{
  "title": "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",
  "publication": "IMF Staff Country Reports, March 30, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/malawi-fifth-and-sixth-reviews-under-the-extended-credit-facility-arrangement-request-for-42814",
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  "summary": "This 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.",
  "sections": [
    {
      "heading": "Summary and context",
      "content": "- 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.\n- Program implementation was uneven given external financing shortfalls with several PCs not being observed.\n- The new authorities are firmly committed to the core policies and objectives of the original ECF-supported program.\n- Program discussions focused on key policy actions to address these challenges and bring the program back on track."
    },
    {
      "heading": "Performance criteria, waivers, and compliance",
      "content": "- Three out of seven PCs for the fifth review were not met, including the continuous PC on the contracting of nonconcessional external loans.\n- The paper includes a Request for Waivers for Non-observance of Performance Criteria (PCs).\n- The paper addresses Modification of Performance Criteria and Rephasing of Disbursements to reflect implementation challenges."
    },
    {
      "heading": "Policy stance and recommended actions",
      "content": "- Emphasis on key policy actions to address external financing shortfalls and to restore program compliance.\n- 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."
    },
    {
      "heading": "Thematic coverage",
      "content": "- Subject areas covered: Banking, Budget planning and preparation, Expenditure, External debt, Public debt, Public financial management (PFM).\n- 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.\n\n---\n\n Content in this bundle\n\n- cr1583\n  - cr1583 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr1583 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: March 30, 2015",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475521009.002",
    "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.",
    "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.",
    "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.",
    "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.",
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