Soon after his arrival, the President met with a delegation from the African Export-Import Bank (Afreximbank) led by Board Chairman Prof. Benedict Oramah on the sidelines of the 30th Afreximbank Annual Meetings taking place in Accra, Ghana from 17 to 21 June 2023.
President Chakwera’s visit to Ghana comes at the invitation of Afreximbank, who have paid all the President’s travel expenses, furnishing both air transportation and accommodations.
The meeting was held to discuss the repayment of debt incurred by the previous DPP administration before the country can be deemed eligible for the Extended Credit Facility (ECF).
Malawi owes $757 million to Afreximbank and $145 million to TDB, along with $209 million of arrears, as of December 2020, according to the IMF14.
The country is currently in talks with international lenders to restructure as much as $1 billion of debt as it seeks an economic program from the International Monetary Fund13.
A significant portion of the external debt with which the country is currently contending originates from Afreximbank and the Chinese Government.
The loans were fraudulently obtained by the DPP regime with an aim to cover up the gaps that existed so they could earn IMF funds.