EU support Malawi with 25m euros to ‘increase foreign exchange reserves’
The European Union (EU) has disbursed out about 25 million Euros ( about 
K5.25bn) to Malawi towards the maintenance of priority expenditure in the social sectors.
In a statement made available to Nyasa Times by the EU delegation to Malawi said the disbursement of the facility is part of the EU’s response to assist Malawi in dealing with the impact of the global economic downturn, considered by many economists as the most severe economic crisis since the Great Depression of the 1930s.
“The EU’s support will increase Malawi’s foreign exchange reserves by around 15 per cent,” according to the statement.
“These disbursements confirm the EU’s confidence in and continued support for Malawi’s efforts to implement the Malawi Growth and Development Strategy, maintain a stability-oriented macro-economic policy and improve public finance management , ” the statement read, adding that “moreover, they come at the time of the cyclic a l low in Malawi’s foreign earnings and are expected to boost significantly Malawi ’s foreign exchange position, beyond ensuring the maintenance of priority spending in social sectors.”
The EU’s allocation is drawn from a specific facility, called the Vulnerability-Flex Mechanism, which was created after the May 2009 G-20 Summit in London convened to safeguard the world economy from the impact of the economic and financial crisis.
The EU facility aims at assisting poor developing countries that are particularly vulnerable to the effects of the global economic crisis and which are not sufficiently covered by the financing facilities initiated by the G-20.
In order to speed up delivery, it uses the disbursement mechanisms agreed under the EU’s Poverty Reduction Budget Support programme for Malawi, under which an amount of 28 million EURO – (about 5.8 billion Kwacha), was disbursed earlier this month.
Bingu ankadziwa kuti akasakaza ndalama za amalawi ena adzamva chisoni ndi kubwezerapo. Ndichifukwa chake sanachite manyazi pompatsa mzake uja mugabe 100m.
Izi zisowaso, ntchito yake siwoneka nkomwe.
Nkhalamba iyi m’malo mopakira mkeka wake po konzekera msamuko wa ku ndata, ikupakira ndalama zathu.
Komabe nthawi idzakwana yoti idzamve madzi.
Mr Rodgers Chikhamu the dissident, he sees, everything in the negative and looks forward to ooze anybody’s blood after this and that. When shall he say something National Building away from hate campaign? Bring him before the Psychologist for correction. Why does he attack anybody who does not tow his line of thought?
Bingu make no mistake tizacheza nawe mmene Muluzi anachezera ndi Kamuzu and mmene iwe ukumuchezetsera chairman.Atleast wapeza okuperekeza ku Khothi Callista
Is Britain not in the UK?Malawians we must stop the spirit of politising every thing.The buying of the jet ia no problem to those who are matured in thinking.Big up Bwana.
Britain is another name for UK not in it…
point of correction!!! shud be “Is Britain not in EU” Not as u said bwana. Anyway, try z better dan nothing. I think ya std 8 yokha ulinayo. kikikikiki!!!
Britain is not another name for UK. Briatin is England, Wales and Scotland together. If you add Northern Ireland to these three then it is known as United Kingdom. Don’t be offended, just learn.
Iwe nde wandimaliza kakakaka
Ndakutayilani kamtengo
hahahahahhahaha! u just made my day lol
Inunso a Njinga uku ndiye kupepera. If u know that u have nothing to comment just stay pheee coz ma comment enawa ndiopanda pake, Kutitu atolankhani asalembe za iwe ndi bwino osayankhapo kanthu kali konse akakufunsa. Uona panopa mmalo mwa ma Priority areas agulano Kathole azikwela when going to Thekelani kapena Ship to be boarding when visiting Chizumula and Likoma islands, munthuyo Bingu ndi wombwambwana omva zake zokha. But now ali Callista may akhuzumuka.
Ambiri AKUTERO!!!
Thanks angelezi, we are going to buy another private jet .Thanks alot.
It will be nice to buy a smaller jet now, I mean a 2-seater since am now, well, married