BLANTYRE-(MaraviPost)-The Minister of Finance, Economic Planning and Development, Joseph Mwanamvekha, has announced that Malawi has secured substantial international support to address the country’s economic challenges.
Speaking during a media briefing on Food Crisis Support, Mwanamvekha revealed that the World Bank has provided $45 million for emergency food assistance targeting four million Malawians.
The funding is part of a broader package of support secured during recent discussions in Washington, D.C., which aimed at stabilizing the economy and addressing challenges related to food, foreign exchange, fuel, and fertilizer supply.
The African Development Bank has also pledged additional support, further bolstering the country’s efforts to address its economic woes.
The International Monetary Fund (IMF) will visit Malawi in the first week of November to assist in efforts to stabilize the economy.
This development comes on the back of China’s debt forgiveness and grant to Malawi, with the Chinese government forgiving $20 million of Malawi’s debt and granting an additional $3 million to support the country.
According to Mwanamvekha, the government is taking steps to ensure fiscal sustainability, including cutting expenditures, reforming policies, and restructuring debt.
He assured the public that the government is confident there will be no devaluation of the local currency.
With this support, Malawi is expected to make significant strides in addressing its economic challenges and improving the lives of its citizens.
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