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Africa > Malawi

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Cover Policy Papers
Review of Experience with The Food Shock Window Under The Rapid Financing Instrument and The Rapid Credit Facility
International Monetary Fund. Finance Dept.
,
International Monetary Fund. Legal Dept.
, and
International Monetary Fund. Strategy, Policy, & Review Department
The Food Shock Window (FSW) under the Rapid Credit Facility (RCF) and the Rapid Financing Instrument (RFI) was approved in September 2022 for 12 months, as a complement to the tools used by the Fund to support the broader international effort to address the global food shock. The Fund has been working closely with partners to provide a coordinated international response to the global food shock, and has contributed through policy advice, technical assistance and lending. Where needed and possible, financial support to countries affected by the global food shock has been delivered by the IMF through multi-year Fund-supported programs The FSW complemented this support in situations where these programs were not feasible or not necessary. As the global food shock and associated balance of payment pressures are expected to continue throughout 2023, the IMF extended the FSW until end-March 2024 to allow the FSW to continue serving as a contingency tool. This extension will also provide sufficient time to observe if the FSW can lapse without limiting the capacity of the Fund to support its members. To ensure adequate borrowing space under the emergency financing limits for those countries that have received support through the FSW, the IMF also extended the additional 25 percent of quota added to the Cumulative Access Limit until end-2026 for countries that have accessed the Food Shock Window through the RFI and until the completion of the 2024/25 PRGT review for those that accessed the Food Shock Window through the RCF.
Keywords:
Cumulative Access Limits; Rapid Financing Instrument; Rapid Credit Facility; Food Insecurity; FSW request; FSW financing; UCT-quality program; FSW relative; FSW experience; FSW resource; Food security; Food prices; Emergency assistance; Balance of payments need; Global
Cover IMF Staff Country Reports
Malawi: Second and Third Reviews Under the Three-Year Extended Credit Facility Arrangement and Requests for Waivers of Nonobservance of Performance Criteria and Augmentation of Access-Press Release; Staff Report; and Statement by the Executive Director for Malawi
International Monetary Fund. African Dept.
This paper discusses Malawi’s Second and Third Reviews Under the Three-Year Extended Credit Facility Arrangement and Requests for Waivers of NonObservance of Performance Criteria and Augmentation of Access. Program-supported structural reforms advanced, addressing several important gaps that had previously been identified in public financial management. All quantitative performance criteria were met except those on the primary balance, which were missed largely due to faster than envisaged implementation of rural electrification and development projects, unexpected spending for disaster relief and to ensure safety during elections and post-election protests. The authorities aim to entrench macroeconomic stability, preserve debt sustainability, and advance governance reforms while attaining higher, more inclusive, and resilient growth. Essential reconstruction and security spending will be accommodated by reprioritizing spending and a modest relaxation in the FY 2019/20 domestic primary balance target. Monetary policy remains targeted on containing inflation and exchange rate flexibility will buffer shocks and preserve competitiveness. Financial sector resilience continues to be strengthened.
Keywords:
ISCR; CR; ECF arrangement; SDR; resilience to climate change; Malawi's resilience; reconstruction; equivalent of SDR; debt service; Fiscal stance; Africa; Global; IMF's transparency policy; IMF arrangement
Cover IMF Staff Country Reports
Malawi: First Review Under the Three-Year Extended Credit Facility Arrangement and Requests for Modification and Waivers of Nonobservance of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Malawi
International Monetary Fund. African Dept.
Malawi’s economic growth remains moderate, reflecting a weak agricultural harvest and continued electricity shortages. Fiscal deficits continue to be financed domestically, as donor funding remains constrained by governance concerns since the 2013 cashgate scandal, resulting in an increasing public debt burden. Presidential elections are scheduled for mid-2019. Program performance. Most quantitative performance criteria (QPC) were met at end-June 2018, with significant overperformance on international reserves and the reduction in Reserve Bank of Malawi (RBM) holdings of government securities. The QPC on the primary fiscal balance was missed by 0.9 percent of GDP due to expenditure overruns. The continuous QPC on new non-concessional external debt was missed due to a technical oversight in the Technical Memorandum of Understanding. Based on corrective measures, the authorities request waivers of non-observance. Two structural benchmarks were observed and most of the rest have been completed with delay.
Keywords:
ISCR; CR; ECF arrangement; anti-corruption effort; support governance reform; exchange rate; budget support; feasibility study; tax reform measure; Fiscal stance; Budget planning and preparation; Global; Africa
Cover IMF Staff Country Reports
Malawi: 2018 Article IV Consultation and Request for a Three-Year Arrangement Under the Extended Credit Facility
International Monetary Fund. African Dept.
