Goodall sees potential hope of World Bank, EU resume budgetary support

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Finance, Economic Planning and Development Minister Goodall Gondwe  sees potential hope that the World Bank, the European Union (EU) and the African Development Bank (AfDB) would resume  budgetary support  as they are likely to provide approximately  US$110 million (K80 billion) and US$120 million (K88 billion) by March 2017 to support the current K1.2 trillion fiscal plan.

Speaking to a local newspaper interview, Gondwe said government is hopeful that it will satisfy all the given conditions by the main donors to enable Malawi receive budgetary support.

“We are expecting this year the World Bank and the European Union to provide us with budget support.

“We are in the process of satisfying them. We are expecting $80 million from the World Bank and about $30 million from the EU,” said Gondwe.

The economist admitted that last year, government did not meet some set- conditions as outlined by these main donors.

The World Bank country manager Laura Kullenberg , said  the bank is to  disburse in this financial year as it has recognised that government has made progress in rebuilding its systems of public financial management and control since Cashgate.

“  However, there is still much more that needs to be done in this process. We are committing to working alongside government in these efforts,” Kullenberg said.

Local newspapers’ reports also indicate that EU will assess Malawi’s eligibility for budget support at the end of 2016 or early 2017.

 

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