Malawi: Third and Fourth Reviews Under the Extended Credit Facility Arrangement, Request for Waivers for Non-observance of Performance Criteria, Extension of the Arrangement, Rephasing of Disbursements, and Modification of Performance Criteria-Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Malawi

Publication Date: February 07, 2014
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Summary: This paper focuses on Malawi’s Third and Fourth Reviews Under the Extended Credit Facility (ECF) Arrangement. Donors have suspended some aid disbursements to Malawi in response to a scandal involving the theft of public funds. Recovery is under way in many sectors of the economy, facilitated by increased availability of foreign exchange. Performance in relation to quantitative targets for the third ECF review was good, but weakened for the fourth review. There was significant fiscal slippage (excessive domestic borrowing) during July–September 2013. The IMF Staff supports the authorities’ requests for waivers based on corrective actions and policy commitments.
Series: Country Report No. 14/37
Subject(s): Extended Credit Facility | Fiscal policy | Government expenditures | Monetary policy | Bank restructuring | Bank supervision | Economic indicators | Debt sustainability analysis | Staff Reports | Press releases | Performance criteria modifications | Phasing of purchases | Performance criteria waivers | Malawi

Publication Date: February 07, 2014
ISBN/ISSN: 9781475573046/1934-7685 Format: Paper
Stock No: 1MWIEA2014001 Pages: 113
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