Mutharika firm on Malawi economic turnaround, commends World Bank support

President  Peter Mutharika has commended World Bank for its continued support towards the country’s economic growth for the past 50 years.

He said this at Sanjika Palace in Blantyre on Wednesday during an audience with high level World Bank delegation.

Mutharika said the support that World Bank has been rendering to the country was a commitment that the Bank is geared to see Malawi out of poverty in all important areas that accelerate economic growth.

“The Country is making strides despite facing some serious challenges since 2014 when the country was hit by floods. As you have already heard in the meantime people who are protesting against 2019 elections results are destroying properties. Surprise to say the elections were deemed by many to be free and fair.

“The demonstrations are slowing the country’s economy. This is two steps forward and three steps backward. All in all I believe in rule of law and peace because my interest is to transform Malawi’s economy,” the President pointed out.

He said the meeting with World Bank came at a time when his administration is renewing some economic activities focusing on economic growth that can take Malawi to another level.

Mutharika added: “When I say economic growth am serious. My country has achieved macro-economic growth even without donor support for the past five years. I attribute this success to reforms in public finance sector. I would like to take Malawi from poverty to prosperity whatever the case in particular to create more jobs for youth and women.”

He told the World Bank delegation that the country has intensified activities that are contained in the Malawi Growth and Development Strategy (MGDS) and that his administration has outlined some priorities out of that.

“There are five areas am prioritizing namely agriculture and agro processing, education and skills development, energy mining and tourism, transport as well as health and population. The Country is serious about job creation for the youth. To achieve all these, I appeal to the Bank to support us in these areas,” Mutharika stated.

World Bank Country Director for Malawi and Tanzania, Bella Bird said though the Bank has managed to help Malawi for the past 50 years, there are still more areas that the Bank is interested in to help the country.

She said the aim of meeting with President Mutharika was to hear the priorities that the country is interested to be helped with World Bank in a move to accelerate economic growth.

“First of all let me congratulate Malawi for holding peaceful elections and achieving macro-economic growth for the past few years. I can attribute the macro-economic stability that Malawi has attained for two reasons. Firstly is the bringing down of interest rate and secondly the promotion of financial discipline that Malawi undertook,” Bird said.

The Country Director said the World Bank is serious about eradicating poverty in the country through different dimensions.

She added that, “World Bank has interest to double the country’s energy sector in order to unlock other opportunities like job creation and business opportunities since energy drives the future for every economy.  We are looking at helping the country in other areas like water resource management and human capital development.

“Let me assure the President that World Bank the partnership with Malawi will continue mainly in uplifting the country’s economic growth. I am happy that the country has made some strides in other areas like education, agriculture among other important sectors.”

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