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

February 7, 2014

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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, (USA: International Monetary Fund, 2014) accessed November 23, 2024

Summary

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.

Subject: Balance of payments statistics, Banking, Budget planning and preparation, Economic and financial statistics, Expenditure, External debt, Public debt, Public financial management (PFM)

Keywords: Authority, Balance of payments statistics, Budget planning and preparation, Complying disbursement, CR, Development partner, ECF arrangement, Expenditure execution, Global, ISCR, Monetary policy need, Payment arrears, Southern Africa

Publication Details

  • Pages:

    113

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2014/037

  • Stock No:

    1MWIEA2014001

  • ISBN:

    9781475573046

  • ISSN:

    1934-7685

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