Malawi and the World Bank have signed a grant agreement of MK8.3 billion (US$54million) as budgetary support for the 2009/2010 fiscal year.
The funds will be disbursed directly into the government’s Consolidated Account at the Reserve Bank of Malawi.
Speaking during the signing ceremony in the capital Lilongwe, Minister of Finance Ken Kandodo, said the grant was the single largest amount the Bank has granted his country since the country joined the Common Approach to Budget Support group three years ago.
“The funds will be used to finance on-going programs in the current fiscal year in order to improve the economic growth, delivery of public services and protecting the vulnerable groups,” he observed.
He added that government will continue to strengthen its public finance management which was a prerequisite for receiving general budget support.
World Bank Country Representative here, Sandra Bloemenkamp, said the bank’s grant reflects its commitment to supporting the government’s own development agenda under the Malawi Growth Development Strategy (MGDS) and Millennium Development Goals (MDG’s).
“Through the grant, the bank also supports government to continue responding to the global financial and economic shocks that are still not behind us,” she said.
She assured government and other stakeholders in positioning the bank’s role in supporting Malawi’s development goals over the next few years with the aim of working together as full partners in order to forward the vision of sustainable improvement of the lives of Malawians.
Source African Press Agency
African News from NetNewsPublisher.com
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