LILONGWE-(MaraviPost)-The country’s civil right group National Advocacy Platform (NAP) has lauded the African Development Bank’s (AfDB) decision to resume budget support with a US$23 million injection.
In a press statement issued on Saturday, May 18, 2024 and signed by NAP Chairperson Benedicto Kondowe oberves that , “This positive development, along with signals from other international donors like the IMF’s US$175 million ECF grant, marks a crucial moment in our nation’s economic recovery..
“The resumption of budget support by the AfDB is a crucial step in bolstering our economy. This injection
of funds will enhance foreign currency liquidity, stabilize the fiscal landscape, and provide much-needed
support for government initiatives aimed at sustainable economic development”.
Kondowe says, “It signifies a strong vote of confidence in the government’s commitment to reform and its efforts to foster an environment conducive to growth and stability.
“This support is more than just financial assistance; it is a testament to the government’s ongoing reforms
and dedication to creating a resilient and dynamic economy”.
He added, “The resumption of budgetary aid is a clear indication that the international community recognizes and endorses the positive changes being implemented. It underscores the importance of maintaining and accelerating these reforms to achieve long-term economic stability and growth.
“This aid underscores the importance of maintaining and accelerating reforms for long-term stability. NAP
urges the government to harness donor goodwill, ensure fiscal prudence, and fight corruption to protect and
properly use donor funds”.
Kondowe explains further, “A robust anti-corruption stance will maximize the impact of current support and
attract further contributions. NAP commends the government’s efforts and achievements and applauds the AfDB and other donors for their trust.
“With continued reforms, prudent resource management, and a strong anticorruption framework, our country is on the path to sustainable prosperity. Let us build on this momentum for a thriving, equitable, and resilient economy for all”.
Minister of Finance and Economic Affairs Simplex Chithyola Banda said the support follows the implementation of the International Monetary Fund (IMF)’s Extended Credit Facility (ECF) programme and good leadership.
“This is a sign of confidence to the government,” he said.
