Tuesday, May 28, 2024
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Israel Injects $60 Million, Boosts Donor Confidence in Malawi Economy

Chakwera; has won donor confidence

Just less than 72 hours post the International Monetary Fund’s approval of Malawi’s Extended Credit Facility (ECF), multiple development partners are reinstating direct aid to the country. The United Kingdom, a longstanding ally, was the first to express support in a statement yesterday. Notably, despite facing challenges with Hamas terrorists following the October 7th massacre, Israel has pledged $60 million to Malawi.

Finance and Economic Affairs Minister Simplex Chithyola Banda confirmed this development, emphasizing it as a clear demonstration of international partners’ trust in President Lazarus Chakwera’s leadership. Chithyola said this in Lilongwe yesterday shortly after Israel’s commitment to allocate funds for Malawi’s procurement of fertilizer, fuels, and pharmaceuticals, contributing to the nation’s economic recovery program.

“Israel showed this commitment because it has trust and confidence in the country’s leadership, and that, has been demonstrated by this kind of commitment. It is a timely commitment as we are celebrating ECF by the IMF” Said Chithyola.

On Wednesday, 15th November, 2023, President Lazarus Chakwera disclosed the coming back of IMF with the ECF, saying it has open doors for direct budgetary support by many international donor partners to Malawi that was suspended some 10 years ago.

 

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