The World Bank pledges US$150 million to Malawi

The World Bank is expected to release 150 million US dollars to cushion the shock facing Malawians following the devaluation of the Kwacha by 48.18 percent.

The Bank’s managing director Sri Mulyani Indrawati disclosed this after meeting President Joyce Banda in Washington DC.

According to the Malawi news agency, the talks were based on macro-economics and restoring confidence as per the policy and priorities of the World Bank.

Indrawati told a news conference that the bank is committed to reduce poverty amongst Malawians and offer assistance in various sectors such as health, the HIV and aids as well as malnutrition fight.

The World Bank director said President Banda has demonstrated good and sound economic management within the 100 days she has been in power, a development that has convinced the bank.

She therefore said the bank will support reforms that Banda is implementing to improve the lives of citizens.

The World Bank has been supporting a number of development programmes in Malawi since 1964.