{ "title": "IMF Staff Completes Mission to Malawi", "publication": "IMF News, May 23, 2024", "sourceUrl": "https://www.imf.org/en/news/articles/2024/05/23/pr-24177-malawi-imf-staff-completes-mission", "canonical": "https://www.imf.org/en/news/articles/2024/05/23/pr-24177-malawi-imf-staff-completes-mission", "overlayPath": "/en/news/articles/2024/05/23/pr-24177-malawi-imf-staff-completes-mission/index.md", "summary": "An IMF staff team led by Ms. Mika Saito visited Lilongwe from May 12 to 23, 2024 to conduct discussions on the First Review of the ECF-supported program. The program was approved by the IMF Executive Board on November 15, 2023.", "publishDate": "2024-05-23", "sections": [ { "heading": "Mission details", "content": "- An IMF staff team led by Ms. Mika Saito visited Lilongwe from May 12 to 23, 2024 to conduct discussions on the First Review of the ECF-supported program.\n- The program was approved by the IMF Executive Board on November 15, 2023.\n- Press Release No. 24/177\n- Press officer: Tatiana Mossot\n- Phone: +1 202 623-7100\n- Email: MEDIA@IMF.org\n- @IMFSpokesperson" }, { "heading": "Discussions and outcomes", "content": "- The team had productive discussions with the authorities; discussions will continue in the coming weeks to finalize policies to support the completion of the ECF review.\n- The IMF team and Malawian authorities reached a common understanding on efforts needed to:\n - return to a sustainable fiscal adjustment path,\n - rebuild external buffers,\n - restore debt sustainability,\n - mitigate the El Nino-induced disaster.\n- The IMF team acknowledged the authorities’ firm commitment to successfully complete the first review of the ECF-supported program." }, { "heading": "Economic outlook and impact of El Nino", "content": "- Weather-related shocks continue to impact the Malawian economy, exacerbating food insecurity.\n- The economic outlook for 2024 remains positive but economic growth is now projected at 2 percent reflecting the impact of El Nino on agricultural production and spillovers to the rest of the economy.\n- A successful winter crop would cushion the impact of drought on the agriculture sector." }, { "heading": "Policy priorities and reforms", "content": "- Fiscal discipline remains critical in the face of elevated spending pressures.\n- Rebuilding international reserve buffers and normalizing the foreign exchange market are critically important to:\n - facilitate the return of trade credit,\n - reduce vulnerability to external shocks.\n- Addressing weakness in governance and institutions remains important.\n- Successful external debt restructuring is vital for macroeconomic stability." }, { "heading": "Review process and next steps", "content": "- Discussions will continue in the coming weeks toward completion of the First ECF Review.\n- The IMF team expressed gratitude: “The team would like to thank the Malawian authorities and other counterparts for their cooperation, warm hospitality, and constructive discussions.”\n\nInternational Monetary Fund\n\n---\n\n\n References\n\n- Malawi and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2024/05/23/pr-24177-malawi-imf-staff-completes-mission" } ], "bullets": [ "[Markdown version](/en/news/articles/2024/05/23/pr-24177-malawi-imf-staff-completes-mission/index.md)", "[Structured JSON version](/en/news/articles/2024/05/23/pr-24177-malawi-imf-staff-completes-mission/index.json)", "[Bundle manifest](/en/news/articles/2024/05/23/pr-24177-malawi-imf-staff-completes-mission/bundle-manifest.json)", "Published: May 23, 2024", "An IMF staff team led by Ms. Mika Saito visited Lilongwe from May 12 to 23, 2024 to conduct discussions on the First Review of the ECF-supported program.", "The program was approved by the IMF Executive Board on November 15, 2023.", "Press Release No. 24/177", "Press officer: Tatiana Mossot", "Phone: +1 202 623-7100", "Email: MEDIA@IMF.org", "@IMFSpokesperson", "The team had productive discussions with the authorities; discussions will continue in the coming weeks to finalize policies to support the completion of the ECF review.", "The IMF team and Malawian authorities reached a common understanding on efforts needed to:", "The IMF team acknowledged the authorities’ firm commitment to successfully complete the first review of the ECF-supported program.", "Weather-related shocks continue to impact the Malawian economy, exacerbating food insecurity.", "The economic outlook for 2024 remains positive but economic growth is now projected at 2 percent reflecting the impact of El Nino on agricultural production and spillovers to the rest of the economy.", "A successful winter crop would cushion the impact of drought on the agriculture sector.", "Fiscal discipline remains critical in the face of elevated spending pressures.", "Rebuilding international reserve buffers and normalizing the foreign exchange market are critically important to:", "Addressing weakness in governance and institutions remains important.", "Successful external debt restructuring is vital for macroeconomic stability.", "Discussions will continue in the coming weeks toward completion of the First ECF Review.", "The IMF team expressed gratitude: “The team would like to thank the Malawian authorities and other counterparts for their cooperation, warm hospitality, and constructive discussions.”", "[Malawi and the IMF](http://www.imf.org/external/country/MWI/index.htm)", "[Press Releases](https://www.imf.org/en/news/searchnews)", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2024/05/23/pr-24177-malawi-imf-staff-completes-mission/index.md", "json": "/en/news/articles/2024/05/23/pr-24177-malawi-imf-staff-completes-mission/index.json", "bundleManifest": "/en/news/articles/2024/05/23/pr-24177-malawi-imf-staff-completes-mission/bundle-manifest.json" }, "generatedAtUtc": "2026-09-26T03:01:04.854Z" }