By Mike Van Kamande

Lilongwe, March 21: Minister of Finance and Economic Affairs Simplex Chithyola-Banda says the political economy determines the pace at which economic and social development of any country thrives.

Speaking on Wednesday in Lilongwe when he met the International Monetary Fund (IMF) Team which is currently on a Governance Diagnostic Mission in Malawi, he said the economic governance has a bearing on the social well-being of the populace.

“We welcome the IMF Governance Diagnostic Mission with an open heart so that it fulfils its mandate without any challenges. When we say the economy is recovering it means people have a right to participate in the economic activities and that government is respecting people’s rights and fundamental freedoms.

“Governance also ensures equality and fairness in the distribution of resources so issues to do with corruption, accountability and transparency among other things come into play,” he said.

Chithyola-Banda said recommendations from the IMF Team would further enhance governance and people’s active participation in the economic development of the country.

Secretary to the Treasury Betchani Tchereni said they consulted almost entirely every section of the society including CSOs, chiefs, private sector and opinion leaders during the Pre-budget consultation in order to entrench the spirit of economic governance in the country.

IMF Deputy Division Chief of Fiscal Operations in the Fiscal Affairs Department Kenji Moriyama said they are in Malawi to meet officials from the Central Bank, Public Sector Reforms, Judiciary, Civil Society Organizations and government to find out how governance issues are fairing.

“Although the mission is not directly linked to the Extended Credit Facility [ECF] of the IMF its outcome however will form part of the IMF Staff Level Agreement Report. We are going to have a wrap-up meeting that will give us a summary of recommendations that will be calibrated through diagnostic analysis,” he said.

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