UN says Malawi economy on recovery path
The United Nations (UN) has painted a rosy outlook for the domestic economy backed by the Malawi government’s “focused approach” to the economic transformation agenda.
UN Coordinator for Malawi Rebecca Adda-Dontoh said this at Kamuzu Palace yesterday when the UN Country Team held a meeting with President Lazarus Chakwera.
The meeting hinged on the formulation of the UN Sustainable Development Cooperation Framework 2024-2028 signed in November last year and is expected to accelerate the implementation of both the Malawi Vision 2063 as well as the Sustainable Development Goals (SDGs) in the next five years.
In a speech shared with The Nation Adda-Dontoh commended Chakwera’s government focused approach to economic transformation agenda.
“I wish to commend you, and the government on the focused approach to the economic transformation agenda, including but not limited to the implementation of mega farms, agriculture commercialisation, special economic zones [SEZ] programme and the Malawi carbon market initiative [MCMI],” said Adda-Dontoh.
She saluted the Chakwera-led administration for securing new International Monetary Fund (IMF) Extended Credit Facility (ECF) which she said will help restore macroeconomic stability and put the country back on a growth trajectory.
The four-year ECF, which was approved last September, is worth $174 million.
Meanwhile, the IMF deal has already unlocked a myriad of other aid taps, a situation which has nourished the exchange rate market, in the process easing the pressure on the kwacha.
“I also wish to appreciate government measures, with the support of development partners, to cushion the vulnerable from the adjustment effects and impact of shocks,” Adda-Dontohadded.
Thereafter, she underscored the UN’s commitment to support inclusive and sustainable economic reforms to accelerate progress towards the achievement of SDGs and Malawi 2063.
Adda-Dontoh also congratulated the Malawi Government for becoming one of the four countries to establish an independent national peace institution, the Malawi Peace and Unity Commission.
Reacting to the UN commendations, President Chakwera extended his deep appreciation to the UN family, stressing that Malawi has continued to enjoy a “symbiotic” partnership with the UN since gaining independence in 1964.
Said the President: “As we look ahead, our efforts must be well coordinated and focused. We must advocate for inclusive economic growth, agriculture, mining, trade and tourism and also diversify our economic base. It is moving beyond paperwork, or computer work to action, action and more action.”
The new UN cooperation framework lays out an ambitious programme to accelerate development progress and is anchored by four strategic priority areas, namely supporting diversified, sustainable and inclusive economic growth, strengthening institutional governance, ensuring sustainable investments and outcomes in human capital development, and adapting to climate change, reversing environmental degradation and supporting energy transformation.
