IMFs US$88m gone

The celebrated US$ 88 million from the International Monetary Fund (IMF) could not even settle the nation’s bills hovering over US$280 million a month.

Reserve Bank  of Malawi spokesperson Ralph Tseka is quoted as having told a local radio station  Capital Radio that the money disbursed on 22 November is finished.

“The money was depleted days after disbursement, ” Tseka is reported to have said.

The funds under the Rapid Credit Facility were approved last month and were supposed to avoid the country from defaulting on its debt obligations.

The huge chunk of the funds was used for the importation of drugs, fertilizer, and fuel, Tseka is quoted to have told the radio.

The Bank has said Malawi has one-month foreign exchange cover and the challenge of fuel seems to be resurfacing,

Government is yet to develop an economic recovery plan to address current shortages and the rising cost of living.