By Suleman Chitera
Lilongwe, Malawi — The Minister of Finance, Economic Planning and Development, Joseph Mwanamvekha, has announced that Malawi has secured significant international support aimed at stabilising the economy and addressing the ongoing food and resource challenges.
Speaking during a media briefing on Food Crisis Support held in Lilongwe, Mwanamvekha revealed that the mission to Washington, D.C.—sanctioned by President Professor Arthur Peter Mutharika—yielded positive outcomes with several international partners.
“Our discussions focused on stabilising the economy and addressing challenges related to food, foreign exchange, fuel, and fertilizer supply,” Mwanamvekha said.
$45 Million Food Support from World Bank
According to Mwanamvekha, the World Bank has approved $45 million for emergency food assistance targeting over four million Malawians affected by the ongoing food shortages.
He added that the African Development Bank (AfDB) has also pledged additional support to reinforce Malawi’s food security and agricultural resilience initiatives.
Joseph Mwanamvekha: Steering Malawi’s Financial Ship Amid High Expectations
IMF Mission to Visit Malawi in November
The International Monetary Fund (IMF) is expected to visit Malawi in the first week of November to provide technical assistance and help the government implement reforms that promote macroeconomic stability and sustainable growth.
This follows the government’s renewed commitment to fiscal discipline, debt restructuring, and policy reforms aimed at reducing non-productive expenditures and promoting private sector growth.
China Forgives $20 Million Debt and Grants $3 Million Support
In a further boost, Mwanamvekha announced that the Chinese government has forgiven $20 million of Malawi’s debt and extended an additional $3 million in financial support.
This gesture underscores Malawi’s strong diplomatic and economic ties with China, particularly in infrastructure development, agriculture, and technology transfer.
Fiscal Discipline and Economic Reforms
Minister Mwanamvekha reaffirmed the government’s commitment to maintaining fiscal stability and ensuring that public funds are used efficiently.
“We are cutting unnecessary expenditures, reforming policies, and restructuring debt to ensure fiscal sustainability,” he said.
“We are confident there will be no devaluation of the Malawi Kwacha.”
He emphasized that these steps are crucial to restoring investor confidence, boosting agricultural productivity, and cushioning vulnerable households against economic shocks.
Conclusion
Malawi’s latest engagements with international partners mark a turning point in its efforts to stabilise the economy, combat the food crisis, and sustain growth amid global financial pressures.
With commitments from the World Bank, AfDB, IMF, and China, the government remains optimistic about achieving economic recovery, currency stability, and fiscal discipline in the coming months.
