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Africa > Malawi

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Cover Departmental Papers
La montée en puissance du Mozambique — Construire un nouveau lendemain
Ms. Doris C Ross
,
Victor Duarte Lledo
,
Mr. Alex Segura-Ubiergo
,
Mr. Yuan Xiao
,
Ms. Iyabo Masha
,
Mr. Alun H. Thomas
, and
Mr. Keiichiro Inui
La présente publication met en exergue la croissance remarquablement vigoureuse du Mozambique au cours des vingt dernières années depuis la fin de la guerre civile en 1992, ainsi que les obstacles principaux que le pays doit encore surmonter pour sortir de la pauvreté et poursuivre son développement économique. Les chapitres portent entre autres sur les thèmes suivants : le rôle des mégaprojets et leur rapport à l'emploi et la croissance ; l'infrastructure et l'investissement public ; le Mozambique sur la voie de la croissance inclusive ; le développement du secteur agricole ; et l'établissement d'un socle de protection sociale.
Keywords:
DPPP; DP; natural resource; foreign direct investment; private sector; exchange rate; economic growth; resource revenue; civil war; management system; primary sector
Cover Departmental Papers
Mozambique Rising: Building a New Tomorrow
Ms. Doris C Ross
,
Victor Duarte Lledo
,
Mr. Alex Segura-Ubiergo
,
Mr. Yuan Xiao
,
Ms. Iyabo Masha
,
Mr. Alun H. Thomas
, and
Mr. Keiichiro Inui
This publication highlights Mozambique’s remarkably strong growth over the two decades since the end of the civil war in 1992, as well as the major challenges that remain for the country to rise out of poverty and further its economic development. Chapters explore such topics as the role of megaprojects and their relationship to jobs and growth; infrastructure and public investment; Mozambique's quest for inclusive growth; developing the agricultural sector; and building a social protection floor.
Keywords:
DPPP; DP; natural resource; foreign direct investment; private sector; exchange rate; economic growth; resource revenue; civil war; management system; primary sector; per capita income; distribution network; investment project; stabilization fund; Public investment and public-private partnerships (PPP); Public investment spending; Natural resources; Infrastructure; Agricultural sector; Sub-Saharan Africa; Africa; Global; Southern Africa
Cover IMF Working Papers
Debt Sustainability, Public Investment, and Natural Resources in Developing Countries: the DIGNAR Model
Mr. Giovanni Melina
,
Ms. Susan S. Yang
, and
Luis-Felipe Zanna
This paper presents the DIGNAR (Debt, Investment, Growth, and Natural Resources) model, which can be used to analyze the debt sustainability and macroeconomic effects of public investment plans in resource-abundant developing countries. DIGNAR is a dynamic, stochastic model of a small open economy. It has two types of households, including poor households with no access to financial markets, and features traded and nontraded sectors as well as a natural resource sector. Public capital enters production technologies, while public investment is subject to inefficiencies and absorptive capacity constraints. The government has access to different types of debt (concessional, domestic and external commercial) and a resource fund, which can be used to finance public investment plans. The resource fund can also serve as a buffer to absorb fiscal balances for given projections of resource revenues and public investment plans. When the fund is drawn down to its minimal value, a combination of external and domestic borrowing can be used to cover the fiscal gap in the short to medium run. Fiscal adjustments through tax rates and government non-capital expenditures—which may be constrained by ceilings and floors, respectively—are then triggered to maintain debt sustainability. The paper illustrates how the model can be particularly useful to assess debt sustainability in countries that borrow against future resource revenues to scale up public investment.
Keywords:
WP; natural resource; Natural resources; Public Investment; Debt Sustainability; Small Open DSGE Models; DIGNAR; Developing Countries; investment path; scaling-up investment target; investment efficiency; investment adjustment cost parameter; investment approach; investment scaling-up path; resource revenue; Public investment spending; Commercial borrowing; Consumption taxes; Sub-Saharan Africa; Africa
Cover IMF Staff Country Reports
Malawi: Third and Fourth Reviews Under the Extended Credit Facility Arrangement, Request for Waivers for Non-observance of Performance Criteria, Extension of the Arrangement, Rephasing of Disbursements, and Modification of Performance Criteria-Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Malawi
International Monetary Fund. African Dept.
This Supplement Information focuses on recent developments regarding the Malawi government’s response to the recent fiscal scandal and on the implementation of two remaining prior actions. The IMF staff welcomes the continued progress in implementing remedial actions to address the recent fraud and actions by the authorities toward meeting the end-December 2013 quantitative targets. The IMF staff also welcomes the interim forensic audit report. Although it did not contain all the information sought by the IMF staff, it had enough to assure the IMF staff that the remedial measures being implemented by the authorities to strengthen system controls and financial management are in the right areas. Some risks remain. It will be important to cautiously implement the fiscal spending program to preserve buffers, lest the final audit reveal slightly larger fund misappropriation.
Keywords:
ISCR; CR; authority; development partner; expenditure execution; complying disbursement; ECF arrangement; payment arrears; Budget planning and preparation; Global; Southern Africa; monetary policy need; Balance of payments statistics
Cover IMF Staff Country Reports
Malawi: Second Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria
International Monetary Fund. African Dept.
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; policy reform; government; reform; amount; policy; government commitment control; policy initiative; policy advice; difficulty meeting liquidity requirement; Budget planning and preparation; International reserves; Wage adjustments; Global
Cover IMF Staff Country Reports
Malawi: First Review Under the Extended Credit Facility Arrangement, Request for Waiver of Performance Criterion, and Modification of Performance Criteria—Staff Report; Informational Annex; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Malawi
International Monetary Fund. African Dept.
