The International Monetary Fund has asked the Malawi government to audit how the Extended Credit Facility was managed in the year 2018.
This is contained in the International Monetary Fund Executive Board- 2021 Article IV Consultation with the Malawian government.
The call is coming at a time reports have indicated that the Democratic Progressive party led administration had misrepresented information to IMF foreign exchange reserves.
In the report, the Directors noted noncompliance in disbursements during the 2018 ECF arrangement with the IMF, a thing that brings forward high chances of potential misreporting of a new program.
Meanwhile, the development partner has urged government to institute an audit of the foreign exchange reserves.
“They urged the authorities to deliver on their commitment to conduct a special audit of foreign exchange reserves and improve the frequency and quality of data reporting.” reads part of the Article IV.