Summary:Malawi’s persistent macroeconomic problems arise from uneven policy implementation, high inflation, and a weak balance of payments position that is financed by volatile donor inflows. Inadequate adjustment following the “cashgate” scandal involving the theft of public funds contributed to fiscal imbalances that damaged Malawi’s economic outlook significantly. Fiscal and monetary policy slippages and the lack of progress on key program-related PFM reforms put the Fund-supported
ECF arrangement off track and weakened donor confidence. Against this backdrop, Malawi has so far been unable to achieve its key objectives of sustainable growth and low inflation under its growth and development strategy.
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