Mwanamvekha has another good news from donors: World Bank approves support to Malawi

Minister of Finance, Economic Planning and Development Joseph Mwanamvekha who has expressed optimism for  possible resumption of direct budget support has another good news that World Bank board of directors has approved Malawi Social Support and Resilient Project $ 125 million grant.

Minister of Finance Mwanamvekha: Donor confidence

The development comes when Mwanamvekha is expected to host  a high-level African Development Bank (AfDB) dialogue mission this month to assess seven projects Capital Hill wants the Abidjan-based bank to bankroll.

AfDB acting director for southern Africa region Josephine Ngure, will discuss a road map on how Malawi and the bank can accelerate the delivery of the rest of the identified projects, among other developmental issues.

Mwanamvekha said the donor confidence is coming following the  positive signal the International Monetary Fund (IMF) which it has given to many of Malawi’s development partners.

“Major development partners continue to have confidence with Malawi President Arthur Peter Mutharika with continued financial support for various projects in Malawi trickling in,” Mwanamvekha pointed out.

In November 2019, Malawi passed IMF test as reflected by the fund’s latest approval of resources amounting to $40 million (about K29 billion) to support Malawi’s reconstruction efforts in the aftermath of the devastating Cyclone Idai.

AfDB  also said it was encouraged by Capital Hill’s progress as reported by IMF, especially on the state of the economy.

European Union (EU) has also  given Malawi K18 billion grant to support its Public Finance Management Reforms dubbed ‘Chuma cha Dziko’ Programme.

And World Bank  is also now living up to its assurance of resumption of budget support to Malawi.

In 2013, donors suspended direct budget support to Malawi after revelations of abuse of public funds dubbed Cashgate in which civil servants and some private sector businesspersons connived to loot public funds through Integrated Financial Management and Information System (Ifmis), the Malawi Government’s electronic payment platform.

Before suspension of direct budget support, donors were injecting up to 30 percent into Malawi’s recurrent budget and at least 85 percent of the development budget.

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Nzika
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Nzika

Mr Mwanamveka airport Chithumwa Dropper!

ERUTU
Guest
ERUTU

…………………………………………………only Joseph Mathyola Mwanamvekha is the genuine one in the whole set up……………………….

Shonai
Guest

When Doners shut donations analysts talk alot against the president.Look now all those Livingstonia,Mzuzu,Chauncelar college,Hajatt. etc very very mute.That is typical Malawians culture.Doners are giving us a signal.To indorse our Peter no question about it.You know how doners act when you are doing badly.They do not beat about the bush.

MEC
Guest
MEC

How many years and how much has Malawi received in aid?

With all the trillions received, where is Malawi in terms of Development? Still poorest and needing aid while taxpayers are being squeezed and policitians enriching themselves.

This is good news for corrupt DPP because now business as usual. The business they know better, stealing and destroying Malawi.

This government cares less. Corruption is rampant.

Big Mbuzi
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Big Mbuzi

Let the stealing of new donor funds commence!

Patriot
Guest
Patriot

Azungu akuwopa kuti Chilima akatenga boma, Malawi will be self reliant and prosperous. No wonder everyone is coming with their money to blind us. What have we achieved, if truth be told, to make these pinkies all of a sudden come with their aid/grants/loans to Malawi? They are smelling a rat. I hate begging, I hate hypocrisy

Tizanka
Guest
Tizanka

A grant is not a loan please. A Malawi penapake mumazachititsa manyazi bwanji, it’s a grant, celebrate anyapapi inu

Nambewe
Guest
Nambewe

This is not good news! when we can have news that say we no longer need donors ! that’s when she should celebrate!!

hgfg
Guest
hgfg

I agree with you Nambewe 100%.

BigMan
Guest
BigMan

Imagine a family where the father just comes home with “good” news that he has gotten another huge loan, or that another good samaritan has given him some alms. It would be a shameful father indeed, a complete beggar. Nothing to be proud about here.

hgfg
Guest
hgfg

100% with you sir

Bernard
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Bernard

Do you know the difference between a grant and a loan?

Tizanka
Guest
Tizanka

Kkkkk when one is hypnotized with hatred they can’t differentiate between a grant or a loan. Koma maybe also they just don’t have a clue kkk

Xxxxx
Guest
Xxxxx

kikikikikikikikikiki koma mutu wako ukugwila?

Ada
Guest
Ada

This s not a cause for joy. Why do I say this?
This loan affects us all in our way or another, in a positive way as well as negative way. I hate this because the with whatever we overtax poor Malawians can do us a lot of good. We do not need to borrow so hugely especially with the leaking buckets we have.

Xxxxx
Guest
Xxxxx

Ada, Its a grant..read the first paragraph slowly.

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