LILONGWE-(MaraviPost)-The country’s central bank, Reserve Bank of Malawi (RBM) on Monday, May 18, 2020 injected MK6.2 billion towards Covid-19 fight.
This part of the bank’s Corporate Social Responsibility and mandatory body of financial stability in the country.
Addressing the news conference in the capital Lilongwe after presenting a dummy cheque to Presidential Task Force on Covid-19, RBM board member Pius Mulipa said the donation will support government in mitigating the pandemic’s impact on the country’s economy.
Mulipa observed that the fight against the virus requires everyone’s effort to ensure that the country’s economy reverts to normalcy in the shortest time possible.
“As an institution charged with ensuring price and financial stability, it’s in our interest and within our mandate to respond to the government’s call for contributions and donations towards the Covid-19 Response Fund.
“The MK6.2 billion will help to minimize the impact of the pandemic on macroeconomic variables and economic agents that depend on borrowing for economic activity,” he said.
The Presidential Task Force on Covid-19’s co-chairperson Dr John Phuka lauded the central bank for timely support.
Dr Phuka disclosed that the donation contributes to 15 percent of MK20 billion out of MK100 billion sourced.
He said most donated funds are channeled on security surveillance on country’s boarders and health care systems.
“So, far we have sourced MK20 billion out of MK100 billion required to contain the Coronavirus representing 15% contribution towards the fund.
“Much of the funds are used for security and health care services. We still a long away to go to meet the funds target. However, we are very grateful to the bank’s huge support towards Covid-19 funds. Let other financial institutions emulate the central bank gesture,” urges Dr. Phuka.
Since April 2, 2020, Malawi has seen increase of Covid-19 case.
As of May 17, 2020 Malawi had 70 cases of Coronavirus, three deaths, 27 recovered, 40 active and 1803 tests conducted