Monday, December 5, 2022
MARKET UPDATE
Advertisement

TheCable

Advertisement
Cable Ads

EXTRA: Malawi cabinet members ‘roll out’ ads to congratulate president over $88m IMF loan

EXTRA: Malawi cabinet members ‘roll out’ ads to congratulate president over $88m IMF loan
November 25
11:48 2022

The cabinet members of Malawi have reportedly rolled out adverts to congratulate President Lazarus Chakwera on the approval of $88.3 million loan from the International Monetary Fund (IMF). 

Idriss Nassah, a Malawian, communications and advocacy campaigns expert, disclosed this in a Twitter post on Thursday.

On Monday, the IMF approved the disbursement to Malawi under the new “food shock window” emergency lending facility launched in response to food price spikes and shortages caused by Russia’s war in Ukraine.

However, Nassah said this development has made cabinet members congratulate the president through adverts.

Advertisement

“The IMF has given Malawi a loan of $88 million. Cabinet ministers are rolling adverts to congratulate their president, Mr Lazarus Chakwera,” the tweet reads.

Meanwhile, the president announced that the IMF’s approval of $88.3 million under the Rapid Credit Facility (RCF) “is great news for our country”.

“RCF is timely for our economy given the effects we’ve suffered from external shocks, natural disasters and emergencies, among others. This provides policy support and opens the door to catalyse foreign aid,” Chakwera said in a Facebook post on Wednesday.

“My administration considers this a milestone for it signals the restoration of trust from bilateral and multilateral stakeholders, who now acknowledge that Malawi is satisfactorily realigning her fiscal and monetary systems towards sustainable economic growth.

Advertisement

“We will continue to engage these key financial institutions in respect of lasting economic solutions.”

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment