Coverart for item
The Resource 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..

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..

Label
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..
Title
Malawi
Title remainder
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..
Creator
Contributor
Subject
Genre
Language
eng
Summary
  • EXECUTIVE SUMMARYDonors have suspended some aid disbursements to Malawi in response to a scandalinvolving the theft of public funds. A group of public servants exploited weaknesses in thecontrol environment of the government's Integrated Financial Management Information System(IFMIS) to make fraudulent payments to several entities that had not provided any goods orservices to the government. The authorities are implementing an Action Plan of remedialmeasures to prevent the recurrence of the fraud. Key elements of the action plan includestrengthening security and management of IFMIS, a forensic audit, and identifying andprosecuting the perpetrators of the fraud.Recovery is underway in many sectors of the economy, facilitated by increased availability offoreign exchange. This reflects the impact of policy reforms, including a strong response toexchange rate adjustment from the tobacco sector and re-established external credit lines.Inflation is falling, although more slowly than programmed.Performance in relation to quantitative targets for the third ECF review (March test date)was good, but weakened for the fourth review (September test date). There was significantfiscal slippage (excessive domestic borrowing) during July-September 2013. This constrained theroom for substituting domestic borrowing for the shortfall in aid flows. There has been progressin implementing structural benchmarks, but at a slower pace than programmed.Discussions focused on managing the fall-out from the fiscal scandal and policies toreverse the fiscal slippage and lower inflation. A substantial decrease in aid receipts for theremainder of the fiscal year necessitated some reprioritization of spending plans as well asexpenditure cuts. Fiscal and monetary policy need to be tightened to lower inflation pressuresand safeguard international reserves.Staff supports the
  • authorities' requests for waivers based on corrective actions and policycommitments. The authorities are implementing strong corrective actions to address the fraudand fiscal slippage, including several prior actions, and have also strengthened external debtmanagement to ensure that they observe their commitment not to contract nonconcessionalexternal debt. Staff further supports the requests for extension of the arrangement, rephasing ofdisbursements (including a halving of the disbursements originally associated with the third andfourth reviews and applying the balance to an additional review) and modifications ofperformance criteria
Member of
Cataloging source
MiAaPQ
LC call number
HF1359 -- .M353 2014eb
Literary form
non fiction
Nature of contents
dictionaries
Series statement
IMF Staff Country Reports
Label
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..
Link
http://ebookcentral.proquest.com/lib/multco/detail.action?docID=1644047
Instantiates
Publication
Copyright
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Contents
Cover -- CONTENTS -- CONTEXT: FISCAL SCANDAL AND RISKS TO ECONOMIC RECOVERY -- RECENT ECONOMIC DEVELOPMENTS AND PERFORMANCE UNDER THE PROGRAM -- A. Recent Economic Developments and Near-Term Outlook -- B. Performance Under the Program -- POLICY DISCUSSIONS -- A. Macroeconomic Framework -- B. Fiscal Policy and Related Structural Reforms -- C. Exchange Rate and Monetary Policies -- D. Financial Sector Reforms -- E. Business Climate and International Competitiveness -- PROGRAM ISSUES -- STAFF APPRAISAL -- BOX -- 1. Action Plan to Address Weaknesses in Public Financial Management Exposed by Fiscal Scandal -- TABLES -- 1. Selected Economic Indicators, 2011-16 -- 2a. Central Government Operations: 2010/11-2015/16, (Billions of kwacha) -- 2b. Central