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International Monetary Fund. African Dept.
This paper assesses and disseminates experiences and lessons from low-income countries (LICs) in Sub-Saharan Africa that were selected by the Africa Department in 2015-16 as pilots for enhanced analysis of macro-financial linkages in Article IV staff reports. The paper focuses on the common characteristics across the pilot countries and highlights the tools used in the analysis, the challenges encountered, and the solutions deployed in overcoming them.
International Monetary Fund. African Dept.

, including through the regional market of public securities, is also in domestic currency. However, foreign exchange risk is present in both Malawi and Uganda. Malawi. Banks are quite resilient to interest rate risk. The provision rate for the resulting NPLs is set at 100 percent. Against these assumptions, most Malawian banks would be resilient to major foreign exchange risk. Uganda. The Bank of Uganda and IMF staff have analyzed the impact on the net open foreign exchange position from a depreciation of the shilling against the US dollar by up to 50 percent; the

International Monetary Fund. African Dept.

conditionality in subsequent Fund-supported programs . The Reserve Bank therefore needs guidance on the shift to a review-based monetary conditionality. Consolidated supervision is another key priority . Pan African banks (Standard, ECO Bank) are becoming ever more prevalent in Malawi while Malawian banks are also evolving into Pan African banks (e.g. NBM, FMB). Holding companies like Press and Nico also increases the need for consolidated supervision. Macroprudential . Training on this has just started and linking this with monetary policy is the key challenge. Courses

International Monetary Fund. African Dept.
This 2018 Article IV Consultation highlights that the economy of Malawi recently rebounded from two years of drought. Growth picked up from 2.3 percent in 2016 to an estimated 4.0 percent in 2017 owing to a recovery in agricultural production. Inflation has been reduced below 10 percent owing to the stabilization of food prices, prudent fiscal and monetary policies, and a stable exchange rate. Economic growth is expected to increase gradually, reaching over 6 percent in the medium term. Growth will be supported by enhanced infrastructure investment and social services as well as an improved business environment, which will boost confidence and unlock the economy’s potential for higher, more broad-based, and resilient growth and employment.