The Ministry of Finance says the nation will be updated at an appropriate time on the progress of the Extended Credit Facility from the International Monetary Fund.
This follows claims by the Democratic Progressive Party (DPP) that the four-year, $175 million ECF, secured last year to stabilize Malawi’s struggling economy and unlock direct financial support, has gone off track.
However, Simplex Chithyola Banda, Finance Minister dismissed the allegations, saying that the government will provide a comprehensive update on both the progress made and the challenges faced.
Banda also rejected criticism that his economic policies have not aided recovery, emphasizing that it was under his leadership that Malawi secured the ECF and donor budgetary support.
He also clarified that the SOSISA theory is not an economic theory but a concept that explains the interdependence of the ministries of agriculture, trade, and finance in a nation’s economic development.
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