Former Finance Minister Goodall Gondwe is tipping authorities to swiftly meet the IMF’s terms in order to rescucitate the economy.
Gondwe’s remarks come at a time Lilongwe is yet to reach a deal with the International Monetary Fund –IMF for an Extended Credit Facility –ECF program.
Neighbouring Tanzania and Mozambique secured their IMF deals recently while Zambia secured 1.3 billion dollar zero interest loan to stabilise its economy.
Reports indicate that Malawi has not yet qualified for the ECF program because of the severe debt situation, financial misreporting and corruption among other factors.
The situation risks paralyzing some businesses as the country is quickly running out of fuel due to forex scarcity.
Gondwe describes the current situation as a crisis
