Malawi will be among other African countries who will be given Russian aid to prop up its finances but unlike the European Union (EU) and International Monetray Fund (IMF) bail-out packages, Russian support will come with “no strings attached”.
The Malawian President Peter Mutharika who arrived in Russia on Monday to attend the Russia-Africa Summit and Economic Forum which is to take place in Sochi on 23-24 October 2019, is expected to hold talks with President Vladimir Putin.
Putin has promised that that Moscow could offer help without strings attached unlike what he cast as the exploitative West.
For Moscow, the prize is greater political influence on a continent with 54 United Nations member states, sprawling mineral wealth, and potentially lucrative markets for Russian-manufactured weapons.
The world’s largest wheat exporter, Russia is also looking to ramp up its supplies of grain and fertilizer to meet demand that is rising in step with Africa’s booming population.
U.S. officials have vowed to counter what they see as Moscow’s growing political and economic clout in Africa as well as that of China, which has long had a large economic presence there and began its own series of Africa summits in 2006.
The Russia-Africa summit is the first of its kind and it has been organised by the RosCongress.
The Roscongress Foundation is a socially oriented non-financial development institution and a major organiser of international conventions, exhibitions, and public events.
The Foundation was founded in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image.
Spokerperson for Russian President, Dmitry Peskov told the media ahead of the summit this week that Russia has always regarded Africa as important and that “Russia has things to offer in terms of mutually beneficial cooperation to African countries.