This 2018 Article IV Consultation highlights that the economy of Malawi recently rebounded from two years of drought. Growth picked up from 2.3 percent in 2016 to an estimated 4.0 percent in 2017 owing to a recovery in agricultural production. Inflation has been reduced below 10 percent owing to the stabilization of food prices, prudent fiscal and monetary policies, and a stable exchange rate. Economic growth is expected to increase gradually, reaching over 6 percent in the medium term. Growth will be supported by enhanced infrastructure investment and social services as well as an improved business environment, which will boost confidence and unlock the economy’s potential for higher, more broad-based, and resilient growth and employment.
Keywords:
ISCR; CR; right; authority; IMF arrangement; reform; Malawi's quota; debt service pressure; ECF arrangement; interest rate; Arrears; Fiscal accounting and reporting; Sub-Saharan Africa; Global
Cover IMF Staff Country Reports
Malawi: Ninth Review Under the Extended Credit Facility Arrangement and Request for Waivers for Nonobservance of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Malawi
International Monetary Fund. African Dept.
This paper discusses Malawi’s Ninth Review Under the Extended Credit Facility Arrangement and Request for Waivers for Nonobservance of performance criteria. Real GDP growth is expected to range between 4–5 percent in 2017 owing to a good agricultural harvest and its expected spillovers to other sectors of the economy. Growth prospects, however, will be constrained by persistent power blackouts, water shortages, and access to credit. Real growth is expected to gradually increase over the medium term as macroeconomic conditions stabilize and investment and consumption levels rise. The outlook remains challenging, reflecting uncertainties related to weather conditions, the impact of the fall armyworm infestation on food crops and risks of policy slippages.
Keywords:
ISCR; CR; monetary policy; debt; ECF arrangement; development partner; policy implementation; fund support; burden indicator; Public and publicly-guaranteed external debt; Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Malawi: Seventh and Eighth Reviews Under the Extended Credit Facility Arrangement and Request for Waivers for NonObservance of Performance Criteria, Extension of the Arrangement, Augmentation of Access, Modification of Performance Criterion, and Rephasing of Disbursements-Press Release; Staff Report; and Statement by the Executive Director for Malawi
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.
Keywords:
ISCR; CR; staff appraisal; statement; report; staff representative; ECF arrangement; macroeconomic situation; estimated recoverable amount method; budget support; Arrears; Public and publicly-guaranteed external debt; Global
Cover IMF Staff Country Reports
Malawi: Request for an Extension of the Extended Credit Facility Arrangement-Press Release and Staff Report
International Monetary Fund. African Dept.
This paper discusses the Malawi authorities, request for a short extension (June 30, 2016) to their arrangement under the Extended Credit Facility (ECF) that is currently due to expire on May 22, 2016. 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.
Keywords:
ISCR; CR; ECF arrangement; program implementation; implementation of policy; Malawi authorities; reconciliation of government bank accounts; International reserves; Structural policies; Structural reforms; Poverty reduction
Cover IMF Staff Country Reports
Malawi: Fifth and Sixth Reviews Under the Extended Credit Facility Arrangement, Request for Waivers for Non-Observance of Performance Criteria, Extension of the Arrangement, Modification of Performance Criterion, and Rephasing of Disbursements
International Monetary Fund. African Dept.
This paper discusses Malawi’s Fifth and Sixth Reviews Under the Extended Credit Facility (ECF) Arrangement, Request for Waivers for Non-observance of Performance Criteria (PCs), Extension of the Arrangement, Modification of PCs, and Rephasing of Disbursements. Program implementation was uneven given external financing shortfalls with several PCs not being observed. Three out of seven PCs for the fifth review were not met, including the continuous PC on the contracting of nonconcessional external loans. The new authorities are firmly committed to the core policies and objectives of the original ECF-supported program. Program discussions focused on key policy actions to address these challenges and bring the program back on track.
Keywords:
ISCR; CR; government; debt; IMF Executive Board; ECF arrangement; complying disbursement; disbursement of SDR; public finance; near-term reform agenda; budget support; Budget planning and preparation; Southern Africa; Global; East 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: Joint Staff Advisory Note of the Poverty Reduction Strategy Paper
International Monetary Fund
According to MGDS-II, certain major factors such as Malawi’s vulnerability to external shocks, inadequate policy response, and weak implementation capacity have hindered growth and development of the economy. The political risks resulting from the upcoming 2014 tripartite elections have also been cited as a major issue. The report suggests that the government should look into the issues of corruption. IMF staffs has put forth certain guidelines that need to be followed when the first Annual Progress Report is prepared.
Keywords:
ISCR; CR; mgds II; governance; poverty reduction Strategy paper; MGDS; poverty projection; reform land policy; poverty analysis; poverty challenge; cross-government reform; Poverty reduction strategy; Poverty reduction; Africa