Finance Minister, IMF Africa chief talk ECF

By Wezzie Gausi: Finance Minister Joseph Mwanamvekha on Wednesday met with International Monetary Fund (IMF) African Department Director Zeina Zeidane. The officials talked about Malawi's prospects to have a fresh Extended Credit Facility (ECF) programme. According to Mwanamvekha, Zeidane gave Malawi an assurance on the IMF's commitment to see the ECF talks yielding fruit. The two met on the sidelines of the 2026 African Caucus Meeting in Banjul, the Gambia, where Africa's finance ministers and central bank governors are engaging IMF, the World Bank and other development partners. Mwanamvekha said Zeidane commended Malawi for its positive performance during the IMF mission conducted in June this year, saying negotiations would progress swiftly after both sides agreed on the programme framework. He welcomed the IMF's continued support, saying the partnership remained important as Malawi works to restore macroeconomic stability and implement economic reforms. "The bilateral talks took place against the backdrop of wider discussions among African finance ministers, central bank governors, the IMF and the World Bank Group on how the continent can build resilient economies amid growing global uncertainty," Mwanamvekha said. At the meeting, African leaders are calling for stronger domestic economies built on production, industrialisation, value addition and better management of public resources. Opening the meeting, Gambian President Adama Barrow said Africa had the resources needed to transform its economies but must overcome structural challenges that continue to hold the continent back. African Development Bank Group President Sidi Ould Tah said Africa's greatest challenge was not a lack of resources but the way those resources are used. Treasury spokesperson Williams Banda said the government's reform programme was aimed at addressing the challenges. "We are implementing reforms aimed at strengthening domestic revenue mobilisation, improving fiscal discipline and creating an environment that supports investment and private sector growth," Banda said. Economist Marvin Banda said the discussions should prompt Malawi to rethink how it pursues economic stability. According to Banda, Malawi must move away from exporting raw commodities if it wants to earn more foreign exchange and create sustainable employment.

WIRE — By Wezzie Gausi: Finance Minister Joseph Mwanamvekha on Wednesday met with International Monetary Fund (IMF) African Department Director Zeina Zeidane. The officials talked about Malawi's prospects to have a fresh Extended Credit Facility (ECF) programme. According to Mwanamvekha, Zeidane gave Malawi an assurance on the IMF's commitment to see the ECF talks yielding fruit. The two met on the sidelines of the 2026 African Caucus Meeting in Banjul, the Gambia, where Africa's finance ministers and central bank governors are engaging IMF, the World Bank and other development partners. Mwanamvekha said Zeidane commended Malawi for its positive performance during the IMF mission conducted in June this year, saying negotiations would progress swiftly after both sides agreed on the programme framework. He welcomed the IMF's continued support, saying the partnership remained important as Malawi works to restore macroeconomic stability and implement economic reforms. "The bilateral talks took place against the backdrop of wider discussions among African finance ministers, central bank governors, the IMF and the World Bank Group on how the continent can build resilient economies amid growing global uncertainty," Mwanamvekha said. At the meeting, African leaders are calling for stronger domestic economies built on production, industrialisation, value addition and better management of public resources. Opening the meeting, Gambian President Adama Barrow said Africa had the resources needed to transform its economies but must overcome structural challenges that continue to hold the continent back. African Development Bank Group President Sidi Ould Tah said Africa's greatest challenge was not a lack of resources but the way those resources are used. Treasury spokesperson Williams Banda said the government's reform programme was aimed at addressing the challenges. "We are implementing reforms aimed at strengthening domestic revenue mobilisation, improving fiscal discipline and creating an environment that supports investment and private sector growth," Banda said. Economist Marvin Banda said the discussions should prompt Malawi to rethink how it pursues economic stability. According to Banda, Malawi must move away from exporting raw commodities if it wants to earn more foreign exchange and create sustainable employment.

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