{
  "title": "Malawi: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Malawi",
  "publication": "IMF Staff Country Reports, October 21, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/10/20/malawi-request-for-disbursement-under-the-rapid-credit-facility-press-release-staff-report-49831",
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  "summary": "Presidential elections in June 2020, a re-run of the canceled 2019 elections, resulted in a change of government, with President Chakwera securing 59 percent of the vote.",
  "sections": [
    {
      "heading": "Political and public health context",
      "content": "- Presidential elections in June 2020, a re-run of the canceled 2019 elections, resulted in a change of government, with President Chakwera securing 59 percent of the vote.\n- The new administration is facing a rapid acceleration of COVID-19 cases in Malawi.\n- Adverse spillovers from continued deterioration of the global and regional economic situation have significantly worsened the macroeconomic outlook."
    },
    {
      "heading": "Balance of payments and financing gap",
      "content": "- An additional urgent balance of payments need of 2.9 percent of GDP has arisen.\n- This brings the total external financing gap in 2020 to 5.0 percent of GDP."
    },
    {
      "heading": "IMF support request and RCF disbursement details",
      "content": "- The authorities have requested an additional disbursement of 52.1 percent of quota (SDR 72.31 million) under the “exogenous shock” window of the Rapid Credit Facility (RCF).\n  - Under this request, 30 percent of the disbursement would finance the government budget.\n- This request follows the May 1, 2020 Board approval of a 47.9 percent of quota RCF disbursement (without budget support)."
    },
    {
      "heading": "Program status and medium-term intentions",
      "content": "- The authorities have cancelled the Extended Credit Facility (ECF).\n- The authorities expressed a strong interest in discussing a new ECF—better aligned with their new long-term growth and reform strategy—once conditions permit."
    },
    {
      "heading": "Key subjects and themes covered",
      "content": "- Asset and liability management\n- Budget planning and preparation\n- COVID-19\n- Debt relief\n- Health\n- Public debt\n- Public financial management (PFM)\n- Rapid Credit Facility\n- Revenue administration\n\n---\n\n Content in this bundle\n\n- 1mwiea2020002\n  - 1mwiea2020002 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1mwiea2020002 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: October 21, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513559612.002",
    "Presidential elections in June 2020, a re-run of the canceled 2019 elections, resulted in a change of government, with President Chakwera securing 59 percent of the vote.",
    "The new administration is facing a rapid acceleration of COVID-19 cases in Malawi.",
    "Adverse spillovers from continued deterioration of the global and regional economic situation have significantly worsened the macroeconomic outlook.",
    "An additional urgent balance of payments need of 2.9 percent of GDP has arisen.",
    "This brings the total external financing gap in 2020 to 5.0 percent of GDP.",
    "The authorities have requested an additional disbursement of 52.1 percent of quota (SDR 72.31 million) under the “exogenous shock” window of the Rapid Credit Facility (RCF).",
    "This request follows the May 1, 2020 Board approval of a 47.9 percent of quota RCF disbursement (without budget support).",
    "The authorities have cancelled the Extended Credit Facility (ECF).",
    "The authorities expressed a strong interest in discussing a new ECF—better aligned with their new long-term growth and reform strategy—once conditions permit.",
    "**1mwiea2020002**"
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