The International Monetary Fund (IMF) has approved $88.3 million (K90.4 billion) to Malawi under the fund’s Rapid Credit Facility (RCF).

Confirming the development to MBC Online, Minister of Finance, Sosten Gwengwe said the money will be disbursed to Malawi with immediate effect.

Gwengwe further said the funds will help the country in several ways including replenishing Malawi’s forex reserve.