The National Advocacy Platform (NAP) has described the resumption of the budget support by the African Development Bank (AfDB) as a crucial step in bolstering our economy.
In a press statement released on Saturday, NAP Chairperson Benedicto Kondowe, said AfDB's decision to resume budget support with a $23 million injection is a positive development.
He said along with signals from other international donors like the IMF's $175 million ECF grant, the direct budgetary support marks a crucial moment in Malawi's economic recovery.
"This injection of funds will enhance foreign currency liquidity, stabilize the fiscal landscape, and provide much-needed support for government initiatives aimed at sustainable economic development. It signifies a strong vote of confidence in the government's commitment to reform and its efforts to foster an environment conducive to growth and stability," reads the statement in part.
He added, "This support is more than just financial assistance; it is a testament to the government's ongoing reforms and dedication to creating a resilient and dynamic economy. The resumption of budgetary aid is a clear indication that the international community recognizes and endorses the positive changes being implemented. It underscores the importance of maintaining and accelerating these reforms to achieve long-term economic stability and growth."
Kondowe said the aid underscores the importance of maintaining and accelerating reforms for long-term stability.
He urged the government to harness donor goodwill, ensure fiscal prudence, and fight corruption to protect and properly use donor funds.
According to the NAP Chairperson, a robust anti-corruption stance will maximize the impact of current support and attract further contributions.
"NAP commends the government's efforts and achievements and applauds the AfDB and other donors for their trust. With continued reforms, prudent resource management, and a strong anticorruption framework, our country is on the path to sustainable prosperity. Let us build on this momentum for a thriving, equitable, and resilient economy for all," concluded Kondowe.
