{
  "title": "Malawi: Request for Disbursement Under the Rapid Credit Facility and Request for a Staff Monitored Program with Executive Board Involvement-Press Release; Staff Report; and Statement by the Executive Director For Malawi",
  "publication": "IMF Staff Country Reports, November 23, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/11/23/malawi-request-for-disbursement-under-the-rapid-credit-facility-and-request-for-a-staff-525884",
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  "summary": "Foreign exchange shortages together with exchange rate misalignment led to a sharp decline in imports including fuel, fertilizer, medicine, and food.",
  "sections": [
    {
      "heading": "Economic conditions and external constraints",
      "content": "- Foreign exchange shortages together with exchange rate misalignment led to a sharp decline in imports including fuel, fertilizer, medicine, and food.\n- International reserves pressures are implied by the foreign exchange shortages and import compression."
    },
    {
      "heading": "Fiscal and monetary developments",
      "content": "- Large fiscal deficits, nearly 10 percent of GDP in FY2021/22, have been largely financed by domestic bank borrowing.\n- Financing of deficits through domestic bank borrowing resulted in rapid money growth.\n- Inflation reached 25.9 percent in September 2022.\n- Exchange rate pass-through and hikes in food prices contributed to inflationary pressure."
    },
    {
      "heading": "Food security, agricultural impact, and near-term outlook",
      "content": "- Multiple tropical storms and below-average crop production have increased food insecurity in Malawi.\n- Increasing prices for food and agricultural inputs such as fertilizer and seeds are expected to affect the current planting season.\n- As a result of these factors, about 20 percent of the population is projected to be acutely food insecure during the upcoming 2022/23 lean season (October 2022-March 2023), more than twice as many as in 2021."
    },
    {
      "heading": "Report metadata and thematic focus",
      "content": "- Subject areas: Central banks, Debt service, Debt sustainability, External debt, International organization, International reserves, Monetary policy, Public debt\n- Keywords: Africa, debt advisor, debt restructuring strategy, Debt service, Debt sustainability, financing gap, Global, government subsidy program, International reserves, Southern Africa, track-record building SMP\n\n---\n\n Content in this bundle\n\n- 1mwiea2022001\n  - 1mwiea2022001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1mwiea2022001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: November 23, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400225970.002",
    "Foreign exchange shortages together with exchange rate misalignment led to a sharp decline in imports including fuel, fertilizer, medicine, and food.",
    "Large fiscal deficits, nearly 10 percent of GDP in FY2021/22, have been largely financed by domestic bank borrowing.",
    "Financing of deficits through domestic bank borrowing resulted in rapid money growth.",
    "Inflation reached 25.9 percent in September 2022.",
    "Exchange rate pass-through and hikes in food prices contributed to inflationary pressure.",
    "Multiple tropical storms and below-average crop production have increased food insecurity in Malawi.",
    "Increasing prices for food and agricultural inputs such as fertilizer and seeds are expected to affect the current planting season.",
    "As a result of these factors, about 20 percent of the population is projected to be acutely food insecure during the upcoming 2022/23 lean season (October 2022-March 2023), more than twice as many as in 2021.",
    "Subject areas: Central banks, Debt service, Debt sustainability, External debt, International organization, International reserves, Monetary policy, Public debt",
    "Keywords: Africa, debt advisor, debt restructuring strategy, Debt service, Debt sustainability, financing gap, Global, government subsidy program, International reserves, Southern Africa, track-record building SMP",
    "**1mwiea2022001**"
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