African Development Bank gives Malawi $40 million

Date:

The African Development Bank on Friday gave impoverished Malawi $40 million in budget help, just days after two of the country’s biggest donors, the World Bank and Britain unveiled new aid packages.

The AfDB grant is the latest sign to the nation’s improving fortunes.

Finance Minister Ken Lipenga was quoted at the signing of accords with AfDB officials in the administrative capital Lilongwe as saying the grant was “timely.”

It will be be used in the 2012-13 budget and help to get the economy back to “a strong growth trajectory.”

Andrew Mwamba, the bank’s resident representative said the AfDB “felt it necessary to help with the grant after being encouraged by the renewed commitment shown by the government in restoring and sustaining a sound fiscal and monetary policy environment.”

Most donors in recent years suspended aid over governance concerns and disregard for democratic rights under late leader Bingu wa Mutharika.

But since Mutharika’s death in April, new President Joyce Banda has embarked on economic reforms, moved to repeal repressive laws and improve ties with donors.

The World Bank on Tuesday unveiled a $110-million package for roads, farms and health care, while Britain added $37 million to its earlier $47 million aid scheme to shore up the economy.

“We are confident that the resources provided will assist government to create fiscal space for additional social safety net spending towards the poor and the vulnerable groups,” Mwamba said.

(Visited 24 times, 1 visits today)

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Featured Video

click to play

Popular

More like this
Related

7 reliable and regulated forex brokers in South Africa

As a forex trader, you want to ensure that...

Lady’s outfit to an event causes a stir online (watch video)

A lady's outfit to an event in Ghana has...

See What These Students Were Caught Doing In Class (Watch Video)

Social media is flooded with video clip of a...

I’m Not Ready For A New Relationship – Kim Kardashian

Kim Kardashian has disclosed that she is not ready...