BusinessNews

WORLD BANK RESTORES DIRECT BUDGETARY SUPPORT

By Kumbukani Kondowe MANA

President, Dr. Lazarus Chakwera has expressed gratitude to World Bank for restoring direct budgetary support and investor’s confidence in Malawi’s economy.

He was speaking in Lilongwe Thursday, during the signing ceremony of US$137 million budgetary support agreement between World Bank and Malawi Government.

“Thanks to the support of our partners like World Bank, we have taken some bold steps to enact serious policy reforms for restoring the short term macroeconomic stability and medium term growth, thus bringing us to this windfall we are able to have today,” said Chakwera.

The president further said that to support implementation of some reforms, the government enacted legislation in data protection and Disaster Risk Management and the laws were enacted to improve the operating environment and ensure that developments in digital services are well regulated.

“I am grateful that the continuous engagements between Malawi Government and World Bank are finally yielding fruits, I am specifically thankful to the World Bank Vice President, country director, country managers and economists for working tirelessly to restore this facility,” said Chakwera.

The Word Bank Country Director for Malawi Nathan Belete congratulated Malawi Government for being able to successfully achieve reforms that has enacted the World Bank to restore the budgetary support with 137 million dollars out of which 80 million dollars will come immediately as a grant.

“I commend your leadership and the Malawi Government authorities for taking tough but necessary decisions to stabilise macroeconomic crisis in Malawi at the same time gaining the confidence and trust of the World Bank to restore the budgetary support to your country,” said Belete

“I would also like to encourage your government again to continue with the reforms you have started to continue providing enabling environment for donor support that can bring economic growth of the country,” he added.

The World Bank budgetary support was stopped in 2017 following the plunder of government resources.

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