International Monetary Fund (IMF) Executive Board has completed and approved US$ 76.8 Million Disbursement to Malawi under the Extended Credit Facility (ECF).
The approval of the funds follows IMF’s Seventh and Eighth Reviews and the approved extension of the Arrangement under the Extended Credit Facility (ECF) for Malawi which the Board undertook.
The Executive Board, without holding a meeting, made the approval on May 16th, 2016. The extension was to run up to June 30th, 2016.
The extension provides additional time for authorities to implement structural measures under the program.
ECF arrangement for Malawi was approved on July 23, 2012 in an amount equivalent to SDR 104.1 million (about US$ 146.7 million).
The program is aimed at the achievement and maintenance of macroeconomic stability and implementation of policies and structural reforms to spur growth; diversify the economy and reduce poverty.
The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.