Malawi president says World Bank budgetary support resumption vote of confidence

President Peter Mutharika has opened the 2017/18 budget session of parliament in Lilongwe and immediately acknowledged the US$80 million World Bank budgetary support is vote of confidence in his administration.

President Mutharika delivering Sona

This is the first time budget support financing approved by the World Bank for Malawi in four years.

In his one and half hour state of the nation address, Mutharika assured Malawians that the economy is set for a rebound.

He said the government is implementing a strict fiscal policy to ensure that the economy gets to its feet again and cited the World Bank move for the budgetary support as a sign the tight fiscal policies are yielding results.

IMF, World Bank and other donors stopped giving the budgetary support after the infamous 2013 cash-gate during the Joyce Banda regime.

He said inflation is headed to a single digit after its dramatic fall to 15.8% from 16.1%.

“We will achieve a single digit inflation by the end of next year,” he said.

The inflation was at 21.5% in May 2016 and rose to 23.5% in July 2016.

Mutharika said the Malawi Revenue Authority has collected K783 million against a target of K840 million which he said is a very good improvement.

However he has not commented on allegations that he used the tax payer funded state revenue collector to harass and silence media organisations, individuals or orgaisations deemed critical of the government.

The members will sit up to June 30 and among other key issues, they will deliberate and pass this year’s national budget.

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nkosimphile gumede
7 years ago

do not cheat yourself mr. bwampini, the world bank does not have any confidence in your directionless goofernment only that as human beings themselves, they are largely concerned with the poverty levels of your citizens. kunda wachabechabe!!!!!!

7 years ago

World bank and IMF are banks that lend cash to desperate nations like Malawi. We have been asking loans from them for the past 4 years but with cashgate issues the bank was not sure if their money can be recovered. Katapila from these institutions will take us no where just take take a leading role in fighting corruption and champion the mindset change of Malawians who are sleeping

Chilungamo Chimawawa
Chilungamo Chimawawa
7 years ago

lets hope that idiots won’t put all the monies into their pockets because they are well known for that. Every Malawian of sound mind knows about this!!!!!!

7 years ago

This is the money the Malawi government is borrowing from the World bank. And do not be mistaken, the World bank is in the business of lending money to make sizable profits for its shareholders. It is my hope that this money will not end up is some dubious foreign bank accounts. Malawians must hold this incompetent greedy president accountable. Before the august house votes for another budget please ask Gondwe to account for the money allocated from last years; votes. How was it spent we need an update and check sheet.

7 years ago

Getting donor funding does not always mean vote of confidence. IMF and World Bank are running by human beings who understand the situations Malawians are in in this DPP mafia government and that if they don’t come up to the rescue a lot of us will die as the mafias will be crumbling for the little remaining in the plate.

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