{
  "title": "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",
  "publication": "IMF Staff Country Reports, February 7, 2014",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/malawi-third-and-fourth-reviews-under-the-extended-credit-facility-arrangement-request-for-41314",
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  "summary": "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.",
  "sections": [
    {
      "heading": "Supplement focus and context",
      "content": "- 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.\n- 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.\n- The IMF staff also welcomes the interim forensic audit report."
    },
    {
      "heading": "Findings from the interim forensic audit and staff assessment",
      "content": "- The interim forensic audit report did not contain all the information sought by the IMF staff, but:\n  - 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.\n- Some risks remain, including the risk that the final audit could reveal slightly larger fund misappropriation."
    },
    {
      "heading": "Policy implications and recommended implementation stance",
      "content": "- It will be important to cautiously implement the fiscal spending program to preserve buffers, lest the final audit reveal slightly larger fund misappropriation.\n- Continued implementation of remedial actions to strengthen system controls and financial management is supported by IMF staff."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Balance of payments statistics, Banking, Budget planning and preparation, Economic and financial statistics, Expenditure, External debt, Public debt, Public financial management (PFM)\n- 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\n\n---\n\n Content in this bundle\n\n- cr1437 - Executive Summary\n  - cr1437 - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr1437 - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 7, 2014",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475573046.002",
    "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.",
    "The interim forensic audit report did not contain all the information sought by the IMF staff, but:",
    "Some risks remain, including the risk that the final audit could reveal slightly larger fund misappropriation.",
    "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: 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",
    "**_cr1437 - Executive Summary**"
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