Malawi passes K408 billion budget, paving way for donor funds

Malawi's parliament passed a vital national budget on Wednesday needed to unleash more funding from the International Monetary Fund and other donors

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Mozambique: Government Seeks Funding for Nacala Deep Water Port

22 JUNE 2012

Maputo — The Mozambican government is seeking a 1.5 billion US dollar loan from China for the construction of a deep water port in the district of Nacala-a-Velha, in the northern province of Nampula.

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Malawi inflation hits seven-year high in May

Tue Jun 19, 2012 10:13am GMT

JOHANNESBURG, June 19 (Reuters) - Consumer prices in Malawi jumped to a seven-year high in May as fuel and electricity costs shot up after the kwacha currency was devalued by more than 30 percent in early May.



The National Statistics Office said headline inflation accelerated to 17.3 percent year-on-year in May from 12.4 percent in April.



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Malawi's donors pledge nearly $500 mln in budget aid

Fri Jun 15, 2012 2:00pm GMT

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1 of 1Full SizeBy Mabvuto Banda

LILONGWE (Reuters) - Malawi's donors have pledged $496 million in budget support for the 2012/13 financial year, more than double pledges for the previous year's budget, Finance Minister Ken Lipenga said on Friday.



Malawi's economy had been teetering on the brink of collapse after former President Bingu wa Mutharika picked a fight with donors whose support usually accounted for about 40 percent of the budget.

Aid Pledge Hit Billion Mark

Donor	Amount	Column1
world bank	150,000,000
IMF	157,000,000
MCC	350,000,000
UK	90,000,000
EU	100,000,000	(estimated)
African Development Bank	40,000,000
South Africa	35,000,000
World Bank	125,000,000	Shire Valley Project
Total	1,047,000,000
Other Expected Nordic, US Aid, Germany

Lynas set to walk from Malawi project

Australia's only rare earths miner, Lynas Corp, has signalled it may walk away from the African project at the centre of a legal battle.

The trigger for Lynas' change of heart is the latest twist in a Malawi High Court saga that relates to its ownership of the Kangankunde rare earths project.

Lynas' flagship development is its Mount Weld rare earths mine in WA near Laverton but Kangankunde had been slated as a future growth project.

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Funds raised by Joyce So far

Donor	Amount	Column1
world bank	150,000,000
IMF	157,000,000
MCC	350,000,000
UK	57,000,000
EU	100,000,000	(estimated)
African Development Bank	40,000,000
South Africa	35,000,000
Total	889,000,000
Other Expected Nordic, US Aid, Germany

Malawi’s dramatic turn of events: Enough to lift MCC suspension? | www.malawitoday.com

Malawi’s dramatic turn of events: Enough to lift MCC suspension? | www.malawitoday.com: "Malawi’s dramatic turn of events: Enough to lift MCC suspension?
12 June 2012 By Sarah Jane Staats CENTER FOR GLOBAL DEVELOPMENT

The Millennium Challenge Corporation (MCC) board of directors suspended Malawi’s $350 million compact in March. Fast forward three months: Malawi has a new president—Joyce Banda—who is moving quickly to improve the country’s governance and economy. The MCC’s June board meeting was expected to be about terminating Malawi’s compact; instead, it will be about whether to lift the compact suspension. And Banda will be in Washington this weekend to make her case to the MCC and other parts of the U.S. government. My view: signals are positive, but the MCC should be patient."

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The World Bank pledges US$150 million to Malawi | www.malawitoday.com

The World Bank pledges US$150 million to Malawi | www.malawitoday.com: "he World Bank pledges US$150 million to Malawi
13 June 2012 CAPITAL RADIO

The World Bank is expected to release 150 million US dollars to cushion the shock facing Malawians following the devaluation of the Kwacha by 48.18 percent.

The Bank’s managing director Sri Mulyani Indrawati disclosed this after meeting President Joyce Banda in Washington DC."

Mkango Resources' latest drilling backs up earlier grades - Proactiveinvestors (AU)

Mkango Resources' latest drilling backs up earlier grades - Proactiveinvestors (AU):

Rare earths explorer Mkango Resources (CVE:MKA) says the most recent results from drilling its Songwe Hill project in Malawi have confirmed the earlier grades.
The results, for a further seven holes of the Stage 2 drilling programme, included one of 42.3m that graded 2.1 per cent total rare earth oxides (TREO), one of 39.1 m grading 1.9 per cent TREO and 47.3 m grading 2.2 per cent TREO."

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Malawi to receive $157 mn IMF loan

BLANTYRE — Malawi is set for a $157-million (125-million euro) three-year IMF loan to fix its troubled economy which has been hit by global aid suspensions, the International Monetary Fund said on Wednesday.