African bank president visits Malawi

The African Development Bank (AfDB) Group President, Akinwumi Adesina, is expected to visit Malawi from Tuesday, giving hope he might be bringing positive answers for President Peter Mutharika on budgetary support.

The Bank says Adesina will among key engagements, hold high-level discussions with Malawi President Peter Mutharika.

The President’s visit comes a few weeks after a group of nine AfDB Executive Directors visited Malawi from 6 to 11 March 2016.

The visit by the President is seen as consolidating the long-standing partnership between the African Development Bank Group and Malawi.

Mutharika recently asked a nine member AfDB executive directors who were in the country a few weeks ago to consider supporting Malawi through direct budgetary support.

The directors said they would look into the matter.

The visit by the most senior AfDB member to Malawi comes at a time when the country is facing severe economic problems coupled with severe food shortages, high interests Malawi and high inflation rate.

Economic experts say AfDB can resume the budgetary support following IMF decision to put Malawi back on extended credit facility that has instilled donor confidence.

The IMF has since given Malawi a US$74 million loan as a starter pack to kick start the ailing economy.