International Monetary Fund (IMF) Executive Board approves US$ 76.8 Million disbursement to Malawi.
According to press release from IMF, the Board approved the support on Monday 20th June 2016 after completion of the seventh and eighth reviews of Malawi’s economic performance under the program supported by an Extended Credit Facility (ECF) arrangement.
The Board’s decision for the immediate disbursement of the US$ 76.8 million, bringing total disbursements under the arrangement to US$ 169.1 million.
"In completing the reviews, the Board also approved the authorities’ request for an extension of the current ECF arrangement to end December 2016 and an augmentation of access by the equivalent of SDR 34.7 million (about US$ 49.2 million or 25 percent of quota). The requested extension would give the authorities more time to achieve the original objectives of the program while the additional financing will help to strengthen the country’s response to the El Niño induced drought which has caused a humanitarian crisis." Reads the statement
