Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Africa > Malawi

You are looking at 1 - 10 of 20 items for :

  • Type: Journal Issue x
  • Monetary Policy, Central Banking, and the Supply of Money and Credit: General x
Clear All Modify Search
Cover Policy Papers
Review of the Policy on Staff-Monitored Program With Executive Board Involvement
International Monetary Fund. Strategy, Policy, & Review Department
,
International Monetary Fund. Finance Dept.
, and
International Monetary Fund. Legal Dept.
This paper reviews the policy on Staff-Monitored Program with Executive Board Involvement (PMB). The PMB plays an important niche role in the Fund’s toolkit in supporting members in circumscribed circumstances, while not supplanting the Staff-Monitored Programs (SMPs) as the primary tool for building or rebuilding a track record towards a Fund arrangement that supports a UCT-quality program. Experience with the PMB is limited to three country cases over the past sixteen months. Further experience would be needed to draw more definitive conclusions in terms of the usefulness of the PMB vis-à-vis alternative instruments and a more parsimonious Fund toolkit. In this context, the PMB is kept in the toolkit, and it will be expected to be reviewed in three years.
Keywords:
Concessional external borrowing; Debt sustainability; External Debt; Monetary policy; Political economy; PMB approval; PMB policy; use criteria; IMF toolkit; transparency policy; Credit; Debt relief; Debt restructuring; Global
Cover Policy Papers
2021 Special Drawing Rights Allocation—Ex-Post Assessment Report
International Monetary Fund. Strategy, Policy, & Review Department
and
International Monetary Fund. Finance Dept.
This report follows up on the impact of the historic $650 billion 2021 SDR allocation on the global economy, documenting IMF members' use of the allocation and assessing its economic effects. The report finds that the allocation was beneficial for the global economy, helping meet the long-term global need for reserves and supporting market confidence. Members used the allocation mostly to increase international reserve buffers, with some emerging market and developing countries also using it to meet fiscal and external financing needs. While SDR interest costs have increased, members’ capacity to service SDR obligations remains generally adequate. Members’ use of the allocation was mostly in line with Fund advice, and the transparency and accountability of SDR holdings and use has been broadly appropriate, although some gaps remain. Voluntary SDR channeling from economically stronger to more vulnerable members has helped amplify the benefits of the allocation.
Keywords:
SDR channeling; service SDR obligation; SDR tracker; SDR converter; SDR department obligation; SDR interest rate; Freely usable currencies; International reserves; Credit default swap; Currencies; Global
Cover Policy Papers
Review of Enhanced Access Limits Under the Rapid Credit Facility and Rapid Financing Instrument
International Monetary Fund
The temporary increase in access limits under IMF emergency financing instruments will expire on October 5, 2020, unless extended. Access limits under emergency instruments (the Rapid Credit Facility (RCF) and Rapid Financing Instrument (RFI)) were increased in April 2020 for a period of six months, from 50 to 100 percent of quota annually and from 100 to 150 percent of quota cumulatively. The increased limits are subject to review and can be extended before their expiration. It is proposed to extend the period of higher access limits for emergency financing for a period of six months, through April 6, 2021. Against a background of continued pandemic-related disruption, staff expects there could be significant demand for emergency lending in the October 2020–April 2021 period, including from countries with pending requests and from countries that received emergency support at levels less than the maximum amounts available. A six-month extension would give more time for countries to benefit from higher access limits under emergency financing.
Keywords:
PP; financing; emergency financing instrument; HA procedure; RCF financing request; coronavirus pandemic; misuse of emergency financing; Emergency assistance; Balance of payments need; Credit; Global; COVID-19
Cover Departmental Papers
Macro-Financial Linkages in Shallow Markets: Experience from the African Department’s Pilot Countries
International Monetary Fund. African Dept.
This paper assesses and disseminates experiences and lessons from low-income countries (LICs) in Sub-Saharan Africa that were selected by the Africa Department in 2015-16 as pilots for enhanced analysis of macro-financial linkages in Article IV staff reports. The paper focuses on the common characteristics across the pilot countries and highlights the tools used in the analysis, the challenges encountered, and the solutions deployed in overcoming them.
