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Wednesday, May 10, 2006

Malawi meets IMF targets

May 10, 2006,
By Frank Jomo
Blantyre (AND) A report from the Reserve Bank of Malawi indicates that Malawi has met International Monetary Fund's Poverty Reduction Growth Facility target for the month of March.

A report posted on the bank’s website show that net domestic assets were above their March target of K12.7 billion by K1.4 billion while reserve money was K19.5 billion up by K2.1 billion.

The Malawi Revenue Authority collected taxes to the tune of K8.2 billion against K6.4 billion collected in February.

However, government overspent in the month, spending K24.9 billion up from about K19 billion in February. This, according to analysts owes much to maturity of treasury bills and interest whose gap was financed by domestic borrowing.

Meeting PGRF targets is good news to poor nations like Malawi because it leads to debt cancellation.

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