Mutharika Meets MCC CEO

Malawi will have to wait until December this year to know which among the three proposed project areas on social and economic issues will be picked for funding under the second Millennium Challenge Corporation (MCC) compact.

Last year in December, Millennium Challenge Corporation (MCC) approved the findings of the preliminary economic constraints to growth analysis for the second compact for Malawi after the country successfully implemented the first $ 350 million compact in the energy sector.

Newly appointed Chief Executive Officer of MCC Sean Cairncross met President Peter Mutharika for talks on how the country can build on success story in the first pact and can utilize the second compact.

President Peter Mutharika said Malawi needs more work on improving macroeconomic environment.

“Reduction of production cost will boost production, allow rural Malawians to participate more in the production, create more jobs and more products,” Mutharika added

MCCs Chief Executive Officer Sean Cairncross said “Malawi was selected for the second compact as a result of governments continued commitment to strengthening democratic institutions, maintaining sound economic policies and investing in its people.”

Malawi Millennium Development Trust Chief Executive Officer Dye Mawindo concurred with Cairncross that the first compact has greatly improved energy sector in Malawi as evidenced by upgrading of Nkula A Hydro power plant which has added 36 megawatts to power grid.

Mawindo then called upon private sector to support the compact to achieve the intended results on poverty reduction.