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Africa > Malawi

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Cover IMF Staff Country Reports
Malawi: Sixth and Final Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, and Request for Waiver of Nonobservance of Performance Criteria and Augmentation Access: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Malawi
International Monetary Fund
This paper discusses key findings of the Sixth and Final Review for Malawi Under the Poverty Reduction and Growth Facility (PRGF). Performance remained generally strong in the period under review. The authorities met most program targets for end-December 2007, and domestic debt fell as a share of GDP, but the domestic borrowing performance criterion was missed. The government aims to meet the 2007/08 domestic borrowing target. Higher fuel and fertilizer prices are putting pressure on international reserves, which are down from an already inadequate level.
Keywords:
ISCR; CR; government; PRGF; fertilizer price; price; PRGF loan; inflation pressure; excess reserves; government saving; Credit; Debt relief; Inflation; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
Republic of Mozambique: Poverty Reduction Strategy Paper: Annual Progress Report: Review of the Economic and Social Plan for 2007
International Monetary Fund
This Annual Progress Report reviews the Poverty Reduction Strategy Paper and Economic and Social Plan for 2007 for Mozambique. The report presents the new simplified structure adopted in the Review of the First Half of 2007. In the international context, the evolution of the international economy is presented, which allows a visualization of the international economic conditions in which the country has implemented its economic and social policy. The activities of the environment and the science and technology sectors are also described.
Keywords:
ISCR; CR; military training; private sector; exchange rate; value chain; civil construction; cashew nut; public finance; HIV and AIDS; Africa; North America; Southern Africa; Global
Cover IMF Staff Country Reports
Malawi: Fourth and Fifth Reviews Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, and Request for Waivers of Nonobservance of Performance Criteria-Staff Report; Staff Supplement; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Malawi
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.
Keywords:
ISCR; CR; debt; estimate; government; fiscal policy implementation; September; staff appraisal; revisions to estimate; macroeconomic environment; end-June net foreign assets; Debt relief; Domestic debt; Global; Africa
Cover Regional Economic Outlook, October 2007, Sub-Saharan African
Regional Economic Outlook, October 2007, Sub-Saharan African
International Monetary Fund. African Dept.

Abstract

The region's prospects look strong. Growth in sub-Saharan Africa should reach 6 percent in 2007 and 6¾ percent in 2008. The economic expansion is strongest in oil exporters but cuts across all country groups. This would extend a period of very good performance. In recent years, sub-Saharan Africa has been experiencing its strongest growth and lowest inflation in over 30 years.

Keywords:
REO; Dem. rep.; oil exporter; current account; development expenditure; nonfuel commodity price; terms of trade shock; expenditure program; Fiscal space; Terms of trade; Oil; Medium-term budget frameworks; Sub-Saharan Africa; Africa; Global; West Africa
Cover Le FMI et l’aide à l’Afrique subsaharienne
Le FMI et l’aide à l’Afrique subsaharienne
International Monetary Fund. Independent Evaluation Office

Abstract

Alors que le débat sur le rôle joué par le FMI auprès des pays à faible revenu se poursuit, le Bureau indépendant d’évaluation (BIE) a entrepris d’examiner les modalités et l’efficacité de l’aide que l’institution apporte à l’Afrique subsaharienne. Ce rapport s'intéresse plus particulièrement aux politiques conduites et aux pratiques suivies par le FMI dans les opérations appuyées par la facilité pour la réduction de la pauvreté et pour la croissance (FRPC), principal canal du travail opérationnel de l’institution dans les pays à faible revenu entre 1999 et 2005. Le rapport formule également des recommandations pour accroître la cohérence — tant réelle que perçue — des politiques et activités de l’institution liées à l’aide à l’Afrique subsaharienne.

