IMF approves immediate debt relief for Malawi to address COVID-19 challenges

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In efforts to address the impact of COVID-19, the International Monetary Fund (IMF) early this week revealed that it has approved immediate loan service relief for Malawi.

IMF Managing Director Kristalina Georgieva announced that the debt service relief was part of the IMF’s response to help address the impact of the COVID-19 pandemic under the Fund’s revamped Catastrophe Containment and Relief Trust.

“This provides grants to our poorest and most vulnerable members to cover their IMF debt obligation for an initial phase over next six months and it will help them channel more of their scarce financial resources towards vital emergency medical and other relief efforts,” she said.

Last week, Minister of Finance Joseph Mwanamvekha said COVID-19 will affect Malawi’s revenue as overall limited economic activity will negatively affect the performance of value-added tax, withholding tax and pay as you earn, among others. Enditem

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