Tag Archives: African Development Bank (ADB)

Atupele Muluzi appeals for Malawi’ swift economic reforms

BLANTYRE-(MaraviPost)-United Democratic Front (UDF) President Atupele Muluzi has called for urgent and coordinated action to address Malawi’s worsening economic challenges.

He described the current situation as one of the most severe and prolonged crises since the country’s transition to multiparty democracy in 1994.

In an interview with Maravi Post,Muluzi said households, businesses, and public institutions are under significant pressure, warning that delays in implementing reforms would deepen the crisis and further burden ordinary citizens.

He welcomed the joint efforts of African Development Bank (ADB), United Nations(UN), and World Bank Group (WBG), working in collaboration with the Government of Malawi, which recently produced a set of 22 priority policy recommendations titled ‘No Time to Waste: Policy Priorities for Malawi’s Recovery.’

Muluzi described the report as a timely and practical contribution to national dialogue, noting that it provides evidence-based solutions aimed at stabilising the economy and laying the groundwork for inclusive and sustainable growth.

He further observed that the strong mandate given to the ruling Democratic Progressive Party (DPP ) in last year’s general election presents a unique opportunity for a national reset, which could help rebuild trust in public institutions and advance meaningful structural reforms.

“As President of the United Democratic Front (UDF), I wish to state that we support the direction and substance of these policy recommendations.

“They are consistent with our own Business First Strategy and reflect many of the reforms we have long advocated,” said Muluzi.

The son to the second Malawi president Bakili Muluzi,emphasised that restoring macroeconomic stability must be the immediate priority, calling for fiscal consolidation, reforms in tax administration and public financial management, debt restructuring, and a credible framework for exchange rate unification.

He also stressed the importance of prudent monetary policy and targeted measures to boost foreign exchange inflows.

Muluzi cautioned against politicising the economic challenges, saying the situation requires collective responsibility and cooperation across political parties, government institutions, the private sector, and development partners.

“This is not a time for assigning blame. It is a time for responsible, collaborative leadership.

“The challenges we face are national in nature and require a unified response,” he said.

He concluded by urging swift implementation officer the recommended reforms, warning that continued delays would worsen economic hardship.

“UDF stands ready to work constructively with all stakeholders in the national interest. There is no time to waste,” said Muluzi.

Malawi secures $45 million food aid from World bank, additional support from ADB

BLANTYRE-(MaraviPost)-The Minister of Finance, Economic Planning and Development, Joseph Mwanamvekha, has announced that Malawi has secured substantial international support to address the country’s economic challenges.

Speaking during a media briefing on Food Crisis Support, Mwanamvekha revealed that the World Bank has provided $45 million for emergency food assistance targeting four million Malawians.

The funding is part of a broader package of support secured during recent discussions in Washington, D.C., which aimed at stabilizing the economy and addressing challenges related to food, foreign exchange, fuel, and fertilizer supply.

The African Development Bank has also pledged additional support, further bolstering the country’s efforts to address its economic woes.

The International Monetary Fund (IMF) will visit Malawi in the first week of November to assist in efforts to stabilize the economy.

This development comes on the back of China’s debt forgiveness and grant to Malawi, with the Chinese government forgiving $20 million of Malawi’s debt and granting an additional $3 million to support the country.

According to Mwanamvekha, the government is taking steps to ensure fiscal sustainability, including cutting expenditures, reforming policies, and restructuring debt.

He assured the public that the government is confident there will be no devaluation of the local currency.

With this support, Malawi is expected to make significant strides in addressing its economic challenges and improving the lives of its citizens.

#COP28: Malawi’s Songwe River Basin program gets ADB support

….TO create 15,000

DUBAI-(MaraviPost)-The African Development Bank (ADB) has offered fresh assurances that it is seriously considering supporting Malawi and Tanzania to roll out the US$1 billion Songwe River Basin Programme.

The project will support the construction of a multipurpose dam and an 80-megawatt Hydropower Plant to be used by the two countries.

AFDB President Dr. Aknwuni Adesina made the assurance on the sidelines of COP 28 in Dubai when he held a joint high-level meeting with Malawi’s Minister of Water and Sanitation, Abida Mia, Tanzania’s Minister of Water, Juma Aweso and Minister of Livestock and Fish Abdalla Ulega.

Mia said that once completed the project will allow Malawi to dedicate an additional 3,050 hectares of land towards the mega-farms.

The two countries will also create job opportunities for over 15,000 people through the program.

COP28: Malawi Water Minister Abida Mia lauds ADB on Songwe River Basin support

DUBAI-(MaraviPost)-Malawi Water and Sanitation Mister Abida Mia has lauded the African Development Bank (ADB) for financial support towards the construction of the Songwe River Basin, a multi-purpose dam in the northern region.

This comes after the African Development Bank, along with other multinational development banks, has committed to helping African countries including Libya, Malawi, Mozambique, and Zimbabwe, which are facing existential risks due to the impact of climate change.

The commitment has been made in the ongoing Conference of Parties on Climate Change (COP28) in Dubai which Water Minister Mia is part of the Malawi delegation.

The banks said will collaborate to attract private capital for countries, expand the scope of reporting climate results and impact, help countries identify priorities and investment opportunities, and access multimedia content.

One major development is the construction of the Songwe River Basin.

Welcoming the development, Minister of Water, Abida Mia, said the commitments have come at the right time “because, despite contributing the least to global warming and having the lowest emissions, Malawi is at risk due to the impact of climate change”

Mia disclosed that the dam will, among other things, be used for hydropower generation with a capacity of 80 megawatts to power Tanzania and Malawi.

Source: Times360