Malawi: Fifth and Sixth Reviews Under the Extended Credit Facility Arrangement, Request for Waivers for Non-Observance of Performance Criteria, Extension of the Arrangement, Modification of Performance Criterion, and Rephasing of Disbursements
IMF Staff Country Reports, March 30, 2015
Source details
- Canonical URL
- Malawi: Fifth and Sixth Reviews Under the Extended Credit Facility Arrangement, Request for Waivers for Non-Observance of Performance Criteria, Extension of the Arrangement, Modification of Performance Criterion, and Rephasing of Disbursements
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Bibliographic details
- Published: March 30, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475521009.002
Summary and context
- The paper discusses Malawi’s Fifth and Sixth Reviews Under the Extended Credit Facility (ECF) Arrangement, Request for Waivers for Non-observance of Performance Criteria (PCs), Extension of the Arrangement, Modification of PCs, and Rephasing of Disbursements.
- Program implementation was uneven given external financing shortfalls with several PCs not being observed.
- The new authorities are firmly committed to the core policies and objectives of the original ECF-supported program.
- Program discussions focused on key policy actions to address these challenges and bring the program back on track.
Performance criteria, waivers, and compliance
- Three out of seven PCs for the fifth review were not met, including the continuous PC on the contracting of nonconcessional external loans.
- The paper includes a Request for Waivers for Non-observance of Performance Criteria (PCs).
- The paper addresses Modification of Performance Criteria and Rephasing of Disbursements to reflect implementation challenges.
Policy stance and recommended actions
- Emphasis on key policy actions to address external financing shortfalls and to restore program compliance.
- The new authorities’ commitment to the core policies and objectives of the original ECF-supported program is highlighted as central to returning the program to its intended trajectory.
Thematic coverage
- Subject areas covered: Banking, Budget planning and preparation, Expenditure, External debt, Public debt, Public financial management (PFM).
- Keywords provided: Budget planning and preparation, budget support, complying disbursement, CR, debt, disbursement of SDR, East Africa, ECF arrangement, Global, government, IMF Executive Board, ISCR, near-term reform agenda, public finance, Southern Africa.