Thursday, July 18, 2024

Pres. Chakwera describes World Bank’s IDA AS Malawi’s trusted Ambulance

President Chakwera and President Ruto

In a resounding testimony of gratitude and resilience, Malawi’s President, Lazarus Chakwera, has hailed the World Bank’s International Development Association (IDA) as a steadfast beacon of support during the ongoing summit for heads of state in Kenya. Chakwera lauded the IDA as an indispensable lifeline in rectifying the structural imbalances stemming from fiscal, current account, and monetary challenges precipitated by a barrage of crises faced by the nation when he spoke during IDA summit on Monday in Nairobi.

Describing Malawi’s turbulent journey over the past four years as akin to a patient enduring relentless assaults on multiple fronts, Chakwera outlined the nation’s struggles against a backdrop of unprecedented adversity. From the crippling burden of unsustainable debt to the relentless onslaught of natural disasters, epidemics, and economic shocks, the President said that Malawi has weathered a relentless storm of challenges.

Yet, amidst the chaos, Chakwera emphasized Malawi’s resilience and determination to forge ahead on the path to recovery, with the IDA serving as a steadfast ally in navigating the treacherous terrain of crisis response and economic stabilization. He hailed the IDA’s dual-speed approach, likening it to an ambulance operating at both rapid intervention and long-term recovery levels.

Highlighting the IDA’s pivotal role in providing swift and decisive assistance during times of crisis, Chakwera cited examples of emergency support initiatives, including the restoration of vital infrastructure and the provision of food assistance to millions in need. He expressed gratitude for the IDA’s recent allocation of substantial funds to aid Malawi’s response to the El Niño-induced food crisis, underscoring the IDA’s unwavering commitment to the nation’s well-being.

Looking ahead, Chakwera outlined ambitious plans to leverage the IDA’s resources to implement Malawi’s ambitious ATM (Agriculture, Tourism, Mining) Strategy. With a vision of transforming Malawi into a middle-income economy within six years, Chakwera emphasized the importance of flexible access to IDA facilities to support the nation’s development aspirations.

Making his final remarks, Chakwera’s made an impassioned appeal for continued collaboration and support, underscoring the vital role of international partnerships, such as the IDA, in driving sustainable development and prosperity in Malawi and beyond.



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