{
  "title": "Malawi: Second Review Under the Staff-Monitored Program with Executive Board Involvement and Request for an Arrangement Under the Extended Credit Facility-Press Release; Staff Report",
  "publication": "IMF Staff Country Reports, November 22, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/11/22/malawi-second-review-under-the-staff-monitored-program-with-executive-board-involvement-and-541708",
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  "summary": "This paper discusses Malawi’s Second Review under the Staff-Monitored Program with Executive Board Involvement (PMB) and Request for an Arrangement under the Extended Credit Facility (ECF). Malawi continues to face a challenging macroeconomic environment.",
  "sections": [
    {
      "heading": "Executive summary and context",
      "content": "- Document title: Malawi: Second Review Under the Staff-Monitored Program with Executive Board Involvement and Request for an Arrangement Under the Extended Credit Facility-Press Release; Staff Report\n- Date: November 22, 2023\n- Core purpose: Discusses Malawi’s Second Review under the Staff-Monitored Program with Executive Board Involvement (PMB) and the authorities’ request for an arrangement under the Extended Credit Facility (ECF).\n- Macroeconomic situation:\n  - Years of unsustainable domestic and external borrowing and the adverse impact of multiple external shocks have resulted in the widening of macroeconomic imbalances, including protracted balance of payment needs.\n  - The ECF-supported program is designed to support the authorities’ macroeconomic adjustment and reform agenda aimed at restoring macroeconomic stability, building a foundation for inclusive and sustainable growth, and addressing weaknesses in governance."
    },
    {
      "heading": "Key findings and staff assessment",
      "content": "- IMF staff assesses that the PMB remains on track to achieve its objectives.\n- Staff supports the authorities’ request for the ECF arrangement, conditional upon receipt of financing assurances.\n- Risks and vulnerabilities:\n  - Further delays in the restructuring of Malawi’s external debt would put at risk macroeconomic stabilization.\n  - The risks of moving forward with the ECF arrangement without an agreement in principle between the Malawian authorities and their commercial creditors are significant."
    },
    {
      "heading": "Policy implications and recommended conditions",
      "content": "- Primary policy recommendation:\n  - Proceed with the ECF-supported program to support macroeconomic adjustment and governance reforms, but only upon receipt of adequate financing assurances.\n- Debt-restructuring imperative:\n  - Prioritize timely restructuring of external debt to avoid jeopardizing macroeconomic stabilization.\n- Engagement with creditors:\n  - Secure an agreement in principle with commercial creditors before advancing the ECF arrangement to reduce significant implementation risks."
    },
    {
      "heading": "Subjects, keywords, and publication identifiers",
      "content": "- Subjects: Central banks, Debt service, External debt, Foreign exchange, International organization, International reserves, Monetary policy, Public debt\n- Keywords: Africa, authorized dealer banks, Debt service, ECF arrangement, executive board involvement, financing gap, Global, International reserves, staff appraisal, Sub-Saharan Africa\n- Publication details:\n  - Pages: 141\n  - Volume: 2023\n  - Issue: 375\n  - Series: Country Report No. 2023/375\n  - DOI: https://doi.org/10.5089/9798400259302.002\n  - Stock No: 1MWIEA2023002\n  - ISBN: 9798400259302\n  - ISSN: 1934-7685\n\nInternational Monetary Fund. Malawi: Second Review Under the Staff-Monitored Program with Executive Board Involvement and Request for an Arrangement Under the Extended Credit Facility-Press Release; Staff Report. November 22, 2023.\n\n---\n\n Content in this bundle\n\n- 1mwiea2023002\n  - 1mwiea2023002 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1mwiea2023002 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: November 22, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400259302.002",
    "Document title: Malawi: Second Review Under the Staff-Monitored Program with Executive Board Involvement and Request for an Arrangement Under the Extended Credit Facility-Press Release; Staff Report",
    "Date: November 22, 2023",
    "Core purpose: Discusses Malawi’s Second Review under the Staff-Monitored Program with Executive Board Involvement (PMB) and the authorities’ request for an arrangement under the Extended Credit Facility (ECF).",
    "Macroeconomic situation:",
    "IMF staff assesses that the PMB remains on track to achieve its objectives.",
    "Staff supports the authorities’ request for the ECF arrangement, conditional upon receipt of financing assurances.",
    "Risks and vulnerabilities:",
    "Primary policy recommendation:",
    "Debt-restructuring imperative:",
    "Engagement with creditors:",
    "Subjects: Central banks, Debt service, External debt, Foreign exchange, International organization, International reserves, Monetary policy, Public debt",
    "Keywords: Africa, authorized dealer banks, Debt service, ECF arrangement, executive board involvement, financing gap, Global, International reserves, staff appraisal, Sub-Saharan Africa",
    "Publication details:",
    "**1mwiea2023002**"
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