IMF approves Malawi’s Loan, President cancels International Trips

International Monetary Fund IMF has approved to give Malawi 174 million dollars for the next four years as President Lazarus Chakwera has cancelled all international trips between now and end of this fiscal year

Addressing the nation last evening Chakwera ordered ministers who are abroad to return immediately and fuel entitlements for ministers as well as other senior government officials be cut by half

The president has ended the practice of draining public coffers to spend on allowances for useless activities and directed minister of finance to include provisions in midyear budget review for cushioning small to medium enterprises to protect jobs they created

Chakwera also ordered the minister to review provisions for a reasonable wage increase for civil servants and pay as you earn income tax

He has directed secretary to president and cabinet to see that the savings made in the aftermath of the recent hiking of the price of water by water boards is used to procure food and fertilizer

According to Chakwera the approval of IMF funds will unlock foreign direct investments into the country to strengthen productivity

The president said injections of foreign investment over the next four months will enhance foreign exchange reserves for economic growth

He said is prepared to do things that are painful as long as they are right to serve Malawians

Meanwhile, Human Rights Defenders coalition HRDC has called for the appointment of a multi stakeholder taskforce committee to oversee implementation and tracking of the announced measures.

HRDC board member Micheal Kaiyatsa says the task force will be responsible for updating the nation on adherence to the measures, amount of money being saved and how it is being used.

While applauding the president for cutting international travels and fuel expenses, Kaiyatsa said the measures alone are invalid without implementation.