Monday, July 15, 2024
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Malawi govt lauds African Development Bank for Budgetary Support

Minister of Finance and Economic Affairs, Simplex Chithyola-Banda, expressed gratitude for the assistance provided by the African Development Bank (ADB) as the government implements its economic roadmap known as Recovery, Develop, and Protect (RDP).

During a courtesy visit by the ADB Mission on Wednesday, Chithyola-Banda highlighted the government’s satisfaction with ADB’s support, particularly in offering Budgetary Support to address the country’s financial needs.

“The RDP drive has initiatives that will see the economy recover from the current situation and address the 4Fs which are Forex, Fuel, Food and Fertilizers in the short-term. It is also pleasing that ADB is collaborating with other development partners such as World Bank, OPEC Fund for International Development on large transformational projects,” he said.

Chithyola-Banda acknowledged the major drawback to the country’s economy is low agricultural production and retarded manufacturing industry which needs to be revived if the country is to realise an economic turnaround.

ADB Southern African Group One Constituency Director General Gerald Pascal Bussier said the bank would be making available to Malawi Government US$23million for Budgetary Support and high impact projects.

“Apart from the Budgetary Support ADB is also contributing US$219million through the Country Strategy Paper (CSP) which has already been approved as part of the US$600million covering 2023-2028 co-financing with other donor partners,” he said.

 

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