IMF Agrees $178 Million for Malawi After Kwacha Devaluation
- Funding will support economic adjustment, reform agenda
- IMF announcement comes week after Malawi devalued its currency
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The International Monetary Fund signed off on a $178 million loan for Malawi to boost its foreign-exchange reserves, support the debt-ridden nation’s economic revival and catalyze grant financing, a week after the southern African nation devalued its currency.
The 48-month extended credit facility “will support the authorities’ macroeconomic adjustment and reform agenda aimed at restoring macroeconomic stability,” the IMF said in a statement on Wednesday.