Goodal Gondwe happy over IMF funding

Minister of Finance Goodall Gondwe today said IMF’s resumption of aid to Malawi was pleasing because it shows that the country has passed the test on its ability to manage its affairs.
“Of course they have given us criteria which we need to follow as well which we will make sure we do,” said Gondwe, citing the limit on borrowing from the banking sector and the improvement in the relationship between the Reserve Bank and the Accountant General to detect the reoccurrence Cashgate.

The Finance Minister, however, said the development does not mean it will automatically trigger a reaction from bilateral donors to reopen their budgetary support to Malawi.
“Budgetary support will not be resumed in the wake of this development because bilateral donors have since changed their policy in the way they will be providing their support,” he said.
He, however, said Malawi expects to receive budgetary support from the World Bank, the European Union and the African Development Bank in the 2015/2016 financial year.
“Infact the ADB are expected to start as early as June. But I don’t want to be euphoric. We need to continue to work hard and well in terms of how we are managing things. This includes putting in place structures that will ensure good financial management,” said Gondwe
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Find out more on government reaction to IMF’s resumption of aid in The Nation tomorrow.