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Africa > Malawi

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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 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 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.
This paper discusses Malawi’s Request for Disbursement Under the Rapid Credit Facility (RCF). The coronavirus disease 2019 pandemic is having a severe impact on Malawi, creating an urgent balance of payments need. The authorities have been proactive in mitigating the impact of the pandemic, including through increased spending on health care and social assistance, supporting small and medium enterprises, bolstering farmers’ incomes and ensuring food security through purchase and storage of agricultural harvests, and easing liquidity constraints in the banking system. The IMF’s emergency financing under the RCF is expected to help the authorities meet the large external financing gap and catalyze further assistance from the international community. Additional concessional donor support will be critical to close the remaining external financing gap and facilitate the needed interventions to ease the economic and social impacts of the pandemic, while preserving Malawi’s hard-earned macroeconomic stability. A widening of the budget deficit is appropriate in the near-term, given the fiscal costs associated with the economic slowdown and critical additional health care and social spending needs, which should be executed transparently and targeted to the most affected parts of society.
Keywords:
ISCR; CR; financing; pandemic; emergency financing request; IMF lending tracker; revenue shortfall; development spending; banking system liquidity constraint; financial support; current account; debt relief; Imports; Debt service; Global; COVID-19
Cover IMF Staff Country Reports
Malawi: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper benchmarks Malawi’s public spending and identifies areas where there is scope to improve expenditure efficiency. Malawi performs poorly in health and education spending efficiency. Spending in these areas will need to be stepped up to achieve better living standards and higher, more inclusive growth. A rebalancing of the composition of education and health spending—including greater prioritization of low cost-high impact spending and balancing maintenance against capital spending—would yield immediate results in both health and education. Strengthening the public expenditure management chain, especially procurement and supply management, will be important. These reforms would go hand in hand with greater fiscal transparency and accountability in these sectors.
Keywords:
ISCR; CR; Malawi; public spending; private sector; spending; growth trend; Medium-Term Growth and Development Strategy; credit growth; business environment; bank lending; vulnerability to external; Education spending; Health care spending; Global; Sub-Saharan Africa; Africa
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 Staff Country Reports
Malawi: Poverty Reduction Strategy Paper
International Monetary Fund
The Malawi Growth and Development Strategy II (MGDS-II) is a poverty reduction strategy for the period 2006–11, which is aimed at fulfilling Malawi’s future developmental aspiration—Vision 2020. The strategy identifies broad thematic areas and key priority areas to bring about sustained economic growth. A striking feature of this strategy is that the various governmental organizations, private sector, and general public are equal stakeholders. However, successful implementation of MGDS-II will largely depend on sound macroeconomic management and a stable political environment.
Keywords:
ISCR; CR; economic growth; natural resources; private sector; climate change; MGDS II; community development; Infrastructure; Transportation; Global
Cover Global Monitoring Report
Global Monitoring Report
Food Prices, Nutrition, and the Millennium Development Goals: Food Prices, Nutrition, and the Millennium Development Goals
International Monetary Fund
Keywords:
MISC RPT; MISC; food price; price; food; country; developing country; commodity; trade
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: 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: Poverty Reduction Strategy Paper: Growth and Development Strategy
International Monetary Fund
This paper focuses on the Poverty Reduction Strategy Paper (PRSP) and the Malawi Growth and Development Strategy (MGDS). The MGDS is the overarching strategy for Malawi from fiscal year 2006/07 to 2010/2011. The purpose of the MGDS is to serve as a single reference document for policymakers in government; the private sector; civil society organizations; donors and cooperating partners and the general public on socioeconomic growth and development priorities for Malawi. The overriding philosophy of the MGDS is poverty reduction through sustainable economic growth and infrastructure development.
Keywords:
ISCR; CR; natural resource; risk management; public goods; local government; net exporter; quality of life; transaction costs; value chain; corporate governance; civil society; exchange rate; HIV and AIDS; Infrastructure; Africa; Sub-Saharan Africa