This collection of papers reviews Malawi’s economic performance under a program supported by the Extended Credit Facility (ECF). Drought conditions in parts of the country have dampened the near-term outlook for growth and have resulted in food insecurity for nearly 2 million inhabitants. The authorities have therefore implemented strong adjustment measures to address Malawi’s substantial external and internal imbalances. The IMF Executive Board has also decided to enable the immediate disbursement of an amount equivalent to SDR 13.02 million (about US$20 million), bringing total disbursements under the program to an amount equivalent to SDR 26.04 million (about US$40.1 million), which will help Malawi to accelerate growth under the ECF.
Keywords:
ISCR; CR; development partner; government; authority; monetary policy; Malawi authorities; restructuring plan; net domestic assets; implementation of the Extended Credit Facility; Exchange rates; International reserves; Global
Cover Policy Papers
Helping Developing Countries Address Public Debt Management Challenges - An IMF-World Bank Capacity Building Partnership
International Monetary Fund
In 2009, the Boards of the IMF and World Bank jointly endorsed a capacity building program to help developing countries strengthen their public debt management frameworks. A key aspect of the program was to help developing countries implement the framework developed by staffs to formulate an effective medium-term debt management strategy (MTDS). The Boards also supported the continued use of the complementary framework—the Debt Management Performance Assessment (DeMPA)—developed in 2007, to assess the effectiveness of the broader institutional arrangements for public debt management. This paper provides an update on the implementation of the program since its endorsement in 2009.
Keywords:
PP; debt management strategy; work program; undertaking debt management performance assessment; cash management; debt management capacity; debt management Department; debt management operation; debt management reform; quality debt management service; TA mission; debt market; MTDS TA program; IMF-WB MTDS TA; market financing; TA activity; Government debt management; Debt strategy; Domestic debt; Medium-term debt strategy; International capital markets; Global
Cover IMF Working Papers
The Quality of the Recent High-Growth Episode in Sub-Saharan Africa
Mr. Marcelo Martinez
and
Mr. Montfort Mlachila
The paper explores the quality of the recent high-growth episode in sub-Saharan Africa by examining the following two questions: (i) what has been the nature and pattern of SSA growth over the past 15 years and how does it compare with previous episodes? (ii) has this growth had an impact on socially desirable outcomes, for example, improvements in health, education and poverty indicators? To do this, the paper first examines various aspects of the fundamentals of growth in SSA—levels, volatility, sources, etc.—according to various country analytical groupings. Second, it explores the extent to which the growth has been accompanied by improvements in social indicators. The paper finds that the quality of growth in SSA over the past 15 years has unambiguously improved, although progress in social indicators has been uneven.
Keywords:
WP; Real GDP growth; health outcome; TFP improvement; poverty-growth nexus; Quality of growth; social indicators; sub-Saharan Africa; income gain; per capita income; mortality rate; poverty-reducing pattern; gross investment; poverty outcome; Capita Real GDP growth; physical capital; poverty indicator; income difference; Total factor productivity; Personal income; Poverty reduction; Africa
Cover IMF Working Papers
Exchange Rate Liberalization in Selected Sub-Saharan African Countries Successes, Failures, and Lessons
Mr. Nils O Maehle
,
Ms. Haimanot Teferra
, and
Mrs. Armine Khachatryan
Many sub-Saharan African (SSA) countries liberalized their economies in the 1980s and early 1990s. This paper reviews the foreign exchange regime reforms in selected SSA, and their associated macroeconomic policies and economic performance during and after these reforms were undertaken. Before liberalization, most of the reviewed countries were characterized by extensive foreign exchange rationing, sizeable black market premiums, and declining per capita real income. Today, the countries that successfully reformed look markedly different. Rationing and parallel market spreads are a distant memory, and per capita income has increased sharply.
Keywords:
WP; exchange rate; U.S. dollar; government; country; headline inflation; proceeds; Exchange rate regimes; reforms; growth; inflation; structural adjustment; managed float; per capita income; inflation rate; exchange rate liberalization; stabilization effort; exchange rate depreciation; U.S. dollar exchange rate; adjustable peg; auction market; overvalued exchange rate; Exchange rates; Exchange rate arrangements; Currency markets; Sub-Saharan Africa
Cover IMF Working Papers
Determinants of Bank Interest Margins in Sub-Saharan Africa
Mr. Calixte Ahokpossi
Financial intermediation is low in sub-Saharan Africa (SSA) compared to other regions of the world. This paper examines the determinants of bank interest margins using a sample of 456 banks in 41 SSA countries. The results show that market concentration is positively associated with interest margins, but the impact depends on the level of efficiency of each bank. In particular, compared to inefficient banks, efficient ones increase their margins more in concentrated markets. This indicates that policies that promote competition and reduce market concentration would help lower interest margins in SSA. The results also show that bank-specific factors such as credit risk, liquidity risk, and bank equity are important determinants of interest margins. Finally, interest margins are sensitive to inflation, but not to economic growth or public or foreign ownership. There are regional differences within SSA regarding the level of interest margins even after controlling for other factors.
Keywords:
WP; center; bank; interest margin; Banks interest margins; commercial banks; bank margin; bank inefficiency; bank activity; bank data; bank size; bank characteristic; bank behavior; Credit risk; Liquidity risk; State-owned banks; Foreign banks; Sub-Saharan Africa; East Africa; West Africa; Southern Africa