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Malawi Won’t Pay Back $58.7M For Misreporting Forex- IMF

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The International Monetary Fund (IMF) Board has granted a waiver to Malawi not to pay back $58.7 million as penalty for misreporting forex, local Malawi press said on Thursday.

Finance Minister, Sosten Gwengwe, told MBC that Malawi negotiated for a waiver, not to pay back the money that IMF continued to grant Malawi though the Bretton Woods Institution was deceived that Malawi was on track with the 2018 programme.

When the IMF discovered the misreporting on forex reserves, Malawi had already received US$58.7 million (K60.2 billion), prompting the finance institution to order Malawi to pay back the funds.

The waiver is a sign of trust that the current administration seeks to administrate the country following internationally accepted tenets of governance.