Malawi: Fourth and Fifth Reviews Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, and Request for Waivers of Nonobservance of Performance Criteria-Staff Report; Staff Supplement; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Malawi
January 4, 2008
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Progress on fiscal policy during 2006/07 in Malawi was slower than expected. The 2006/07 (July-June) fiscal strategy focused on reducing domestic debt. In the third Poverty Reduction and Growth Facility (PRGF) review, the end-June target for domestic debt repayments was increased substantially. Domestic borrowing exceeded the adjusted target at end-December 2006 by MK 4.1 billion (0.9 percent of GDP). The government partially redressed this overrun by curtailing discretionary spending in the fourth quarter, as the scale of the end-December overrun became clear.
Subject: Asset and liability management, Balance of payments assistance, Debt Relief, Domestic debt, External debt, Public debt, Public financial management (PFM)
Keywords: Africa, CR, debt, Debt relief, Domestic debt, end-June net foreign assets, estimate, fiscal policy implementation, Global, government, ISCR, macroeconomic environment, revisions to estimate, September, staff appraisal
Pages:
94
Volume:
2008
DOI:
Issue:
003
Series:
Country Report No. 2008/003
Stock No:
1MWIEA2008001
ISBN:
9781451828184
ISSN:
1934-7685