Keywords:
DPPP; DP; interest rate; credit risk; central bank; banking sector; bank competition; cost of funds; composite index; lending condition; Malawian bank; economic value; bank information cost; financial system assets; banking system assets; bank level; banks in Benin; bank agent; Financial sector development; Financial sector; Stress testing; Credit; Sub-Saharan Africa; East Africa; Middle East; East Asia
Cover IMF Working Papers
Understanding Inflation in Malawi: A Quantitative Investigation
Dong Frank Wu
This paper focuses on the role of the pass-through of the exchange rate and policydeterminants in driving inflation. Using linear and nonlinear frameworks, the paper finds: (i) after the switch to a floating exchange rate regime in 2012, nonfood prices not only directly influence headline inflation, but also have an significant impact on food inflation via second round effects; (ii) the pass-through of the exchange rate to headline inflation has jumped from zero to 11 percent under the floating regime, after controlling for other factors; (iii) the improved significance of T-bill rates in shaping inflation flags its importance in Malawi’s monetary framework although the monetary transmission mechanism needs further strengthening; (iv) the increased impact of broad money underscores the necessity for fiscal discipline and central bank independence.
Keywords:
WP; headline inflation; Inflation; Exchange Rate; Pass-through; Regime Switch; food inflation; inflation dynamics; inflation volatility; inflation expectation; T-bill rate; inflation fluctuation; exchange rate expectation; Exchange rate arrangements; Monetary base; Exchange rates; Floating exchange rates; Global
Cover IMF Staff Country Reports
Malawi: Staff Report for 2009 Article IV Consultation and Request for a Three-Year Arrangement Under the Extended Credit Facility
International Monetary Fund
This 2009 Article IV Consultation highlights that Malawi’s macroeconomic performance has improved significantly over the past two years, and the country’s agricultural-based economy has weathered the global economic storm relatively well. Good weather and the distribution of subsidized fertilizer have contributed to robust growth and moderate inflation in recent years. Malawi’s medium-term outlook is favorable, within the context of successful implementation of the Extended Credit Facility-supported program. Growth is expected to remain buoyant, but moderate somewhat relative to the high growth of the recent past.
Keywords:
ISCR; CR; Malawi; repayment target; donor disbursement delay; exchange rate appreciation; services expenditure; consumer price inflation; article IV consultation discussion; Exchange rates; Currency markets; Current account; Budget planning and preparation; Global
Cover IMF Staff Country Reports
Malawi: Request for a One-Year Exogenous Shocks Facility Arrangement: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Malawi
International Monetary Fund
This paper discusses a request from Malawi for a one-year exogenous shocks facility (ESF) arrangement to help it adjust to the large terms-of-trade shock it has suffered. Real GDP growth of Malawi has been high and is expected to remain solid. Inflation, though rising in recent months, is still moderate and is expected to ease over the medium term. The government’s near-term program aims to increase the import coverage of official gross reserves while preserving growth and food security. IMF staff supports the authorities’ request for a one-year high-access ESF arrangement.
Keywords:
ISCR; CR; fertilizer price; Malawi; IMF's executive board; government; balance of payments financing need; Malawi authorities; terms of trade shock; International reserves; Financial statistics; Imports; Credit; Exports; Global
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
Malawi: First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Malawi
International Monetary Fund
This paper presents Malawi’s First Review Under the Poverty Reduction and Growth Facility. The overvalued exchange rate has put external reserves under pressure, and the backlog of unpaid import invoices persists. The impact of the overvalued exchange rate on the value of donor inflows and the unforeseen upward revisions to debt obligations has increased domestic borrowing needs. The government is committed to program implementation, but faces intense political pressures because of its minority position in parliament.
Keywords:
ISCR; CR; PRGF loan; PRGF-supported program; Three-Year PRGF arrangement; government; medium term strategy; broad money; Credit; Imports
Cover Policy Papers
Policy Support and Signaling in Low-Income Countries
International Monetary Fund
This paper explores how the Fund's instruments and practices might be adapted to support sound policies in low-income members, in particular those that do not have a need or want to use Fund resources.
Keywords:
PP; PRGF arrangement; fund endorsement; PSI documentation; PSI performance target; Fund arrangement; Fund resource; successor PSI.; fund financial support; fund staff; fund activity; successor PSI; policy framework; Poverty reduction strategy; Debt sustainability; Credit; Macro-fiscal framework; Balance of payments need; Africa; Asia and Pacific