Malawi urges for increased IDA support

Minister of Finance and Economic Affairs Simplex Chithyola-Banda says the World Bank through IDA remains the largest development partner supporting key sectors of development to alleviate poverty.

Speaking on Sunday at Kenyatta International Conference Centre in Nairobi Kenya during the ministerial segment for ministers of finance at the International Development Agency (IDA) Heads of State Summit he said Malawi still needs IDA for capacity building on production and value addition.

“We need IDA to help develop the agriculture, mining and tourism (ATM) sectors which will transform our economy. Tourism will attract more visitors who will bring more forex.

“We also believe IDA can help in the disaster risk management and be flexible enough in responding to natural disasters and calamities,” he said.

Chithyola-Banda said Malawi is banking on IDA to build its capacity to successfully negotiate with her debtors to either grant debt relief or cancelation so that resources can be used to manage natural disasters.

In his opening remarks Governor of the World Bank (Kenya) Njuguna Ndung’u said since 1960 when IDA was established over US$110billion has been disbursed to its member countries many of which are in dire situation because of debt stress.

World Bank Senior Managing Director (SMD) Axel van Trotsenburg said Africa is at the heart of the IDA’s global mission with affordable source of financing in 39 low-income countries in Africa.

“Let us work together to deliver an ambitious IDA2. IDA has been innovating to increase financing available to IDA countries without a nominal increase in donor contributions,” he said.