Mwanamveka Describes Spring Meetings as Successful, $45 Million Secured for Maize Procurement

Minister of Finance Joseph Mwanamveka has hailed the just-ended International Monetary Fund (IMF) and World Bank Group Spring Meetings as successful, announcing that Malawi has secured $45 million to address the ongoing food crisis.

Speaking at a press conference in Lilongwe, Mwanamveka said the funds will be used to procure maize from Zambia, adding that the World Bank President is expected to visit Malawi soon for talks with President Lazarus Chakwera on key economic sectors including food, fuel, fertilizer, forex, and pharmaceuticals.

“We are happy that we have secured $45 million from the World Bank Group, and this money will be used to procure maize from Zambia. The World Bank President will also be visiting Malawi to engage the President on several issues critical to our economy,” said Mwanamveka.

He further revealed that China has provided $3 million worth of rice and granted $20 million in debt relief to Malawi.

“The Chinese Government has given Malawi $3 million which will be accessed immediately. We will soon sign the agreement with China,” he added.

Mwanamveka dismissed speculation that government plans to devalue the Malawi kwacha, saying the administration prefers to tackle foreign exchange shortages through fiscal discipline rather than devaluation. He said government will focus on controlling money supply, managing public debt, reviewing monetary policy, cutting unnecessary expenses such as luxury vehicle imports, and reducing overall government spending.

Reserve Bank of Malawi Governor Dr. McDonald Mafuta Mwale supported the minister’s stance, stressing that the government must find new ways to generate forex and curb inflation.

Meanwhile, Secretary to the Treasury Cliff Chiunda acknowledged that the country is in a serious economic crisis, warning that swift and decisive measures are needed to restore economic stability.

Mwanamveka also issued a stern warning to large-scale maize farmers hoarding the grain amid widespread hunger.

“It is sad that while Malawians are suffering from hunger, some people are hoarding maize for personal profit. I am warning them to release their maize to the market now,” he said.

According to Mwanamveka, the Ministry of Finance will immediately operationalize the $45 million maize procurement plan, working closely with the Ministry of Agriculture and ADMARC to ensure timely distribution to affected areas. He emphasized that transparency and accountability will guide the use of all funds secured from development partners.