Malawi gains access to $88.3mn in IMF emergency financing
CNBC Africa’s Godfrey Mutizwa spoke to Malawi's Minister of Finance and Economic Affairs Sosten Gwengwe about their achievement as Africa's first country to gain access to the International Monetary Fund's food shock window.
Thu, 27 Oct 2022 15:36:39 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Malawi becomes the first African country to access IMF's Rapid Credit Facility under the food shock window
- Government focuses on addressing inflation as a priority and implementing fiscal consolidation measures
- Plans to revitalize the mining sector, promote agricultural commercialization, and engage the private sector for economic growth
Malawi has made history by becoming the first country in Africa to gain access to the International Monetary Fund's (IMF) Rapid Credit Facility (RCF) under the food shock window. CNBC Africa's Godfrey Mutizwa sat down with Malawi's Minister of Finance and Economic Affairs, Sosten Gwengwe, to discuss this significant achievement and the country's plans for economic recovery. The $88 million USD received through the RCF is seen as a stepping stone towards accessing further financial support and stabilizing the economy. Minister Gwengwe highlighted the importance of addressing inflation as a priority and implementing fiscal consolidation measures to control spending and stimulate growth. The government is also focusing on revitalizing the mining sector, promoting agricultural commercialization, and engaging the private sector to drive economic development. Despite the challenges ahead, Malawi remains hopeful that with the support of international partners, they can overcome current economic hardships and pave the way for a more sustainable future.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.
