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International Monetary Fund

Although Malawi showed good economic performance under the Poverty Reduction and Growth Facility Arrangement, its poverty rate remained high. Executive Directors stressed the need to improve fiscal and monetary stances, and accelerate structural reforms. They appreciated the 10-point plan to improve budget management, and emphasized the need to sustain the soundness of the banking system. Directors agreed for further concessional assistance and urged the authorities to sustain efforts to improve data collection and dissemination, particularly in the area of fiscal statistics.

International Monetary Fund

Progress on fiscal policy during 2006/07 in Malawi was slower than expected. The 2006/07 (July-June) fiscal strategy focused on reducing domestic debt. In the third Poverty Reduction and Growth Facility (PRGF) review, the end-June target for domestic debt repayments was increased substantially. Domestic borrowing exceeded the adjusted target at end-December 2006 by MK 4.1 billion (0.9 percent of GDP). The government partially redressed this overrun by curtailing discretionary spending in the fourth quarter, as the scale of the end-December overrun became clear.

International Monetary Fund

Malawi has made satisfactory economic progress under the Poverty Reduction Growth Facility (PRGF) arrangement. Executive Directors commended fiscal consolidation, structural reforms, and monetary policy, and stressed the need to maintain macroeconomic stability. They welcomed the Malawi Poverty Reduction Strategy Paper, which is aimed to attain the Millennium Development Goals. They agreed that Malawi attained the successful completion of the first review under the PRGF arrangement and approved a waiver, extension of arrangement, and an interim assistance under the Heavily Indebted Poor Countries Debt Initiative.

International Monetary Fund

This paper assesses Malawi’s 2002 Article IV Consultation and Economic Program for 2002. Malawi’s economic program was guided by the Poverty Reduction Strategy Paper (PRSP) process. The program has been designed in close collaboration with the World Bank and other members of the international community. Malawi’s core economic databases are weak, and the authorities will have to address serious deficiencies more forcefully. Growth performance was disappointing in 2001, with real output likely to have contracted. For 2002, preliminary agricultural production data point at best to a weak economic recovery.

International Monetary Fund

This 2004 Article IV Consultation highlights that Malawi's real GDP grew by an annual average of 3 percent in 2002–03. Agricultural production rebounded from the drought in 2001, but the 2004 harvest was affected by a drought. Macroeconomic imbalances, high interest rates, and infrastructure constraints have adversely affected the non-agricultural economy. Malawi’s performance under the Poverty Reduction and Growth Facility (PRGF) arrangement, approved in December 2000, was disappointing. The authorities have requested IMF staff to monitor their economic program to establish a track record that could lead to a new PRGF arrangement.

International Monetary Fund

Although Malawi showed good economic performance under the Poverty Reduction and Growth Facility Arrangement, its poverty rate remained high. Executive Directors stressed the need to improve fiscal and monetary stances, and accelerate structural reforms. They appreciated the 10-point plan to improve budget management, and emphasized the need to sustain the soundness of the banking system. Directors agreed for further concessional assistance and urged the authorities to sustain efforts to improve data collection and dissemination, particularly in the area of fiscal statistics.

International Monetary Fund. African Dept.

Request for Disbursement under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Malawi

International Monetary Fund. African Dept.

In the attached letter, the Malawi authorities request a short extension, to June 30, 2016, of their arrangement under the Extended Credit Facility (ECF) that is currently due to expire on May 22, 2016. The ECF arrangement was approved on July 23, 2012 for the equivalent of SDR 104.1 million (150 percent of quota).1 The extension is needed to provide time for the authorities to implement two prior actions for completing the seventh and eighth reviews. These comprise the reconciliation of government bank accounts for the first half of FY2015/16 and another on preparing a report on the flow and stock of domestic arrears at end-2015.