Nov 20, 2017 Last Updated 2:48 PM, Nov 20, 2017

World Bank Yet To Release Aid To Malawi

The organisation approved the amount as budgetary support to Malawi almost two years after direct budgetary support was suspended The organisation approved the amount as budgetary support to Malawi almost two years after direct budgetary support was suspended Image sourced at gettyimages.com
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The World Bank has not released the $80 Million support which it approved for the Malawi Government, the Reserve Bank of Malawi confirms.

The Breton Wood organisation approved the amount as budgetary support to Malawi almost two years after direct budgetary support was suspended.

During the presentation of the 2017/2018 National Budget, the Finance Minister Goodall Gondwe hinted that the funds would go towards the settlement of government arrears.

Almost two months into the new budget, there have been questions on whether the Government has started making payments for the various arrears it has with the private sector and various sectors in the civil service.

Commenting on the monetary status of the country, the Reserve Bank Governor, Dalitso Kabambe, indicates that they have not started stocking the National Forex Reserves with the World Bank funds.

The World Bank is an international financial institution that provides loans to countries of the world for capital programmes.

It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA). The World Bank is a component of the World Bank Group. 

The World Bank's stated official goal is the reduction of poverty.

However, according to its Articles of Agreement, all its decisions must be guided by a commitment to the promotion of foreign investment and international trade and to the facilitation of capital investment. 

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