The IMF Board has just completed and approved the new Extended Credit Facility (ECF) Program for Malawi.

The approval follows the IMF boss meeting in Washington DC on Monday 30th April, 2018.

IMF board based its decision on the country’s microeconomic stability as a catalyst for economic growth.

The new ECF program will focus on interest and exchange rates, among others for the country to register high levels of growth.

Minister of Finance, Goodall Gondwe who was optimistic of the approval said Malawi had done it’s best to meet all requirements to attain the new program.

Malawi last ECF program valued at US$156.2 million which was approved in 2012, expired in 2017.

Meanwhile, the IMF has advised government to enhance transparency in its budget process as well as strengthen its medium term budgetary framework and cash management.