{
  "title": "Malawi: 2012 Article IV Consultation and Request for a New Arrangement Under the Extended Credit Facility: Staff Report; Staff Supplements; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Malawi",
  "publication": "IMF Staff Country Reports, August 3, 2012",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/malawi-2012-article-iv-consultation-and-request-for-a-new-arrangement-under-the-extended-26152",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/31/malawi-2012-article-iv-consultation-and-request-for-a-new-arrangement-under-the-extended-26152",
  "overlayPath": "/en/publications/cr/issues/2016/12/31/malawi-2012-article-iv-consultation-and-request-for-a-new-arrangement-under-the-extended-26152/index.md",
  "summary": "The Malawian economy is slowly recovering, thanks to corrective measures such as the floating exchange rate regime and liberated current account transactions.",
  "sections": [
    {
      "heading": "Economic outlook and assessment",
      "content": "- The Malawian economy is \"slowly recovering.\"\n- Recovery is attributed to corrective measures including the \"floating exchange rate regime\" and \"liberated current account transactions.\"\n- Stabilization challenges highlighted include inflation control and rebuilding of international reserves."
    },
    {
      "heading": "Policy recommendations and suggested measures",
      "content": "- Fiscal policy:\n  - \"Stringent fiscal discipline\" is recommended to help stabilize the macroeconomy.\n  - Measures to \"ensure revenue gain concurrent with spending\" are recommended.\n- Monetary policy:\n  - \"Restrained monetary policies\" are recommended to control inflation.\n- Exchange rate and external sector:\n  - Continued use of the \"floating exchange rate regime\" is presented as a corrective measure.\n  - Boosting \"international reserves\" is recommended to strengthen external buffers.\n- Public management and development strategy:\n  - Implementation of \"Malawi Growth and Development Strategy II (MGDS-II)\" is suggested.\n  - Adoption of \"results-based management (RBM)\" and emphasis on \"Operation power and freedom\" for RBM and MGDS-II implementation are recommended by the Executive Board."
    },
    {
      "heading": "Executive Board observations",
      "content": "- The Executive Board suggests operationalizing RBM and implementing MGDS-II to improve public sector outcomes.\n- The Board emphasizes that stabilization and inflation control require coordinated fiscal and monetary restraint alongside reserve accumulation."
    },
    {
      "heading": "Subject focus and keywords (as listed)",
      "content": "- Subject: Budget planning and preparation, Central banks, Expenditure, Foreign exchange, Imports, International reserves, International trade, Public financial management (PFM)\n- Keywords: amount equivalent to SDR, anchor inflation expectation, Budget planning and preparation, CR, current account transaction, devaluation, ECF arrangement, equivalent, floating exchange rate regime, Global, government, Imports, International reserves, ISCR, prudent fiscal policy, second growth\n\nSource: Malawi: 2012 Article IV Consultation and Request for a New Arrangement Under the Extended Credit Facility: Staff Report; Staff Supplements; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Malawi.\n\n---\n\n Content in this bundle\n\n- cr12221\n  - cr12221 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr12221 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/31/malawi-2012-article-iv-consultation-and-request-for-a-new-arrangement-under-the-extended-26152/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/31/malawi-2012-article-iv-consultation-and-request-for-a-new-arrangement-under-the-extended-26152/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2016/12/31/malawi-2012-article-iv-consultation-and-request-for-a-new-arrangement-under-the-extended-26152/bundle-manifest.json)",
    "Published: August 3, 2012",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475506112.002",
    "The Malawian economy is \"slowly recovering.\"",
    "Recovery is attributed to corrective measures including the \"floating exchange rate regime\" and \"liberated current account transactions.\"",
    "Stabilization challenges highlighted include inflation control and rebuilding of international reserves.",
    "Fiscal policy:",
    "Monetary policy:",
    "Exchange rate and external sector:",
    "Public management and development strategy:",
    "The Executive Board suggests operationalizing RBM and implementing MGDS-II to improve public sector outcomes.",
    "The Board emphasizes that stabilization and inflation control require coordinated fiscal and monetary restraint alongside reserve accumulation.",
    "Subject: Budget planning and preparation, Central banks, Expenditure, Foreign exchange, Imports, International reserves, International trade, Public financial management (PFM)",
    "Keywords: amount equivalent to SDR, anchor inflation expectation, Budget planning and preparation, CR, current account transaction, devaluation, ECF arrangement, equivalent, floating exchange rate regime, Global, government, Imports, International reserves, ISCR, prudent fiscal policy, second growth",
    "**_cr12221**"
  ],
  "related": [
    {
      "title": "_cr12221",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2012/_cr12221.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2012/_cr12221.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2012/_cr12221.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2016/12/31/malawi-2012-article-iv-consultation-and-request-for-a-new-arrangement-under-the-extended-26152/index.md",
    "json": "/en/publications/cr/issues/2016/12/31/malawi-2012-article-iv-consultation-and-request-for-a-new-arrangement-under-the-extended-26152/index.json",
    "bundleManifest": "/en/publications/cr/issues/2016/12/31/malawi-2012-article-iv-consultation-and-request-for-a-new-arrangement-under-the-extended-26152/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-13T06:53:27.99Z"
}