Malawi gains access to $88.3mn in IMF emergency financing

Malawi has made history by becoming the first country in Africa to gain access to the International Monetary Fund's (IMF) Rapid Credit Facility (RCF) under the food shock window. CNBC Africa's Godfrey Mutizwa sat down with Malawi's Minister of Finance and Economic Affairs, Sosten Gwengwe, to discuss this significant achievement and the country's plans for economic recovery. The $88 million USD received through the RCF is seen as a stepping stone towards accessing further financial support and stabilizing the economy. Minister Gwengwe highlighted the importance of addressing inflation as a priority and implementing fiscal consolidation measures to control spending and stimulate growth. The government is also focusing on revitalizing the mining sector, promoting agricultural commercialization, and engaging the private sector to drive economic development. Despite the challenges ahead, Malawi remains hopeful that with the support of international partners, they can overcome current economic hardships and pave the way for a more sustainable future.