Malawi finance minister 'optimistic' of debt restructuring, new IMF loan by year end

Malawi finance minister "very optimistic" about restructuring $1.2 billion external debt and securing new IMF loan by end of 2022.
Needs assurance from main creditors China and India to get on board with debt restructuring to secure IMF loan.
Malawi owes China $222 million, India $114 million, plus other major creditors.
Facing severe shortages of fuel, medicines, fertilizers due to lack of foreign currency.
IMF team in Malawi until Sept 18 to discuss potential Extended Credit Facility loan.

reuters.com

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Posted 9/5/2023, 5:03:00 PM