Malawi has joined 13 African States in calling for a 20th replenishment of the World Bank Group’s International Development Association (IDA20) to support economic recovery from the shocks of the Covid-19 pandemic.
In a joint declaration endorsed at a meeting held in Ivory Coast last week, the 13 countries emphasised that economic recovery, job creation and investments in human capital, including expanding access to vaccines are critical to help people recover from the shocks of the pandemic, get out of extreme poverty, and build a more resilient and inclusive future.
President Alassane Ouattara of Ivory Coast said in a published statement: “The goal to mobilise an IDA20 replenishment envelope of at least $100 billion [about K81.4 trillion], for three years, would be the largest amount raised in IDA’s history.”
The call comes at a time the country is struggling to pursue its obligations to mitigate the social and economic impact of the Covid-19 pandemic, incuring deficits and rising debts.
In an interview yesterday, Treasury spokesperson Williams Banda said the funds would be critical to the country given the economic disruption brought about by the pandemic.
On his part, World Bank managing director for operations Axel Van Trotsenburg said the IDA20 will be a powerful force helping countries with a green and inclusive recovery to get back to the 2030 goals.