Malawi has failed International Monetary Fund (IMF) test for the four year Extended Credit Facility (ECF) approval.
Malawi therefore will have to wait until July 2022 when IMF board expects final determination on the matter.
Malawi Finance Minister Sosten Gwengwe told news conference in the capital Lilongwe on Monday, June 6, 2022 that IMF Board will meet on July 18, 2022 to consider Malawi’s case.
Gwengwe however snubbed social media reports on second coming of devaluation of Malawi Kwacha arguing that such reports are misleading.
The minister also disclosed that following the first round of negotiations with IMF, the Bretton Woods Institution has insisted forex audit at the Reserve Bank of Malawi (RBM).
According to Gwengwe the misreporting done by the previous regime cannot hinder the programme but “Malawi maybe asked to refund IMF” money in excess of 50 to 60 million dollars fraudulently obtained in previous years.
The minister adds that Gwengwe London – based Enerst and Young is expected to be released its audit findings end of June, 2022.
Former Reserve Bank Governor Dalitso Kabambe and Former Finance Minister Joseph Mwanamveka were arrested last December for faking Monetary figures and presenting false reports to the IMF during the Peter Mutharika DPP led Government.