IMF Rewards Malawi With Loan Following Banda?s Reforms

By Palash Ghosh | June 07 2012 4:02 PM

The impoverished African nation of Malawi will receive a $157 million loan from the International Monetary Fund in the wake of President Joyce Banda’s reform measures, including a devaluation of the currency and a relaxation on currency trading controls.

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Last week, the government of Great Britain announced a $51 million aid package for Malawi.

Malawians have faced severe shortages and other economic problems since the IMF drastically reduced lending facilities last year to retaliate against former President Bingu wa Mutharika, who was criticized for a poor record on the economy and human rights record. Banda succeeded Mutharika upon the latter’s sudden death in April.

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