Malawi to revise national budget after IMF suspends credit facility
01 October 2015 - 15:53
The International Monetary Fund has suspended loans to Malawi for failing to cut its wage bill and improve revenue collection, making it less likely Western donors will resume budgetary aid, the finance minister said on Thursday. This is the second time the Fund has suspended the program within a period of three years. It was halted it in 2012 when the Malawi government failed to devalue its currency, the kwacha, and reform public financial management."Things are now out of hand because this completely jeopardises our chances of getting back budget support suspended under the Joyce Banda administration," Finance Minister Goodall Gondwe told Reuters. ..
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