussions with the Malawian Authorities from August 29 to September 20 via hybrid and in person meeting in Lilongwe and among others , the meetings tackled discussions covering the 2nd review of Malawi staff monitored program with executive board involvement (PMB) but also included a program of economic policies and reforms to be supported by a new arrangement under the Extended Credit Facility (ECF).


In her remarks Saito said that the IMF had reached a staff level agreement with Malawian Authorities and amongst this agreement includes the Extended Credit Facility of up to $174 millions representing 95% of Malawi's IMF quota over a period of 4 years .


She further stated that the arrangement is expected to catalyze grant financing but also Indicated that the staff level agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances by Malawi's partner and creditions .


Commenting on the development , Economic and Environmental commentator Gresham Kamnyamata  has highlighted the need of government to use these funds for their intended purposes and avoid mis using the funds .



Article by Benjamin GK Nyirenda

Comments

Post a Comment

Popular posts from this blog

OUTSTANDING STUDENTS TO BE RECOGNIZED BY PLU

-
Image
  Pentecostal Life University (PLU) is set to recognize the efforts made by outstanding personalities graduating at the Institution at the upcoming Finale dinner gala. The Institution is staging a Finale dinner gala event scheduled for Friday the 22nd of December 2023 at the state of art Bingu International Convention Center in Lilongwe. According to the University Management, all logistics pertaining to the event have been finalized and that the Institution will be awarding Students who performed well in different Categories during their time at the Institution Including Sports, Leadership, Discipline, Enterprenuership , Socialization and Dressing just to mention a few. The management further stated that the Criteria used to choose nominees was purely based on merit. The winners to these prestigious awards will be determined through an Online Poll  which has been set up by the Institution to give the liberty to other students at the Institution to select their preffered personalities
Read more

PLU STUDENT UNION ELECTIONS CAMPAIGN DATES CONFIRMED

-
Image
  Campaign dates for the upcoming Pentecostal Life University (PLU) Student Union elections have been set for the 29th of November 2023 according to the Elections Committee Treasurer . In an interview with the Incumbent Student Union Treasurer who is also treasurer to the Elections Committee Jedidiah Kalilango, aspiring candidates in the upcoming elections are to start campaigning on the 29th of November 2023 and will end a day before voting while the actual day for the elections will be communicated to the Students later "Campaigning will start on Wednesday this week and about the election day, I will confirm" said Kalilango. He further added that registration for those aspiring to contest in the Elections is currently open and will close on Tuesday the 28th of November 2023 at  11:59am. Registration fee to contest as President of the Union is K18,000, Vice Presidency is at K15,000, Treasury position is at K13,000 and all other positions are at K10,000. He concluded by stati
Read more

PLU STUDENT UNION ELECTIONS COMMENCE

-
Image
  The much anticipated Pentecostal Life University (PLU) student Union Elections have commenced at the Institution's campus in Area 25, Lilongwe. At exactly 9:30 am Students started flocking at the voting station to elect new office bearers to the Institution's Student Union and most of them showed delight and happiness to exercise their voting rights. In an interview with the Sight Media Group Chairperson for the Elections Committee Presiding over the Elections Kenneth Chikwangwala said that Students at the institution should expect a free, fair  and credible Elections for the fact that he has assembled a very passionate and dedicated team of personnel handling the Elections. Clement Kledo Magombo President, Thokozani Matumani welfare director, Winnie Luhana Religious Director, Sam Kizzy Mhango Entertainement director, Funny Inedi Female Sports Director have already emerged victorious with no opposition to their Candidacy . Official results for the Elections are expected to be
Read more