IMF Endorses Malawi’s Extended Credit Facility, Daily Times Says

The International Monetary Fund endorsed Malawi’s Extended Credit Facility program, allowing the country to receive about $100 million in budget support, the Daily Times reported, citing Finance Minister Ken Kandodo.

Malawi had met domestic debt repayments and built foreign currency reserves, impressing the IMF, the Blantyre-based newspaper said. The endorsement will encourage other donors to give budget support, it said, citing Kandodo.

To contact the reporter on this story: Frank Jomo in Blantyre via Johannesburg at fjomo@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net.