Minister of Finance, Economic Planning and Decentralisation Joseph Mwanamvekha confirmed that the World Bank has given a green light for Malawi to apply for the facility — a funding mechanism designed to provide quick support to countries dealing with sudden economic shocks.

Speaking from Washington, D.C., where he is attending the Spring Meetings of the World Bank and the International Monetary Fund, Mwanamvekha said the support will help cushion the country against rising costs of fuel, fertiliser, and other essential commodities.

“Because of the war, prices of key commodities have gone up. The World Bank is ready to support us once we submit our application,” he said.

The ongoing tensions involving the United States, Israel, and Iran have triggered global market disruptions, with countries dependent on imports, including Malawi, feeling the impact.

The RRF is expected to help stabilise the economy and provide relief as the government works to manage inflation and maintain supply of essential goods.

Meanwhile, discussions with the IMF have reportedly been positive, with the institution acknowledging Malawi’s progress on fiscal and monetary reforms.

With global uncertainties continuing, the move signals an effort by Malawi to strengthen its economic resilience in the face of external shocks.

Focus now shifts to how quickly the support can be secured and implemented.