World Bank supports Malawi with US$37million in COVID-19 response

 

By Manasse Nyirenda, MANA

The World Bank has given Malawi with US$37million (approximately K27.2billion) to support its Coronavirus (COVID-19) response and to mitigate the likely revenue shortfall and economic recovery initiatives.

According to a press statement made available to Malawi News Agency (MANA), US$7million (K5.1billion) will be released towards Malawi’s response to the global COVID-19 pandemic under a new Malawi COVID-19 Emergency Response and Health Systems Preparedness project.

In addition, US$30million (K22.1 billion) has been made available from the Disaster Risk Management Development Policy Financing with a Catastrophe Deferred Drawdown Option (Cat-DDO) to strengthen the country’s response to the pandemic.

The statement says the Malawi COVID-19 Emergency Response and Health Systems Preparedness Project will provide funding towards detection, surveillance, response and system strengthening activities prioritized in the Malawi COVID-19 Preparedness and Response Plan. 

That plan is also being financed by several development partners.

The Disaster Risk Management Development Policy Financing with a Catastrophe Deferred Drawdown Option (Cat-DDO) will support a broad range of economic policy initiatives and smooth out the macro-economic shocks that COVID19 is expected to impose on the Government’s finances, says the statement.

Greg Toulmin, World Bank Country Manager for Malawi, is quoted in the statement as saying the COVID-19 pandemic is challenging both Malawi’s economy and its fragile health system.

The funding is expected to support Malawi’s economic policy response by mitigating likely revenue shortfalls. 

Malawi has recorded 16 cases of Coronavirus with two deaths.