British government hails President Chakwera’s for achieving ECF

By Linda Kwanjana

Goodwill messages are pouring in commending President Lazarus McCarthy Chakwera’s government for qualifying for the IMF’s Extended Credit Facility (ECF).

Governments, institutions and individuals have for the past 24 hours congratulated President Chakwera saying the milestone signals the confidence the IMF has in the current Chakwera’s leadership

The latest to congratulate the Malawi leader on the achievement is the British government. According to the statement released dated 16th November, 2023, the UK government said the IMF’s decision has demonstrated government’s sustained efforts to restructure Malawi’s unstable shocks.

Finance Minister Simplex Chithyola and UK Ambassador Fiona Ritchie

It reads: “This agreement marks the culmination of dedicated efforts by Malawian authorities to restructure Malawi’s unstable external shocks.”

The British government acknowledges that the Malawi leadership had to make difficult tough choices when arriving at decisions that have resulted in the approval of the facility.

“To achieve this significant milestone, the Government of Malawi has had to take necessary but difficult policy decisions,” reads the statement.

Ironically, during the national address last night, President Chakwera underlined the fact that the decision to undertake the 44% on Malawi Kwacha wasn’t the easy one but necessary for the healing of the economy.

“I am here to serve Malawians, to do so, I am prepared to do things that are painful as long as they are the right things,” said President Chakwera.

It is hoped that the new financing agreed under the ECF will help stabilise Malawi’s economy and create building blocks for investment and sustainable economic growth.


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