{
  "title": "Malawi: Second and Third Reviews Under the Three-Year Extended Credit Facility Arrangement and Requests for Waivers of Nonobservance of Performance Criteria and Augmentation of Access-Press Release; Staff Report; and Statement by the Executive Director for Malawi",
  "publication": "IMF Staff Country Reports, December 6, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/12/06/malawi-second-and-third-reviews-under-the-three-year-extended-credit-facility-arrangement-48858",
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  "summary": "This paper discusses Malawi’s Second and Third Reviews Under the Three-Year Extended Credit Facility Arrangement and Requests for Waivers of NonObservance of Performance Criteria and Augmentation of Access.",
  "sections": [
    {
      "heading": "Key findings and program assessment",
      "content": "- Program-supported structural reforms advanced, addressing several important gaps that had previously been identified in public financial management.\n- All quantitative performance criteria were met except those on the primary balance.\n- Primary balance targets were missed largely due to:\n  - faster than envisaged implementation of rural electrification and development projects,\n  - unexpected spending for disaster relief,\n  - spending to ensure safety during elections and post-election protests.\n- The authorities aim to:\n  - entrench macroeconomic stability,\n  - preserve debt sustainability,\n  - advance governance reforms,\n  - attain higher, more inclusive, and resilient growth."
    },
    {
      "heading": "Fiscal policy and public financial management",
      "content": "- Essential reconstruction and security spending will be accommodated by:\n  - reprioritizing spending,\n  - a modest relaxation in the FY 2019/20 domestic primary balance target.\n- Subject tags associated with the report: External debt; Fiscal policy; Fiscal stance; Public debt; Public financial management (PFM); Revenue administration."
    },
    {
      "heading": "Monetary and financial sector stance",
      "content": "- Monetary policy remains targeted on containing inflation.\n- Exchange rate flexibility will:\n  - buffer shocks,\n  - preserve competitiveness.\n- Financial sector resilience continues to be strengthened."
    },
    {
      "heading": "Publication and metadata",
      "content": "- Publication date: December 6, 2019\n- Series: Country Report No. 2019/361\n- Issue: 361\n- Volume: 2019\n- Pages: 119\n- DOI: https://doi.org/10.5089/9781513521756.002\n- Stock No: 1MWIEA2019001\n- ISBN: 9781513521756\n- ISSN: 1934-7685\n- Keywords: Africa; CR; debt service; ECF arrangement; equivalent of SDR; Fiscal stance; Global; IMF arrangement; IMF's transparency policy; ISCR; Malawi's resilience; reconstruction; resilience to climate change; SDR.\n\nInternational Monetary Fund. African Dept. \"Malawi: Second and Third Reviews Under the Three-Year Extended Credit Facility Arrangement and Requests for Waivers of Nonobservance of Performance Criteria and Augmentation of Access-Press Release; Staff Report; and Statement by the Executive Director for Malawi\", IMF Staff Country Reports 2019, 361 (2019).\n\n---\n\n Content in this bundle\n\n- 1mwiea2019001\n  - 1mwiea2019001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1mwiea2019001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: December 6, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513521756.002",
    "Program-supported structural reforms advanced, addressing several important gaps that had previously been identified in public financial management.",
    "All quantitative performance criteria were met except those on the primary balance.",
    "Primary balance targets were missed largely due to:",
    "The authorities aim to:",
    "Essential reconstruction and security spending will be accommodated by:",
    "Subject tags associated with the report: External debt; Fiscal policy; Fiscal stance; Public debt; Public financial management (PFM); Revenue administration.",
    "Monetary policy remains targeted on containing inflation.",
    "Exchange rate flexibility will:",
    "Financial sector resilience continues to be strengthened.",
    "Publication date: December 6, 2019",
    "Series: Country Report No. 2019/361",
    "Issue: 361",
    "Volume: 2019",
    "Pages: 119",
    "DOI: https://doi.org/10.5089/9781513521756.002",
    "Stock No: 1MWIEA2019001",
    "ISBN: 9781513521756",
    "ISSN: 1934-7685",
    "Keywords: Africa; CR; debt service; ECF arrangement; equivalent of SDR; Fiscal stance; Global; IMF arrangement; IMF's transparency policy; ISCR; Malawi's resilience; reconstruction; resilience to climate change; SDR.",
    "**1mwiea2019001**"
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