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    CHAKWERA HAILS WORLD BANK’S IDA FOR ENDURING SUPPORT TOWARDS MALAWI’S ECONOMIC RECOVERY

    President Dr. Lazarus McCarthy Chakwera has praised the World Bank’s International Development Association (IDA) for being instrumental in addressing the structural imbalances on the fiscal, current account and monetary side induced by the shocks that hit Malawi in quick successions since he assumed the high office.

    President Chakwera disclosed this during his address at IDA 21 Africa Heads of State Summit today the 29th of April 2024 at the Kenyatta Convention Centre in Nairobi, Kenya.

    Commencing his captivating speech, Chakwera delineated the various shocks Malawi has experienced since his ascendancy to power, their respective devastations to the economy as well as his administration’s efforts in addressing them. Among the shocks highlighted include the Covid-19 pandemic, Cyclones Ana and Gombe, record breaking Cholera outbreak and the El Nino weather which forced him to declare the state of disaster.

    Furthermore, the Malawi leader indicated that, despite the myriad shocks that have negatively impacted on the nation’s economy, his administration with the help of development partners, chiefly the World Bank’s IDA, has not only managed to survive the tormentous experience but is also witnessing signs of recovery.

    “But I came here to tell you that Malawi is a miracle, because despite the anguish Malawians have gone through and the pains they feel, Malawi has not only survived, but is in fact showing signs of recovery.

    “And one of the secrets to our survival and recovery has been the World Bank’s IDA, which I’d describe as Malawi’s trusted and reliable Ambulance in addressing the structural imbalances on the fiscal, current account and monetary side occasioned by the shocks we have encountered,” narrated Chakwera in conspicuous praise of IDA.

    Among the assistance the World Bank’s IDA has been giving Malawi, according to President Chakwera, includes the Social Support for Resilient Livelihoods Project, the 60 million dollars from the Crisis Response Window for rehabilitation of Kapichira Power Plant and reconstruction of infrastructure damaged by Cyclone Freddy.

    The Malawi leader signed off his speech by assuring World Bank’s IDA of transparency and accountability of financial resources through a fully-integrated and comprehensive Financial Management Information System (IFMIS), energy sector reforms, enactment of the Malawi Disaster Risk Management and reconfiguration of the Civil Service to focus on rewarding execution and delivery of projects, not entitlement and dysfunction.

    While opening the summit, president Dr. William Samoei Ruto of Kenya made a striking suggestion stating that long term concessionary assistance is what is required on the continent, for long term sustainable development.

    At the end of the summit, participants are expected to adopt the Nairobi Communique, outlining key strategies and commitments for advancing development in the region.

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