By Smile Hamilton, Malawi
President-elect Professor Peter Mutharika has said his administration will immediately engage the International Monetary Fund (IMF) once his government becomes operational.
Speaking at a news briefing in Blantyre today, Professor Mutharika stressed that it would be “suicidal” for Malawi to sideline the IMF.
The IMF withdrew its Extended Credit Facility (ECF) from Malawi following allegations of mismanagement of public resources, a decision that left the country struggling to balance its budget.
Economic analysts say the suspension of IMF support worsened donor withdrawal, leading to reduced budgetary support and forcing the government to rely heavily on domestic borrowing. This in turn fueled inflation and weakened the local currency.
Professor Mutharika said his government will prioritize restoring trust with international partners. “We must work with institutions like the IMF if we want to stabilize our economy and regain donor confidence,” he explained.
Observers note that re-engagement with the IMF could open doors for other development partners to resume support, which is critical for Malawi’s economic recovery.
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