According to reports, the Malawian cabinet has released advertisements to congratulate President Lazarus Chakwera on the IMF loan approval of $88.3 million (IMF).
This was revealed on Thursday in a tweet by the Malawian communications and advocacy campaigns expert Idriss Nassah.
The disbursement to Malawi under the new “food shock window” emergency lending facility, which was launched in response to the spikes in food prices and shortages brought on by Russia’s war in Ukraine, was approved by the IMF on Monday.
Nassah asserted that this outcome has prompted the government to congratulate the president in advertisements.
“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.
“We will continue to engage these key financial institutions in respect of lasting economic solutions.”
