Planning Beyond the Next Harvest
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Washington, DC: World Bank
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The 16th edition of the Malawi
Economic Monitor (MEM) calls for urgent actions to stabilize
the economy and enhance growth. As in the previous MEM, this
includes addressing three key areas: i) Stabilizing the
economy: While some progress is being made, there remains an
urgent need for theimplementation of the announced
macroeconomic reforms, including building foreign reserves,
achieving fiscal consolidation goals for the current fiscal
year, returning debt to a sustainable path through
restructuring, implementing key fiscal governance and public
financial management (PFM) reforms, and continuing the shift
toward a more flexible exchange rate regime. ii) Stimulating
agricultural export competitiveness and market-driven growth
in the economy: In the context of an ongoing macroeconomic
crisis, it will be essential to focus on reforms to catalyze
growth. This includes a sustained emphasis on advancing
agricultural commercialization, improving the productivity
of firms, and increasing and diversifying exports. It will
also be important to deliver on the planned reform of
expensive and poorly targeted subsidies, such as those for
the Affordable Input Programme (AIP), and remove distortions
that constrain firms’ growth. iii) Protecting the poor and
strengthening resilience: As another difficult lean season
approaches, including the heightened risk of extreme weather
events, it will be essential to advance implementation of
the significantly expanded Social Cash Transfer Program and
other assistance programs. In the context of fiscal
pressures, it will also be important to continue
prioritizing the deliveryof essential services to the most
vulnerable, while improving the efficiency and effectiveness
of social sector expenditure.