Press Release No. 16/222

Press Release: IMF Executive Board Approves Extension of the Arrangement under the Extended Credit Facility for Malawi

May 16, 2016

The Executive Board of the International Monetary Fund (IMF) approved on May 16, 2016—without an Executive Board meeting¹—an extension of Malawi’s arrangement under the Extended Credit Facility (ECF) to June 30, 2016. This extension will provide additional time for the authorities to implement structural measures under the program.

The ECF arrangement for Malawi was approved on July 23, 2012 (see Press Release No. 12/273) in an amount equivalent to SDR 104.1 million (about US$ 146.7 million). The program is aimed at the achievement and maintenance of macroeconomic stability and implementation of policies and structural reforms to spur growth, diversify the economy and reduce poverty.

¹ The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.