AfDB cushions Malawi budget with $40m grant

The African Development Bank (AfDB) Group, has approved a budget support grant of $40 million to assist the government of Malawi.

The funds, the Bank said is to cushion the country’s vulnerable groups from the short-term negative impacts of recent economic reforms, and to continue the implementation of public finance management reform measures.

The AfDB says it’s Restoration of Fiscal Stability and Social Protection (RFSSP) budget support programme is to contribute to restoring macroeconomic stability and enhancing public finance management in the country.

The programme is also to support social protection measures to mitigate the short-term impacts of the devaluation of the Malawi kwacha.

By Ekow Qunadzie