IDA GRANT: US$20 million grant
PROJECT DESCRIPTION: The First Poverty Reduction Support Credit (PRSC-1) is the first in a series of three annual PRSCs to be provided to Malawi through the International Development Association (IDA). This first PRSC for Malawi will be a grant. It will support the Government of Malawi’s efforts to undertake the policy and institutional reforms necessary for the successful implementation of the Malawi Growth and Development Strategy (MGDS). These include efforts by the Government in the following areas: (i)improving the functioning of agricultural markets with a focus on the establishment of additional auction floors for agricultural products, and having in place a better targeted and more private sector inclusive system of providing fertilizers and seeds to farmers; (ii) improving the business environment through the establishment of a commercial court; (iii) economic governance with a focus on reforms that improve payroll management and external financial accountability of the GoM.