World Bank and IMF pledges support to Malawi

World Bank and International Monetary Fund (IMF) have pledged to fully support Malawi in areas of need as one way of addressing challenges Malawi was currently facing. 

This was said when President, Dr Lazarus Chakwera after he  held discussions with IMF Managing Director, Kristalina Georgieva and World Bank Managing Director Axel Von Trotsenburg in Washington DC on Wednesday.

He held discussions with IMF and World Bank on a number of key important issues.

In an interview with Managing Director of World Bank, Trotsenburg said the World Bank group was ready to assist African countries and Malawi stands to benefit.

He said President Chakwera's government has good policies that would change Malawi and transform people's lives hence the need for the financial support. 

"The President shared some of the challenges Malawi was currently facing, Malawi needs financial support now so there was need to build our partnership and brainstorm how best we can work together to bring out results on the ground," Trotsenburg pointed out.

President, Dr Lazarus Chakwera captured with World Bank Managing Director,  Axel Von Trotsenburg in Washington DC  pic by Lisa Kadango Malango (Mana)

He said there was need to scale up support due to the fact that Malawi as one of many other African countries have been heavily affected by effects of  climate change crisis COVID- 19 pandemic and that makes difficult for countries that have less resources. 

"That's the reason why World Bank has been calling for much more support to African countries hence this meeting with Malawi's President is timely and crucial," the Managing Director said.

He assured the President that Malawi stands to benefit a lot and called on government to build a strong strategy that would help the people to access clean water, quality education, health systems and food security among others.

Trotsenburg added that World Bank want to be part of Malawi's effort that would see people's lives improve in the years to come.

President Chakwera described the two meetings are fruitful and appealed for quick support for Malawi as the country is currently going through challenges as a result of crisis and pandemics. 

The discussion centred on the benchmarks Malawi was aiming to fast track the disbursement of US$ 1.5 billion which the World Bank has approved for different projects in Malawi 

Later, the President held discussions on a number of key issues with IMF Managing Director, Georgieva in pursuit for credit facility for Malawi.

The World Bank group was represented by World Bank Executive Director for Africa, Taufila Nyamadzabo as well as World Bank Vice President for Eastern and Southern Africa Victoria Kwakwa.,

President Chakwera continues to engage heads of various international institutions to lobby for financial support in order to strengthen collaboration and follow up pledges made in previous meetings.