The World Bank Group on Wednesday launched three major reports on Malawi’s economy at the Bingu International Convention Center (BICC) in Lilongwe.
Speaking during the launching ceremony, the Governor for the Reserve Bank of Malawi Dalitso Kabambe commended the World Bank’s role in the development of Malawi.
He said the launching of the three reports could not have come at a better time in the wake of inflation, cash gate, weather variability followed by drought coupled with a significant decline in donor grants in response to unsustainable policies and other shocks that have affected Malawi in the past few years.
Kabambe hailed the World Bank for supporting Malawi through soft loans, budgetary support since independence.
The Governor further said the Kwacha has been fairly stable in the last 12 to 15 months and disclosed that inflation rate has dropped to 8.3 percent in October from 20 percent.
“As Malawi, we are very grateful. With the support from the Bank, the country has moved from cash to digital payment of salaries thereby reducing transactional costs.
It has supported various economic sectors and currently supporting the energy sector in extending electricity across the country,” said the Governor.
The reports that were launched include; Malawi Economic Monitor 6th edition- Land for Inclusive Development which provides an analysis of economic and structural development issues in Malawi.
Commenting on this report, World Bank’s Country Manager for Malawi Greg Toulmin highlighted that the Malawi Economic Monitor (MEM) identifies land reforms including defining land rights, as crucial to private sector investment in agriculture and related productivity.
“As an agricultural country, assured land tenure security and effective land institutions in Malawi can stimulate both smallholder and large estate investments in agriculture and help consolidate the growth path achieved in 2017,” said Toulmin.
According MEM, government currently has an opportunity to focus on key structural issues including land reforms critical to sustained economic growth, building on the macroeconomic foundations laid down over the last year.
The importance of structural reforms in helping to achieve sustained inclusive growth is further emphasized in the second report titled, Country Economic Memorandum – From Falling Behind to Catching Up.
The overview of this report is to dissect the problems and propose practical ways for Malawi to move beyond business as usual and achieve stable and sustained growth and poverty reduction.
The third report was the Investment Climate Assessment-a review of challenges faced by the private sector also referred as a standard for measurement of investment climate in Malawi based on World Bank Enterprise Survey.
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