Reforms see UK release aid to Malawi

money_coinsThe UK has responded to the recent economic reforms initiated by Malawian president, Joyce Banda, by releasing US$51 million of aid to the country

Banda has attempted to restore diplomatic ties and release frozen aid from donors since she took office in April following the death of predecessor, President Bingu wa Mutharika.

Aid accounted for about 40 per cent of Malawi’s budget until January 2011 when the aid was frozen, resulting in a $121 million hole in the country’s budget for the fiscal year.

British International Development Secretary, Andrew Mitchell, said that the money had been fast-tracked to fund programmes in agriculture, education and health.

The African Development Bank has said it will give Malawi $45 million in three instalments and the World Bank has said it will work with the IMF to address Malawi's needs.

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