By Mike Van Kamande
Lilongwe, November 22: Minister of Finance and Economic Affairs Simplex Chithyola-Banda says government appreciates the support African Development Bank (ADB) renders to the country as it embarks on Recovery, Develop and Protect (RDP) economic roadmap.
Speaking during the ADB Mission courtesy call to the minister on Wednesday Chithyola-Banda said it was pleasing that ADB had come to the rescue of the Government through provision of Budgetary Support.
“The RDP drive has initiatives that will see the economy recover from the current situation and address the 4Fs which are Forex, Fuel, Food and Fertilizers in the short-term. It is also pleasing that ADB is collaborating with other development partners such as World Bank, OPEC Fund for International Development on large transformational projects,” he said.
Chithyola-Banda acknowledged the major drawback to the country’s economy is low agricultural production and retarded manufacturing industry which needs to be revived if the country is to realise an economic turnaround.
ADB Southern African Group One Constituency Director General Gerald Pascal Bussier said the bank would be making available to Malawi Government US$23million for Budgetary Support and high impact projects.
“Apart from the Budgetary Support ADB is also contributing US$219million through the Country Strategy Paper (CSP) which has already been approved as part of the US$600million covering 2023-2028 co-financing with other donor partners,” he said.
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