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International Monetary Fund. African Dept.

This paper provides a review of the economic performance of Malawi under the program supported by an Extended Credit Facility (ECF) arrangement. Malawi's economy has been hit hard by weather-related shocks for a second consecutive year, further weakening growth and worsening food insecurity. Growth is estimated to have declined from 5.7 percent in 2014 to 3 percent in 2015 and is projected to drop further to 2.7 percent this year. Under the ECF program, the macroeconomic framework in the near term will be anchored on a policy mix incorporating a tight monetary stance and a level of domestic fiscal financing consistent with disinflation.