Government Operations: 2010/11-2015/16 (Percent of GDP) -- 2c. Central Government Operations: 2013/14 -- 3a. Monetary Authorities' Survey, 2011-16 -- 3b. Monetary Survey, 2011-16 -- 4a. Balance of Payments, 2011-16 (US millions) -- 4b. Balance of Payments, 2011-16 (Percent of GDP) -- 5. External Financing Requirement and Source, 2009-17 -- 6a. Original Schedule of Disbursements Under ECF Arrangement, 2012-15 -- 6b. Proposed Schedule of Disbursements Under ECF Arrangement, 2012-15 -- 7. Indicators of Capacity to Repay the Fund, 2013-22 -- 8a. Quantitative Targets (2012-13) -- 8b. Quantitative Targets (2013-14) -- 9a. Prior Actions and Structural Benchmarks, July 2012-Nov 2013 -- 9b. Prior Actions and Structural Benchmarks, Dec 2013-Sept 2014 -- 10. Risk Assessment Matrix -- APPENDIX -- I. Letter of Intent -- I. Memorandum on Economic and Financial Policies -- II. Technical Memorandum of Understanding -- CONTENTS -- RELATIONS WITH THE FUND -- JOINT MANAGERIAL ACTION PLAN -- RELATIONS WITH THE AFRICAN DEVELOPMENT BANK GROUP -- STATISTICAL ISSUES
Control code
EBC1644047
Dimensions
unknown
Extent
1 online resource (116 pages)
Form of item
online
Isbn
9781475574968
Media category
computer
Media MARC source
rdamedia
Media type code
c
Note
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
Sound
unknown sound
Specific material designation
remote
System control number
  • (MiAaPQ)EBC1644047
  • (Au-PeEL)EBL1644047
  • (CaPaEBR)ebr10846155
  • (CaONFJC)MIL579002
  • (OCoLC)871781769
Label
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..
Link
http://ebookcentral.proquest.com/lib/multco/detail.action?docID=1644047
Publication
Copyright
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Contents
Cover -- CONTENTS -- CONTEXT: FISCAL SCANDAL AND RISKS TO ECONOMIC RECOVERY -- RECENT ECONOMIC DEVELOPMENTS AND PERFORMANCE UNDER THE PROGRAM -- A. Recent Economic Developments and Near-Term Outlook -- B. Performance Under the Program -- POLICY DISCUSSIONS -- A. Macroeconomic Framework -- B. Fiscal Policy and Related Structural Reforms -- C. Exchange Rate and Monetary Policies -- D. Financial Sector Reforms -- E. Business Climate and International Competitiveness -- PROGRAM ISSUES -- STAFF APPRAISAL -- BOX -- 1. Action Plan to Address Weaknesses in Public Financial Management Exposed by Fiscal Scandal -- TABLES -- 1. Selected Economic Indicators, 2011-16 -- 2a. Central Government Operations: 2010/11-2015/16, (Billions of kwacha) -- 2b. Central Government Operations: 2010/11-2015/16 (Percent of GDP) -- 2c. Central Government Operations: 2013/14 -- 3a. Monetary Authorities' Survey, 2011-16 -- 3b. Monetary Survey, 2011-16 -- 4a. Balance of Payments, 2011-16 (US millions) -- 4b. Balance of Payments, 2011-16 (Percent of GDP) -- 5. External Financing Requirement and Source, 2009-17 -- 6a. Original Schedule of Disbursements Under ECF Arrangement, 2012-15 -- 6b. Proposed Schedule of Disbursements Under ECF Arrangement, 2012-15 -- 7. Indicators of Capacity to Repay the Fund, 2013-22 -- 8a. Quantitative Targets (2012-13) -- 8b. Quantitative Targets (2013-14) -- 9a. Prior Actions and Structural Benchmarks, July 2012-Nov 2013 -- 9b. Prior Actions and Structural Benchmarks, Dec 2013-Sept 2014 -- 10. Risk Assessment Matrix -- APPENDIX -- I. Letter of Intent -- I. Memorandum on Economic and Financial Policies -- II. Technical Memorandum of Understanding -- CONTENTS -- RELATIONS WITH THE FUND -- JOINT MANAGERIAL ACTION PLAN -- RELATIONS WITH THE AFRICAN DEVELOPMENT BANK GROUP -- STATISTICAL ISSUES
Control code
EBC1644047
Dimensions
unknown
Extent
1 online resource (116 pages)
Form of item
online
Isbn
9781475574968
Media category
computer
Media MARC source
rdamedia
Media type code
c
Note
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
Sound
unknown sound
Specific material designation
remote
System control number
  • (MiAaPQ)EBC1644047
  • (Au-PeEL)EBL1644047
  • (CaPaEBR)ebr10846155
  • (CaONFJC)MIL579002
  • (OCoLC)871781769

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