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World Bank bailout could end Malawi’s economic woes – Giugale

The five-year comprehensive country assistance strategy the bank processed with Malawi ended last year, bringing hope and space for a new strategy soonest that is exclusively tailored for the poor southern African country. The team is in the country responding to President Bingu wa Mutharika’s invitation during a meeting held at the recent African Union (AU) summit in Addis Ababa, Ethiopia.

“There are certain things that are very important but they tale time to work. We also need some short and medium term plans,” said the WB representative, adding Malawi requires large investments to assist in creating a net exporter from the country, not only to fellow African nations but overseas as well, translating into real growth.

The package presented and discussed yesterday to see impoverished Malawi regain economic balance and cushion social impact, rebound economic growth that would create jobs and medium term agenda.

The two, in a team led by Giugelo, met with Reserve Bank of Malawi (RBM) governor Perks Ligoya apart from Ministers of finance Ken Lipenga, foreign affairs Peter Mutharika, agriculture Peter Mwanza, and industry and trade John Bande at Capital Hill in the capital city, Lilongwe, on Tuesday.

Lipenga said his team had informed the visiting team Malawi developed its own strategy expected for review in consideration with the team’s advice before presenting it.

“When Mutharika invited us he did not just want to look at the current foreign exchange imbalances, but also considered that we bring forth a comprehensive bailout plan,” revealed Kadiresan, adding they expected government’s response in the coming days.

“The meeting was positive,” she added.

The development comes days after Mutharika challenged donors that wanted to leave Malawi to do so and not get involved in internal politics. He claimed some donors were bankrolling ’coup’ plots by civil society organisations and the opposition come 13th March. Gondwe also said the plans were real before tracking back yesterday on his statements.

Police headquarters through national spokesperson, Superintendent Davie Chingwalu, said there were no such security concerns.

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