{"id":7224,"date":"2021-10-06T21:21:01","date_gmt":"2021-10-06T21:21:01","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty"},"modified":"2021-10-06T21:47:02","modified_gmt":"2021-10-06T21:47:02","slug":"malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty","title":{"rendered":"Malawi risks refunding K50bn to IMF for DPP Govt\u2019s financial dishonesty"},"content":{"rendered":"

Africa-Press<\/a> – Malawi<\/a>. <\/strong><\/span>Malawian people are on the verge of paying back huge sums of money to an international lending organisation for fabricating figures and lying on economic situation and now it is time to pay the price for the erstwhile regime.<\/p>\n

The ousted Democratic Progressive Party (DPP) has given Malawians yet another \u2018middle finger\u2019 and this time around, the party\u2019s love for clandestine under-dealings and deceit, risks costing innocent and unsuspecting Malawian taxpayers some $58 million (about K50 billion) in a potential refund to the now vexed global lender, the International Monetary Fund (IMF).<\/p>\n

Nyasa Times sources at the Reserve Bank of Malawi (RBM) have confided in us that as a way of painting a rosy picture to the Fund, through the previous IMF-supported program, the Extended Credit Facility (ECF), the DPP government was sugar coating misreporting the country\u2019s foreign exchange position figures just to portray to the IMF that the country is performing well \u2018economically.\u2019<\/p>\n

Our source has told us that this was happening under the direct watch of former \u2018sweet-talker\u2019 and former President Arthur Peter Muthaira\u2019s blue eyed boy \u2013 ex RBM governor Dalitso Kabambe, whom many discredit his tenure of office at the central bank as they describe it as \u2018worst\u2019 in history of the country.<\/p>\n

Said our source: \u201cIt is a very sensitive issue and in simple terms, the bank was lying to the IMF books in its reporting, more especially about forex reserves.<\/p>\n

\u201cIt is a serious scandal with the IMF. Apapa la fote lakwana [the genuine truth has now been unearthed to Malawians.\u201d<\/p>\n

He added: \u201cThe way forward about this issue is twofold, either we will refund an estimated $58 million to the fund or sweat by convincing the Fund about possible remedial measures to correct the situation and after coming up with the remedial measures, the Fund takes the matter to its Board of Directors for consideration and It\u2019s not as easy as most Malawians perceive this matter.\u201d<\/p>\n

We gather that the previous government misreported several times on Gross Reserve Assets (GRA) and Net International Reserves (NIR), for the period 2018 to 2019 and the IMF has just discovered such mischief.<\/p>\n

Suspicious with such DPP naughtiness, the IMF has over the past year been reluctant to resume its program, ECF that is always key in entrenching macroeconomic stability, preserve debt sustainability, and advance governance reforms among countries with protracted Balance of Payments (BoP) challenges.<\/p>\n

BoP is simply a record of transactions by a particular country with the rest of the world and is an important economic indicator. On Monday evening, IMF did not hide its frustration and rage over DPP\u2019s concealed and nauseating conduct.<\/p>\n

IMF\u2019s African Department Abebe Aemro Selassie spoke plainly, telling reporters during a press briefing in Lilongwe that what DPP did was a breach of an oath of the fund.<\/p>\n

\u201cThe IMF takes misreporting cases seriously, and in this regard, I appreciated the authorities\u2019 efforts in delivering on the corrective actions,\u201d said Selassie.<\/p>\n

Selassie, therefore, described the misreporting scandal as \u2018legacy issue\u2019, which the Tonse government is currently resolving with the IMF before the proposal for the new ECF Programme is presented to the IMF Board.<\/p>\n

\u201cI, therefore, commend Tonse government on their on-going efforts to combat corruption and enhance transparency and accountability in the use of public resources.<\/p>\n

\u201cWe also exchanged views on the concerted efforts that are being taken to tackle the Covid-19 pandemic, which has caused hardship to Malawians.\u201d<\/p>\n

