{
  "title": "Malawi: First Review Under the Three-Year Extended Credit Facility Arrangement and Requests for Modification and Waivers of Nonobservance of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Malawi",
  "publication": "IMF Staff Country Reports, November 30, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/11/30/malawi-first-review-under-the-three-year-extended-credit-facility-arrangement-and-requests-46408",
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  "summary": "Malawi’s economic growth remains moderate, reflecting a weak agricultural harvest and continued electricity shortages. Fiscal deficits continue to be financed domestically, as donor funding remains constrained by governance concerns since the 2013 cashgate scandal, resulting in an increasing public",
  "sections": [
    {
      "heading": "Macroeconomic context and near-term outlook",
      "content": "- Economic growth remains moderate, reflecting a weak agricultural harvest and continued electricity shortages.\n- Presidential elections are scheduled for mid-2019.\n- Fiscal deficits continue to be financed domestically as donor funding remains constrained by governance concerns since the 2013 cashgate scandal, resulting in an increasing public debt burden."
    },
    {
      "heading": "Program performance (end-June 2018)",
      "content": "- Most quantitative performance criteria (QPC) were met at end-June 2018.\n- Significant overperformance on:\n  - International reserves.\n  - Reduction in Reserve Bank of Malawi (RBM) holdings of government securities.\n- Missed performance criteria:\n  - QPC on the primary fiscal balance was missed by 0.9 percent of GDP due to expenditure overruns.\n  - Continuous QPC on new non-concessional external debt was missed due to a technical oversight in the Technical Memorandum of Understanding.\n- Remedial actions and requests:\n  - Based on corrective measures, the authorities request waivers of non-observance."
    },
    {
      "heading": "Structural benchmarks and implementation",
      "content": "- Two structural benchmarks were observed.\n- Most remaining structural benchmarks have been completed with delay."
    },
    {
      "heading": "Policy and reform themes highlighted",
      "content": "- Fiscal policy: pressure from domestic financing of deficits and expenditure overruns affecting primary fiscal balance.\n- Public debt: increasing public debt burden due to constrained donor support.\n- Public financial management and governance: donor constraints linked to governance concerns dating to the 2013 cashgate scandal; reforms and compliance with structural benchmarks remain focal.\n- External debt management: attention to new non-concessional external debt and the Technical Memorandum of Understanding."
    },
    {
      "heading": "Key statistics and publication identifiers",
      "content": "- Pages: 123\n- Volume: 2018\n- Issue: 336\n- Series: Country Report No. 2018/336\n- DOI: https://doi.org/10.5089/9781484387306.002\n- Stock No: 1MWIEA2018004\n- ISBN: 9781484387306\n- ISSN: 1934-7685\n- Publication date on the landing page: November 30, 2018\n\nInternational Monetary Fund. Malawi: First Review Under the Three-Year Extended Credit Facility Arrangement and Requests for Modification and Waivers of Nonobservance of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Malawi (IMF Staff Country Reports 2018, 336).\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: November 30, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484387306.002",
    "Economic growth remains moderate, reflecting a weak agricultural harvest and continued electricity shortages.",
    "Presidential elections are scheduled for mid-2019.",
    "Fiscal deficits continue to be financed domestically as donor funding remains constrained by governance concerns since the 2013 cashgate scandal, resulting in an increasing public debt burden.",
    "Most quantitative performance criteria (QPC) were met at end-June 2018.",
    "Significant overperformance on:",
    "Missed performance criteria:",
    "Remedial actions and requests:",
    "Two structural benchmarks were observed.",
    "Most remaining structural benchmarks have been completed with delay.",
    "Public financial management and governance: donor constraints linked to governance concerns dating to the 2013 cashgate scandal; reforms and compliance with structural benchmarks remain focal.",
    "Pages: 123",
    "Volume: 2018",
    "Issue: 336",
    "Series: Country Report No. 2018/336",
    "DOI: https://doi.org/10.5089/9781484387306.002",
    "Stock No: 1MWIEA2018004",
    "ISBN: 9781484387306",
    "ISSN: 1934-7685",
    "Publication date on the landing page: November 30, 2018",
    "**Country Report**"
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