Johannesburg : The International Monetary Fund said on Friday that it had reached a staff-level agreement with Malawi for up to $88.3 million in emergency financing, as the southern African country struggles with acute forex shortages.
The IMF said the money would help Malawi address urgent balance of payments needs, and support economic adjustment and structural reforms.
Ukraine received $1.3 billion under the same new programme, known as the “Food Shock Window”, earlier this month.
“Malawi’s request will be discussed by the IMF’s Executive Board as soon as possible,” the Fund said, adding that Malawi needed to have started a credible debt restructuring process prior to the board’s consideration.
