Malawi Receiving $157 Million Loan From IMF

Rev 6:5,6 NCV When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse, and its rider held a pair of scales in his hand. Then I heard something that sounded like a voice coming from the middle of the four living creatures. The voice said, "A quart of wheat for a day's pay, and three quarts of barley for a day's pay, and do not damage the olive oil and wine!"

The International Monetary Fund is lending $157 million to Malawi in an attempt to save the country’s flagging economy.

The country’s economic crisis is attributed to recently deceased leader Bingu wa Mutharika who had long been criticized for his human rights record and handling of the nation’s economy.

President Joyce Banda devalued the nation’s currency by 1/3 against the dollar in response to demands by the IMF. She also introduced a floating exchange rate and lifted restrictions placed on currency training in the nation.

Malawi, one of the poorest countries in the world, uses aid from around the world to cover a large portion of their budget. The UK announced a $51 million aid package for the country. The IMF infusion of money is subject to approval next month by the IMF executive board.

 

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