The World Bank says Malawi has high chances of getting budget support having made tremendous progress in public financial management.
Visiting Vice President of the Bank responsible for Africa Makhtar Diop disclosed this when he met President Peter Mutharika at the Kamuzu Palace in Lilongwe.
Mr Diop disclosed that prior to meeting with the President, his delegation held meetings with officials in the finance ministry.
‘Our visit to the Ministry of Finance and other relevant offices and we discovered that government has made alot of progress in cleaning financial management system,’ said Mr Diop.
He added that should government continues on the path it has taken, it is likely that the Bank’s Board of Directors will approved a resumption of budgetary support to Malawi.
‘All things being equal, the Bank should be able to disburse to Malawi about 80 million dollars towards the budget if the few remaining areas are ironed out,’ he said.
Mr Diop said the Bank’s Board will meet in Washington end March to among other things review Malawi’s progress in areas such as the public finance management.
Speaking after the meeting Minister of Finance, Economic Planning and Development Goodall Gondwe said Malawi has met 95 percent of the conditions which the bank had set for it to resume direct budget support.
Meannwhile the World Bank has given to Malawi a sum of 17 million dollars under the Masaf 5 project.