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Africa > Malawi

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Cover Selected Decisions and Selected Documents of the International Monetary Fund
Selected Decisions and Selected Documents of the International Monetary Fund
Forty-Third Issue Supplement
International Monetary Fund. Legal Dept.

Abstract

A supplement to the Forty-Third Issue of Selected Decisions and Selected Documents of the International Monetary Fund, incorporating items posted after January 1, 2023.

Keywords:
MCP decision; Review of the Fund's Policy; payments policy; adequacy assessment framework; fund surveillance; Balance of payments need; Anti-money laundering and combating the financing of terrorism (AML/CFT); Liquidity; Lines of credit; Global
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 IMF Staff Country Reports
Malawi: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Malawi
International Monetary Fund. African Dept.
Presidential elections in June 2020, a re-run of the canceled 2019 elections, resulted in a change of government, with President Chakwera securing 59 percent of the vote. The new administration is facing a rapid acceleration of COVID-19 cases in Malawi and adverse spillovers from continued deterioration of the global and regional economic situation, significantly worsening the macroeconomic outlook. Consequently, an additional urgent balance of payments need of 2.9 percent of GDP has arisen—bringing the total external financing gap in 2020 to 5.0 percent of GDP. The authorities have requested an additional disbursement of 52.1 percent of quota (SDR 72.31 million) under the “exogenous shock” window of the Rapid Credit Facility (RCF), where 30 percent of the disbursement would finance the government budget. This follows the May 1, 2020 Board approval of a 47.9 percent of quota RCF disbursement (without budget support). The authorities have cancelled the Extended Credit Facility (ECF) and expressed a strong interest in discussing a new ECF—better aligned with their new long-term growth and reform strategy—once conditions permit.
Keywords:
ISCR; CR; emergency financing request; IMF lending tracker; RCF resource; RCF disbursement; IMF's emergency financing; banking supervision effort; disbursement of SDR; RCF II; Debt relief; COVID-19; Budget planning and preparation; 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: 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 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 IMF Staff Country Reports
Malawi: Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criteria
International Monetary Fund
The objective for net foreign assets was discussed in this paper. Macroeconomic performance under the PRGF arrangement was broadly discussed. Several developments during the second half of 2005/2006 required the authorities to strengthen financial management controls and to make other policy adjustments. To meet additional humanitarian needs, the government expanded its food security operations. The authorities are working with IMF staff and other stakeholders to redefine pro-poor spending for 2006/2007. The government has taken further steps to ensure the viability of the pension system.
Keywords:
ISCR; CR; government; outlay; Three-Year PRGF arrangement; implementation; policy; Malawi's economy; executive board's discussion; prudent monetary policy; medium term policy; Debt relief; Food security; Arrears; Southern Africa
Cover IMF Staff Country Reports
Malawi: Debt Relief at the Heavily Indebted Poor Countries Initiative Completion Point and Under the Multilateral Debt Relief Initiative
International Monetary Fund
Malawi has made satisfactory progress in implementing its Poverty Reduction Strategy Paper (PRSP) for at least one year, and maintained satisfactory macroeconomic policies as evidenced by its performance under a program supported by the Poverty Reduction and Growth Facility (PRGF) over the last fiscal year 2005/2006. The completion point analysis shows the actual outturn to be 245 percent of exports. After additional voluntary bilateral debt relief, this ratio declines to 229 percent of exports. The paper assesses the sensitivity of debt indicators to changes in key economic variables.
Keywords:
ISCR; CR; HIPC assistance; debt forgiveness; debt ratio; discount rate; Malawian authorities; real GDP; annual debt service; completion point; Debt relief; Debt service; Exports; Public and publicly-guaranteed external debt; Africa
Cover IMF Staff Country Reports
Malawi: Staff Report for the 2004 Article IV Consultation
International Monetary Fund
This 2004 Article IV Consultation highlights that Malawi's real GDP grew by an annual average of 3 percent in 2002–03. Agricultural production rebounded from the drought in 2001, but the 2004 harvest was affected by a drought. Macroeconomic imbalances, high interest rates, and infrastructure constraints have adversely affected the non-agricultural economy. Malawi’s performance under the Poverty Reduction and Growth Facility (PRGF) arrangement, approved in December 2000, was disappointing. The authorities have requested IMF staff to monitor their economic program to establish a track record that could lead to a new PRGF arrangement.
Keywords:
ISCR; CR; exchange rate; inflation; Malawi; budget; current account; product marketing company; government restructuring; debt relief; budget discipline; broad money; Debt relief; Budget planning and preparation; Food security; Southern Africa
Cover IMF Staff Country Reports
Malawi: Staff—Monitored Program
International Monetary Fund
This paper examines the Staff-Monitored Program (SMP) for Malawi. The authorities have requested staff monitoring of their macroeconomic program for the 2004/05 fiscal year (June–July) with a view to establishing a performance track record that could lead to a new Poverty Reduction and Growth Facility (PRGF) arrangement. The main objectives of the SMP will only be achieved if the approved 2004/05 (June–July) budget is in line with the agreed budget framework and the monetary overhang is addressed. Structural measures under the SMP will focus on public expenditure management.
Keywords:
ISCR; CR; net; budget; GDP; Malawi; debt relief; spending target; RBM bill; budget framework; donor disbursement; unbudgeted spending; Debt relief; Budget planning and preparation; Public sector wages