President Bakili Muluzi of Malawi has called for fast track debt relief under the World Bank and the International Monetary Fund’s Highly Indebted Poor Countries initiative.
Muluzi was quoted by the South African broadcasting corporation on Tuesday as saying debt relief would make funds available to improve the lives of the country’s 10-million mainly rural people.
Debt servicing consumes 25 percent of Malawi’s government budget compared to only 10 percent that goes to basic education, primary health, nutrition and water development. Malawi’s external debt stands at US $2.5 billion. Muluzi hoped Malawi would qualify for debt relief by the end of the year.
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