The world’s largest bank (World Bank) has announced that for the first time since 2017, it will provide budget support package to support reforms for growth and resilience in Malawi.

According to the letter issued by the bank, they are happy with the way the country has managed several economic policies.

“The World Bank applauds Malawi’s authorities for taking tough but necessary decisions to stabilize an acute macro-economic crisis. I am pleased the bank is now able to respond with a sub tertial budget support operations that supports an ongoing program of reforms,” reads part of the statement.

The bank has also said that it is satisfied with the policies that Malawi has put in place set by International Monetary Fund (IMF) through the extended credit facility.

So far, the bank has set aside 137 million dollars to support the development of the economy and other sectors in the country.

On 7 December, 2023, the Malawi Government and World Bank signed a MK125 billion Malawi Social Protection Multi Donor Trust Fund (MDTF) to support vulnerable people.