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Parliament approves K50.3 billion Masaf IV loan

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Parliament on Tuesday approved a K50.26 billion International Development Association (IDA) second additional financing for safety nets systems loan to be used for Malawi Social Action Fund (Masaf) IV projects.

The loan will be sourced from IDA, an arm of the World Bank that helps the poor countries.

The project components include productive safety nets through productive community, driven public works designed to provide transfers to poor households through participation in community-driven public works, livelihoods and skills development designed to finance grants for increasing household level incomes and assets through Community Savings and Investment Promotion (Comsip).

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The projects have also a component for social cash transfers to finance cash transfers targeted to the poorest labour-constrained households, as well as activities for capacity building and technical assistance, systems and capacity building; and project management.

Minister of Finance, Goodall Gondwe, said the projects are meant to reduce the economic challenges that the disadvantaged people are facing.

“The loan is supposed to support projects that lessen the impact of economic challenges on the poor. We want to at least make them live a certain kind of happy life and be able to get food and be able to pay school fees for their children,” Gondwe said.

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On the same day, Members of Parliament also approved another K16.5 billion (Export and Import Bank of China (National Fibre Backbone Project) loan which seeks to improve internet services in the country.

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