Cover IMF Staff Country Reports
Buy Book in Print
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
Author:
International Monetary Fund. African Dept.
Search for other papers by International Monetary Fund. African Dept. in
Current site
Google Scholar Close
Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2018: Issue 336
Language:
English
Publication Date:
30 Nov 2018
DOI:
https://doi.org/10.5089/9781484387306.002
ISBN:
9781484387306
ISSN:
1934-7685
Pages:
123
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
Download PDF (13 MB) Download Epub
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.
  • Collapse
  • Expand
Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund