World Bank to cushion Malawi‘s financial plan wih $40m – Finance Minister

The Minister of Finance, Economic Planning and Development, Joseph Mwanamvekha has disclosed World Bank is supporting Malawi with a budgetary support of about $40 million.

Minister of Finance Joseph Mwanamvekha 

Mwanamvekha told journalists at Parliament in Lilongwe on Friday after he presented the K511.2 billion provisional budget that will allow government operations to continue for the first quarter of the 2019/2010 financial year.

The minister is expected to meet with the World Bank representative on Tuesday next week to officially announce the budgetary support.

“Let me also say that we have received $30 million from the Chinese Government. That money is coming next week and they have given us the freedom to use it for any other projects,” he said.

Mwanamvekha said he would make sure that such support is used for the intended purpose for the benefit of all Malawians.

He observed that issues of corruption have marred some areas and as such he would ensure that such issues are dealt with.

During debate on the provisional budget members of parliament raised concerns over corruption and debt management among others.

He said ensuring that the economy continues to grow and that it trickles to the poor man in the village is paramount and would want to see that the economy is stable.

“When I’m talking about economic stability I’m talking about microeconomic fundamentals like interest rates, exchange rate, domestic debt and other fundamentals that need to remain stable.

“And supported by that, I would like to see to it that the economy is growing because stability without growth is meaningless. We want to make sure that it grows and make sure that we are able to create employment,” he said.

Mwanamvekha asked authorization from the House to allow him withdraw an amount of K511.2 billion from the Consolidated Fund to enable the Government deliver services for a period of four months from July 1, 2019 to October 31, 2019.

The move is in consistent with section 178 of the Constitution of the Republic of Malawi. This amount of money will be part of the 2019/2020 financial year Budget.

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Mlakaviwa
Mlakaviwa
1 year ago

Those are loans from World bank and Chinese government. I cry for my kids that will pay for those loans

Phingo Walusa
Phingo Walusa
1 year ago

Literally every penny from abroad, what are you doing with all the money MRA is stealing from the citizens? And someone calling himself a president can stand and say will make Malawi like Singapore (atavumata khala lamoto mkamwa). You mean you are comfortable to have domestic debt at where we are now? Kodi ndalamazo mukamazipititsa kunja mumati mukadya liti? Masaya ogobokagobokawo siulendo umenewu? Mbuzi inanso yamunthu imeneyi, imakwera kamwana kamulamu wake kukanikanso kukaphunzitsa

Tchana
Tchana
1 year ago

Mudye ndalamayo who don’t know ur motives Inu a dpp govt

Walai
Walai
1 year ago

Donated money zikhala pamavuto kubedya kkkkkkk

FREEDOM FIGHTER
FREEDOM FIGHTER
1 year ago

SO UP TO NOW WE CANT SUPPORT OURSELVES EXCEPT TO RELY ON WORLD BANK TO ASSIST US? I WILL TELL YOU WHY? ITS BECAUSE THE TAX PAYERS’ MONEY IS MISUSED. WE HAVE A POROUS SYSTEM OR RATHER I SHOULD SAY WE HAVE NO SYSTEM AT ALL. WHAT WILL HAPPEN IF NEXT YEAR THE WORLD BANK WILL SAY ENOUGH IS ENOUGH STAND ON YOUR OWN, ARE WE GOING TO SHUT DOWN MALAWI GOVERNMENT? BINGU MANAGED TO RUN THIS COUNTRY ON TAX PAYERS’ MONEY WHY NOT TODAY? COM’ON THIS NONSENSE MUST STOP. MAWA AMENE AMATITHANDIZAWO AKATI PANGANI ZAKUTI ZAKUTI (NZOIPA ZOMWE) TIKANA?… Read more »

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