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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

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
Table Of Contents
Cover; CONTENTS; CONTEXT: FISCAL SCANDAL AND RISKS TO ECONOMIC RECOVERY; BOX; 1. Action Plan to Address Weaknesses in Public Financial Management Exposed by Fiscal Scandal; 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; TABLES
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (116 p.)
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Form Of Item

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