Malawi parliament to probe treasury over K150bn IMF funds

The parliamentary budget and finance committee has revealed plans to inquire the unexplained expenditure by treasury of K150 billion that was received from International Monetary Fund.

The funds were received through Special Drawing Rights (SDR) aimed at buying Covid-19 vaccines, investing in economic recovery and reducing debt.

A report by Malawi Economic Justice Network-MEJN has however shown that the funds were injected into the country’s development budget and export support.

A member of the parliamentary committee on budget and finance, Ralph Jooma, indicates that the treasury is supposed to present to parliament quarterly reports on how resources are used but the use of the said SDRs was not explained.

Jooma has further explained that using the Public Finance Management Act, the parliamentary committee will seek answers on the issue.