## 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, December 6, 2019_

## Source details

**Canonical URL:** [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](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)

## Other formats

- [Markdown version](/en/publications/cr/issues/2019/12/06/malawi-second-and-third-reviews-under-the-three-year-extended-credit-facility-arrangement-48858/index.md)
- [Structured JSON version](/en/publications/cr/issues/2019/12/06/malawi-second-and-third-reviews-under-the-three-year-extended-credit-facility-arrangement-48858/index.json)
- [Bundle manifest](/en/publications/cr/issues/2019/12/06/malawi-second-and-third-reviews-under-the-three-year-extended-credit-facility-arrangement-48858/bundle-manifest.json)

## Bibliographic details
- Published: December 6, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513521756.002

---

### Key findings and program assessment
- 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:
  - faster than envisaged implementation of rural electrification and development projects,
  - unexpected spending for disaster relief,
  - spending to ensure safety during elections and post-election protests.
- The authorities aim to:
  - entrench macroeconomic stability,
  - preserve debt sustainability,
  - advance governance reforms,
  - attain higher, more inclusive, and resilient growth.

### Fiscal policy and public financial management
- Essential reconstruction and security spending will be accommodated by:
  - reprioritizing spending,
  - a modest relaxation in the FY 2019/20 domestic primary balance target.
- Subject tags associated with the report: External debt; Fiscal policy; Fiscal stance; Public debt; Public financial management (PFM); Revenue administration.

### Monetary and financial sector stance
- Monetary policy remains targeted on containing inflation.
- Exchange rate flexibility will:
  - buffer shocks,
  - preserve competitiveness.
- Financial sector resilience continues to be strengthened.

### Publication and metadata
- 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.

*International 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).*

---

## Content in this bundle

- **1mwiea2019001**
  - [1mwiea2019001 (Markdown version)](/-/media/files/publications/cr/2019/1mwiea2019001.pdf.md){rel="alternate" type="text/markdown"}
  - [1mwiea2019001 (PDF)](/-/media/files/publications/cr/2019/1mwiea2019001.pdf){rel="external" type="application/pdf"}

---

_Source: 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_