Selassie, who also met President Lazarus Chakwera yesterday morning, also discussed at length the reform options with the Malawi leader that are required to address the country\u2019s challenging macroeconomic situation, owing to DPP\u2019s misfiring economic policies.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Malawi. Malawian people are on the verge of paying back huge sums of money to an international lending organisation for fabricating figures and lying on economic situation and now it is time to pay the price for the erstwhile regime. The ousted Democratic Progressive Party (DPP) has given Malawians yet another \u2018middle finger\u2019 […]<\/p>\n","protected":false},"author":84,"featured_media":7223,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,8,12],"tags":[233,371,1193,2723,234],"class_list":["post-7224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","tag-africa-press","tag-africa-press-malawi","tag-democratic-progressive-party","tag-extended-credit-facility","tag-malawi"],"yoast_head":"\nMalawi risks refunding K50bn to IMF for DPP Govt\u2019s financial dishonesty - Malawi<\/title>\n<meta name=\"description\" content=\"Malawian people are on the verge of paying back huge sums of money to an international lending organisation for fabricat ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Malawi risks refunding K50bn to IMF for DPP Govt\u2019s financial dishonesty\" \/>\n<meta property=\"og:description\" content=\"Malawian people are on the verge of paying back huge sums of money to an international lending organisation for fabricat ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty\" \/>\n<meta property=\"og:site_name\" content=\"Malawi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-06T21:21:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-06T21:47:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/10\/img-615e193301094.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1080\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Malawi risks refunding K50bn to IMF for DPP Govt\u2019s financial dishonesty\",\"datePublished\":\"2021-10-06T21:21:01+00:00\",\"dateModified\":\"2021-10-06T21:47:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty\"},\"wordCount\":625,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/10\/img-615e193301094.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Malawi\",\"Democratic Progressive Party\",\"Extended Credit Facility\",\"Malawi\"],\"articleSection\":[\"all news\",\"head lines\",\"homepage-english\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty\",\"name\":\"Malawi risks refunding K50bn to IMF for DPP Govt\u2019s financial dishonesty - Malawi\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/10\/img-615e193301094.jpg\",\"datePublished\":\"2021-10-06T21:21:01+00:00\",\"dateModified\":\"2021-10-06T21:47:02+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"Malawian people are on the verge of paying back huge sums of money to an international lending organisation for fabricat ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/10\/img-615e193301094.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/10\/img-615e193301094.jpg\",\"width\":1080,\"height\":720,\"caption\":\"Malawi risks refunding K50bn to IMF for DPP Govt\u2019s financial dishonesty\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/malawi\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Malawi risks refunding K50bn to IMF for DPP Govt\u2019s financial dishonesty\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#website\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/\",\"name\":\"Malawi\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/malawi\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Malawi risks refunding K50bn to IMF for DPP Govt\u2019s financial dishonesty - Malawi","description":"Malawian people are on the verge of paying back huge sums of money to an international lending organisation for fabricat ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty","og_locale":"en_US","og_type":"article","og_title":"Malawi risks refunding K50bn to IMF for DPP Govt\u2019s financial dishonesty","og_description":"Malawian people are on the verge of paying back huge sums of money to an international lending organisation for fabricat ...","og_url":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty","og_site_name":"Malawi","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2021-10-06T21:21:01+00:00","article_modified_time":"2021-10-06T21:47:02+00:00","og_image":[{"width":1080,"height":720,"url":"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/10\/img-615e193301094.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Malawi risks refunding K50bn to IMF for DPP Govt\u2019s financial dishonesty","datePublished":"2021-10-06T21:21:01+00:00","dateModified":"2021-10-06T21:47:02+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty"},"wordCount":625,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/10\/img-615e193301094.jpg","keywords":["Africa Press","Africa Press-Malawi","Democratic Progressive Party","Extended Credit Facility","Malawi"],"articleSection":["all news","head lines","homepage-english","policy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty","url":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty","name":"Malawi risks refunding K50bn to IMF for DPP Govt\u2019s financial dishonesty - Malawi","isPartOf":{"@id":"https:\/\/www.africa-press.net\/malawi\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/10\/img-615e193301094.jpg","datePublished":"2021-10-06T21:21:01+00:00","dateModified":"2021-10-06T21:47:02+00:00","author":{"@id":"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"Malawian people are on the verge of paying back huge sums of money to an international lending organisation for fabricat ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty#primaryimage","url":"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/10\/img-615e193301094.jpg","contentUrl":"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/10\/img-615e193301094.jpg","width":1080,"height":720,"caption":"Malawi risks refunding K50bn to IMF for DPP Govt\u2019s financial dishonesty"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-risks-refunding-k50bn-to-imf-for-dpp-govts-financial-dishonesty#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/malawi\/"},{"@type":"ListItem","position":2,"name":"Malawi risks refunding K50bn to IMF for DPP Govt\u2019s financial dishonesty"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/malawi\/#website","url":"https:\/\/www.africa-press.net\/malawi\/","name":"Malawi","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/malawi\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/posts\/7224","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/comments?post=7224"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/posts\/7224\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/media\/7223"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/media?parent=7224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/categories?post=7224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/malawi\/wp-json\/wp\/v2\/tags?post=7224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}