World Bank is renowned for being on the forefront in helping the African countries either financially of by advice on how to boost the economy. The bank either gives grants to the state at lower interest rates or they engage in supporting the community’s trough non-governmental organizations.
On 22nd November 2017, the bank launched three main reports on Malawians economy at a ceremony that was held at the Bingu International Convection Center (BICC) in Lilongwe Malawi capital. Taking the stage during the launch, Dalisto Kabambe the Governor for the Reserved Bank of Malawi lauded the efforts placed by the bank on helping to solve the economic problems in Malawi.
In the recent past, Malawians economy has been affected by the inflation, weather variability, prolonged droughts, and reduction in the grants by the donors due to unclear policies. The launching of the three points reports will, therefore, give the economy another look in the coming days this according to Dalisto Kabambe. World Bank has been a reliable supporter of Malawi since the country attained its independence by providing soft grants and sustaining their budgets.
Kwacha which is the Malawian currency has gaining stability within the past 12 to 15 months leading to the drop in the inflation rate to 8.3% in October from 20%. According to the Governor, the government has been able to reduce bank transaction charges by paying salaries through digital means from cash. The bank has been supporting various economy projects, and currently, it’s working with energy department to increase the electricity distribution within the country.
World Bank’s Country Manager for Malawi Greg Toulmin said that the Malawi Economic Monitor (MEM) was working on leading land reforms which will attract investors in agriculture since the country economic bedrock is on agriculture. The target of the report is to make Malawi move away far from the usual business and achieve sustainable and stable economy with a reduction in the poverty level.
