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Millennium Corperation (MCC) Director, Oliver Pearson has revealed that United States says Malawi has met 16 of the 20 indicators required for continued financing in the 351-million-dollar Millennium Challenge Corporation MCC – power agreement.
Malawi and the USA signed the $351 million MCC compact in 2013, after the country met the conditions.
Mr Pearson confirmed of the development during a media briefing in Lilongwe last Friday, stating that recent reports on the key indicators for continued funding show that Malawi is on the right footing.
“Out of the twenty key indicators, which are broadly grouped into the three categories of economic freedom, investing in people, any ruling justly, Malawi has met sixteen of them.
“These include fiscal policy, trade policy political rights, and health expenditure,” he said.
Malawi is within the acceptable thresholds, and will continue to be eligible for funding, said the director.
Malawi is failing in four areas of inflation, gender in the economy, access to credit and business startup for foreign investors which issues the organization raised concern about way back in 2012, observe Pearson.
He said MCC will continue monitoring Malawi and not hesitate to engage government in case of backsliding.
On the other hand MCA-Malawi Chief Executive Officer, Ms Sùsan Banda, said the compact is on track.
The key objective of the five year project is to improve the country’s electric power generation and transmission, with the likely results of reducing poverty.
