Minister of Finance hails African Development Bank for continued support to Malawi

Malawi Minister of Finance SiImplex Chithyola Banda

The Malawi Government through the Minister of Finance has hailed the African Development Bank (AfDB) for its continued support to Malawi as the country seeks to recover from economic hardships.

Minister responsible, Simplex Chithyola-Banda said this during the AfDB’s mission to the Minister in Lilongwe on Wednesday.

Chithyola- Banda indicated that the African Development Bank has been a true partner as Malawi is embarking on the Recovery, Develop, and Protect (RDP) economic roadmap.

“The RDP drive has initiatives that will see the economy recover from the current situation and address the 4Fs, which are Forex, Fuel, Food, and Fertilizers in a short-term. It is also pleasing that ADB is collaborating with other development partners such as the World Bank, OPEC Fund for International Development on large transformational projects,” said Chithyola Banda.

He added that the country needs to revamp its agricultural productivity as well as the manufacturing industry, as the two are ways the economy of the country can get back on track.

In his remarks, African Development Bank Southern African Group One Constituency Director General, Gerald Pascal Bussier said the bank is supporting Malawi with  US$219 million apart from the budgetary support, and the funds will be channelled through the Country Strategy Paper (CSP), which has already been approved as part of the US$600 million covering 2023-2028 co-financing with other donor partners.