President Lazarus Chakwera has expressed his dissatisfaction with the International Monetary Fund (IMF), accusing the organization of imposing unrealistic economic recovery measures on Malawi.
Speaking at the 35th edition of the Chichiri International Trade Fair, Chakwera revealed that his government has cancelled the Extended Credit Facility (ECF) program due to the IMF’s demands.
He said the demands included devaluing the kwacha, hiking tariffs for electricity and fuel, and other measures.
Chakwera insisted that such proposals had the potential to derail the economy and undermine his administration’s economic recovery plans, leading to his decision to cancel the program.