The World Bank has approved a grant of US$80 Million to the Republic of Malawi to improve the effectiveness of resource mobilization, budget execution, and transparency of public finances in Malawi.
According to the press statement released by World Bank Executive Director, Floribert Ngaruko, addressed to Finance Minister Simplex Chithyola Banda, the grant will be on standard IDA grant tems.
The statement further says that the operation of the grant, will among others improve resource mobilization through increased value-added tax revenue collection and voluntary tax compliance.
The grant will also strengthen budget prioritization and execution by improving public investment management, enhancing procurement efficiency operationalizing IFMIS, and enhancing resource transparency and accountability across the Government of Malawi with a focus on state-owned Enterprise, beneficial ownership transparency, and increased responsiveness to the audit process.
