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Malawi’s Major Donors Call for Urgent Action on Economy

Dec. 8 (Bloomberg) -- Malawi’s major donors said the country needs to urgently address economic and political concerns for them to resume aid to the southern African nation.

The donors called for "a swift restoration of macroeconomic stability and a revival of the IMF Extended Credit Facility as a critical step towards the resumption of budget support,’’ according to a statement from the Common Approach to Budget Support group.

The group, which includes the African Development Bank, the European Union, Germany, Norway, the U.K. Department for International Development and the World Bank Group, issued the statement via e-mail after a meeting with the government in Lilongwe today.

The donors suspended aid last year as a result of concerns about the country’s economic and political policies. Malawi relies on donor support for 40 percent of its national budget.

The government announced yesterday it referred some legislation deemed oppressive to the Malawi Law Commission for review.

To contact the reporter on this story: Frank Jomo in Blantyre at fjomo@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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