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World Bank impressed with Malawi economic recovery path

By Mike Van Kamande

World Bank on glass building. Mirrored sky and city modern facade. Global capital, business, finance, economy, banking and money concept 3D rendering animation.

Lilongwe, January 2, 2024: The World Bank has said Malawi has achieved incredible economic results in the last three months, despite concerns on macroeconomic stability and expenditure side controls.

Regional Director for Macro, Equity and Institutions for Africa East and South at the World Bank, Hassan Zaman made the remarks on Thursday in Lilongwe during a meeting with Minister of Finance and Economic Affairs, Simplex Chithyola Banda.

Zaman said consultations and collaborations made by the Ministry were necessary and impactful, and that Malawi Government should strive to foster gains from International Monetary Fund (IMF) Extended Credit Facility (ECF) the country qualified for recently.

“We thought it wise to meet authorities and brainstorm on the recent macroeconomic adjustments instituted by Government and how the World Bank can render it’s support to unlock private investment and growth.

The Bank is fully committed to support the Ministry with financial management capacity building,” Zaman said.

In his remarks, Minister of Finance and Economic Affairs Simplex Chithyola Banda said the country is in a defining moment where qualification for the IMF Extended Credit Facility has triggered huge economic expectations from Malawians.

“The sluggish economic growth projected at 3.3 percent by the IMF team is as a result of the huge economic malaise and damage that characterized the economy for so long.

“We are currently working on diversifying the economy through mega farms enhancement, labour export, mining discounted projects among other measures,” Chithyola Banda said.

Chithyola Banda said he consulted widely with different stakeholders to come up with the Recovery, Develop and Protect roadmap to address both short-term and long-term economic issues.

He said the Ministry is geared towards adhering to strict fiscal discipline and reducing domestic debt.

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