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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.
EXECUTIVE SUMMARY Donors have suspended some aid disbursements to Malawi in response to a scandal involving the theft of public funds. A group of public servants exploited weaknesses in the control environment of the government's Integrated Financial Management Information System (IFMIS) to mak...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington, D.C. :
International Monetary Fund,
©2014.
©2014 |
| Colección: | IMF country report ;
no. 14/37. |
| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 245 | 0 | 0 | |a Malawi : |b 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. |
| 260 | |a Washington, D.C. : |b International Monetary Fund, |c ©2014. | ||
| 264 | 4 | |c ©2014 | |
| 300 | |a 1 online resource (113 pages) : |b color illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
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| 490 | 1 | |a IMF country report, |x 2227-8907 ; |v no. 14/37 | |
| 500 | |a Title from PDF title page (IMF Web site, viewed February 10, 2014). | ||
| 500 | |a "February 2014." | ||
| 500 | |a "December 27, 2013"--Page 2 of pdf | ||
| 500 | |a "Donors have suspended some aid disbursements to Malawi in response to a scandal involving the theft of public funds. A group of public servants exploited weaknesses in the control environment of the government's Integrated Financial Management Information System (IFMIS) to make fraudulent payments to several entities that had not provided any goods or services to the government. The authorities are implementing an Action Plan of remedial measures to prevent the recurrence of the fraud. Key elements of the action plan include strengthening security and management of IFMIS, a forensic audit, and identifying and prosecuting the perpetrators of the fraud. Recovery is underway in many sectors of the economy, facilitated by increased availability of foreign exchange. This reflects the impact of policy reforms, including a strong response to exchange 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 significant fiscal slippage (excessive domestic borrowing) during July-September 2013. This constrained the room for substituting domestic borrowing for the shortfall in aid flows. There has been progress in implementing structural benchmarks, but at a slower pace than programmed. Discussions focused on managing the fall-out from the fiscal scandal and policies to reverse the fiscal slippage and lower inflation. A substantial decrease in aid receipts for the remainder of the fiscal year necessitated some reprioritization of spending plans as well as expenditure cuts. Fiscal and monetary policy need to be tightened to lower inflation pressures and safeguard international reserves. Staff supports the authorities' requests for waivers based on corrective actions and policy commitments. The authorities are implementing strong corrective actions to address the fraud and fiscal slippage, including several prior actions, and have also strengthened external debt management to ensure that they observe their commitment not to contract nonconcessional external debt. Staff further supports the requests for extension of the arrangement, rephasing of disbursements (including a halving of the disbursements originally associated with the third and fourth reviews and applying the balance to an additional review) and modifications of performance criteria"--Abstract | ||
| 520 | 3 | |a EXECUTIVE SUMMARY Donors have suspended some aid disbursements to Malawi in response to a scandal involving the theft of public funds. A group of public servants exploited weaknesses in the control environment of the government's Integrated Financial Management Information System (IFMIS) to make fraudulent payments to several entities that had not provided any goods or services to the government. The authorities are implementing an Action Plan of remedial measures to prevent the recurrence of the fraud. Key elements of the action plan include strengthening security and management of IFMIS, a forensic audit, and identifying and prosecuting the perpetrators of the fraud. Recovery is underway in many sectors of the economy, facilitated by increased availability of foreign exchange. This reflects the impact of policy reforms, including a strong response to exchange 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 significant fiscal slippage (excessive domestic borrowing) during July-September 2013. This constrained the room for substituting domestic borrowing for the shortfall in aid flows. There has been progress in implementing structural benchmarks, but at a slower pace than programmed. Discussions focused on managing the fall-out from the fiscal scandal and policies to reverse the fiscal slippage and lower inflation. A substantial decrease in aid receipts for the remainder of the fiscal year necessitated some reprioritization of spending plans as well as expenditure cuts. Fiscal and monetary policy need to be tightened to lower inflation pressures and safeguard international reserves. Staff supports the authorities' requests for waivers based on corrective actions and policy commitments. The authorities are implementing strong corrective actions to address the fraud and fiscal slippage, including several prior actions, and have also strengthened external debt management to ensure that they observe their commitment not to contract nonconcessional external debt. Staff further supports the requests for extension of the arrangement, rephasing of disbursements (including a halving of the disbursements originally associated with the third and fourth reviews and applying the balance to an additional review) and modifications of performance criteria. | |
| 505 | 0 | |a 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. | |
| 505 | 8 | |a 1. Selected Economic Indicators, 2011-162a. 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. | |
| 505 | 8 | |a 7. Indicators of Capacity to Repay the Fund, 2013-228a. 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. | |
| 546 | |a English. | ||
| 590 | |a eBooks on EBSCOhost |b EBSCO eBook Subscription Academic Collection - Worldwide | ||
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| 650 | 6 | |a Développement économique |z Malawi. | |
| 650 | 6 | |a Politique fiscale |z Malawi. | |
| 650 | 6 | |a Politique monétaire |z Malawi. | |
| 650 | 6 | |a Corruption |z Malawi. | |
| 650 | 6 | |a Indicateurs économiques |z Malawi. | |
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| 650 | 7 | |a BUSINESS & ECONOMICS |x International |x General. |2 bisacsh | |
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| 651 | 7 | |a Malawi |2 fast | |
| 710 | 2 | |a International Monetary Fund. | |
| 776 | 0 | 8 | |i Print version: |a International Monetary Fund. |t 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. |d Washington, District of Columbia : International Monetary Fund, ©2014 |h 72 pages |k IMF country report ; Number 14/37 |z 9781475573046 |
| 830 | 0 | |a IMF country report ; |v no. 14/37. | |
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