Malawi: Second and Third Reviews Under the Three-Year Extended Credit Facility Arrangement and Requests for Waivers of Nonobservance of Performance Criteria and Augmentation of Access-Press Release; Staff Report; and Statement by the Executive Director for Malawi

IMF Staff Country Reports, December 6, 2019

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Malawi: Second and Third Reviews Under the Three-Year Extended Credit Facility Arrangement and Requests for Waivers of Nonobservance of Performance Criteria and Augmentation of Access-Press Release; Staff Report; and Statement by the Executive Director for Malawi

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Bibliographic details

• Published: December 6, 2019
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781513521756.002

Key findings and program assessment

• Program-supported structural reforms advanced, addressing several important gaps that had previously been identified in public financial management.
• All quantitative performance criteria were met except those on the primary balance.
• Primary balance targets were missed largely due to:
  • faster than envisaged implementation of rural electrification and development projects,
  • unexpected spending for disaster relief,
  • spending to ensure safety during elections and post-election protests.
• The authorities aim to:
  • entrench macroeconomic stability,
  • preserve debt sustainability,
  • advance governance reforms,
  • attain higher, more inclusive, and resilient growth.

Fiscal policy and public financial management

• Essential reconstruction and security spending will be accommodated by:
  • reprioritizing spending,
  • a modest relaxation in the FY 2019/20 domestic primary balance target.
• Subject tags associated with the report: External debt; Fiscal policy; Fiscal stance; Public debt; Public financial management (PFM); Revenue administration.

Monetary and financial sector stance

• Monetary policy remains targeted on containing inflation.
• Exchange rate flexibility will:
  • buffer shocks,
  • preserve competitiveness.
• Financial sector resilience continues to be strengthened.

Publication and metadata

• Publication date: December 6, 2019
• Series: Country Report No. 2019/361
• Issue: 361
• Volume: 2019
• Pages: 119
• DOI: https://doi.org/10.5089/9781513521756.002
• Stock No: 1MWIEA2019001
• ISBN: 9781513521756
• ISSN: 1934-7685
• Keywords: Africa; CR; debt service; ECF arrangement; equivalent of SDR; Fiscal stance; Global; IMF arrangement; IMF's transparency policy; ISCR; Malawi's resilience; reconstruction; resilience to climate change; SDR.

International Monetary Fund. African Dept. "Malawi: Second and Third Reviews Under the Three-Year Extended Credit Facility Arrangement and Requests for Waivers of Nonobservance of Performance Criteria and Augmentation of Access-Press Release; Staff Report; and Statement by the Executive Director for Malawi", IMF Staff Country Reports 2019, 361 (2019).

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