Keywords:
IEOR; IEO; PRGF; Fund; policy; fund staff
Cover IMF Working Papers
Monetary Policy Rules for Managing Aid Surges in Africa
Mr. Edward F Buffie
,
Mr. Stephen A. O'Connell
,
Ms. Catherine A Pattillo
, and
Mr. Christopher S Adam
Since the turn of the century, aid flows to Africa have increased on average and become more volatile. As a result, policymakers, particularly in post-stabilization countries where inflation has only recently been brought under control, have been increasingly preoccupied with how best to deploy the available instruments of monetary policy without yielding on hard-won inflation gains. We use a stochastic simulation model, in which private sector currency substitution effects play a central role, to examine the properties of alternative monetary and fiscal policy strategies in the face of volatile aid flows. We show that simple monetary rules, specifically an (unsterilized) exchange rate crawl and a 'reserve buffer plus float'-under which the authorities set a time-varying reserve target corresponding to the unspent portion of aid financing and allow the exchange rate to float freely once this reserve target is satisfied-have attractive properties relative to a range of alternative strategies including those involving heavy reliance on bond sterilization or a commitment to a 'pure' exchange rate float.
Keywords:
WP; exchange rate; central bank; fiscal policy
Cover IMF Staff Country Reports
Malawi: 2006 Article IV Consultation and Third Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, and Request for Waiver of Nonobservance of Performance Criterion
International Monetary Fund
This 2006 Article IV Consultation highlights that Malawi is at a critical juncture following its progress on macroeconomic stability, attainment of the Heavily Indebted Poor Countries (HIPC) completion point in August 2006, and the recent launch of the Malawi Growth and Development Strategy, which outlines an ambitious agenda of structural reform to enhance growth and reduce poverty. This paper focuses on the three key challenges facing Malawi over the medium term, which frame macroeconomic policy over the near term.
Keywords:
ISCR; CR; PRGF loan; government; harvest; PRGF-supported program; bumper harvest; tax revenue projection; crop estimate; Debt relief; Domestic debt; Debt service; Southern Africa; Sub-Saharan Africa; Africa; Global
Cover The IMF and Aid to Sub-Saharan Africa
The IMF and Aid to Sub-Saharan Africa
International Monetary Fund. Independent Evaluation Office

Abstract

This independent evaluation of the IMF’s role and performance in the determination and use of aid to low-income countries in sub-Saharan Africa is presented at a ground-level view. Country performance has improved in many sub-Saharan Africa countries over the period, and the report details the role of the IMF’s programs, as well as perceptions of that role. The report is an important contribution to following through on the IMF’s commitment to its Poverty Reduction Strategy and makes three main recommendations for improving the coherence—actual and perceived—of the IMF’s policies and actions relating to aid to sub-Saharan Africa going forward.

Keywords:
IEOR; IEO; PRGF; Fund; policy; fund staff; IEO report; core mandate; policy advice; PRGF program design; Poverty reduction strategy; Poverty reduction; Civil society; Government debt management; Sub-Saharan Africa; Africa; Global; IMF communications; IMF activity; IMF's instrument; Absorptive capacity; Poverty reduction and development
Cover Uma Avaliação sobre
Uma Avaliação sobre
o FMI e a Ajuda à África Subsariana
International Monetary Fund. Independent Evaluation Office

Abstract

This independent evaluation of the IMF’s role and performance in the determination and use of aid to low-income countries in sub-Saharan Africa is presented at a ground-level view. Country performance has improved in many sub-Saharan Africa countries over the period, and the report details the role of the IMF’s programs, as well as perceptions of that role. The report is an important contribution to following through on the IMF’s commitment to its Poverty Reduction Strategy and makes three main recommendations for improving the coherence—actual and perceived—of the IMF’s policies and actions relating to aid to sub-Saharan Africa going forward.

Keywords:
IEOR; IEO; PRGF; Fund; policy; fund staff
Cover IMF Working Papers
Interest Rate Spreads in English-Speaking African Countries
Mr. Joe Crowley
This paper examines interest rate spreads in English-speaking African countries. Higher spreads were found to be associated with lower inflation, a greater number of banks, and greater public ownership of banks. Higher deposit interest rates were found to be associated with lower interest rate spreads, but higher net interest margins. A large increase in spreads in the late 1980s and 1990s may be explained by a strengthening of financial sector supervision. Limited data suggested that poor governance, weak regulatory frameworks and property rights, and higher required reserve ratios are associated with higher spreads.
Keywords:
WP; interest income; lending rate; adjusted interest rate; interest rate spread; deposit rate