{{International Monetary Fund (IMF) said Thursday Malawi has made progress after a massive government corruption scandal last year, but urged action to bring soaring prices under control.}}<\/p>\n
Malawi adopted an action plan to bust graft in the wake of massive fraud last year that prompted Western donors to freeze $150 million in aid.<\/p>\n
The country is heavily dependent on donors, who bankroll up to 40 percent of its national budget.<\/p>\n
\u201cThe authorities have made progress in addressing governance and public financial management weaknesses,\u201d said the International Monetary Fund at the end of its latest review mission to the country.<\/p>\n
The IMF said the central bank should \u201ctighten monetary policy more aggressively\u201d, noting that inflation remains high at nearly 25 percent.<\/p>\n
President Joyce Banda, who faces an election in just over six weeks, has implemented austerity steps that led to the restoration of an IMF $79.4 million credit facility.<\/p>\n
The facility was suspended during the administration of her predecessor Bingu wa Mutharika, who died from a heart attack in April 2012.<\/p>\n
The IMF will return in June for another review that will pave way for the disbursement of a $20-million credit facility.<\/p>\n
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