The World Bank (WB) has approved $37 million (about K27 billion) to support Malawi’s response to the Covid-19, the strand of coronavirus killer disease.
World Bank Malawi country manager Greg Toulmin said in a statement made available to Nyasa Times that response and system strengthening activities is under the bank’s new initiative called Malawi Covid-19 Emergency Response and Health Systems Preparedness Project.
He said the bank expects that the funding will help mitigate likely revenue shortfalls at Treasury and economic recovery initiatives helping address critical care needs for the needy.
The statement said $7million (K5.1billion) will be released under Malawi Covid-19 Emergency Response and Health Systems Preparedness project while additional $30million (K22.1 billion) has been made available from the Disaster Risk Management Development Policy Financing with a Catastrophe Deferred Drawdown Option (Cat-DDO) to strengthen the country’s response to the pandemic.
“The Malawi COVID-19 Emergency Response and Health Systems Preparedness Project will provide funding towards detection, surveillance, response and system strengthening activities prioritized in the Malawi COVID-19 Preparedness and Response Plan. That plan is also being financed by several Development Partners.
“The Disaster Risk Management Development Policy Financing with a Catastrophe Deferred Drawdown Option (Cat-DDO) will support a broad range of economic policy initiatives and smooth out the macro-economic shocks that COVID19 is expected to impose on the Government’s finances,” reads part of the statement.
World Bank Country Manager for Malawi says the virus pandemic is challenging both Malawi’s economy and its fragile health system hence the funding will support the government’s economic policy response by mitigating likely revenue shortfalls.
Malawi has recorded 16 cases of coronavirus with two deaths.Follow and Subscribe Nyasa TV :