IMF Executive Board Discusses Ex Post Assessment of Longer-Term Program Engagement in Malawi

LILONGWE, Malawi, June 28, 2012/African Press Organization (APO)/ — On June 20, 2012, the Executive Board of the International Monetary Fund (IMF) discussed the Ex Post Assessment (EPA) of Longer-Term Program Engagement with Malawi.1

Background

Malawi has been engaged with the IMF through a series of Fund-supported programs since 1979. An EPA of the early Fund arrangements was completed in September 2004. The new EPA reviews Malawi’s economic performance under Fund-supported programs from 2004 to 2011.

The report concludes that macroeconomic performance under Fund-supported programs in the period under review was mixed on account of uneven program ownership and important policy implementation setbacks more recently. During 2004-07, disciplined fiscal and monetary policies and structural reforms helped to restore macroeconomic stability, obtain debt relief, catalyze larger donor funding, and increase social spending. Afterwards, partly in the context of external shocks, macroeconomic policies became volatile and heavy foreign exchange controls were relied upon to keep a fixed exchange rate regime. By 2011, economic

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