Malawi: Third and Fourth Reviews Under the Extended Credit Facility Arrangement, Request for Waivers for Non-observance of Performance Criteria, Extension of the Arrangement, Rephasing of Disbursements, and Modification of Performance Criteria‑Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Malawi
IMF Staff Country Reports, February 7, 2014
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- Malawi: Third and Fourth Reviews Under the Extended Credit Facility Arrangement, Request for Waivers for Non-observance of Performance Criteria, Extension of the Arrangement, Rephasing of Disbursements, and Modification of Performance Criteria‑Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Malawi
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Bibliographic details
- Published: February 7, 2014
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475573046.002
Supplement focus and context
- This Supplement Information focuses on recent developments regarding the Malawi government’s response to the recent fiscal scandal and on the implementation of two remaining prior actions.
- The IMF staff welcomes the continued progress in implementing remedial actions to address the recent fraud and actions by the authorities toward meeting the end-December 2013 quantitative targets.
- The IMF staff also welcomes the interim forensic audit report.
Findings from the interim forensic audit and staff assessment
- The interim forensic audit report did not contain all the information sought by the IMF staff, but:
- It had enough to assure the IMF staff that the remedial measures being implemented by the authorities to strengthen system controls and financial management are in the right areas.
- Some risks remain, including the risk that the final audit could reveal slightly larger fund misappropriation.
Policy implications and recommended implementation stance
- It will be important to cautiously implement the fiscal spending program to preserve buffers, lest the final audit reveal slightly larger fund misappropriation.
- Continued implementation of remedial actions to strengthen system controls and financial management is supported by IMF staff.
Subjects and keywords
- Subjects: Balance of payments statistics, Banking, Budget planning and preparation, Economic and financial statistics, Expenditure, External debt, Public debt, Public financial management (PFM)
- Keywords: authority, Balance of payments statistics, Budget planning and preparation, complying disbursement, CR, development partner, ECF arrangement, expenditure execution, Global, ISCR, monetary policy need, payment arrears, Southern Africa
Content in this bundle
- _cr1437 - Executive Summary