This comprehensive, compelling, accessible and timely volume should be compulsory reading to academics, policy makers, social activists, and the general public in Malawi and elsewhere on the continent. The accounts the authors present of the pervasive dysfunctions of Malawi's troubled experiment with multiparty democracy since the mid-1990s, and the endlessly deferred dreams of development, are often dispiriting. Yet, their bleak diagnoses are often accompanied by ameliorative prescriptions that are simultaneously bold and pragmatic. The book exudes a sense of hope that the struggles for a better future will continue. In itself the book represents a testament to the possibilities of the country's democratic dispensation, the need to unflinchingly confront the country's debilitating political and socioeconomic pathologies. Such a text would have been unthinkable during the dictatorship of the founding president, Dr. Hastings Kamuzu Banda.

This paper presents report on the Observance of Standards and Codes—Fiscal Transparency Module for Malawi. A number of improvements have been made to budget management in Malawi in recent years that are increasing the level of fiscal transparency. Notable examples include the development of a sophisticated budget classification system and the introduction of the Medium-Term Expenditure Framework (MTEF) budgeting process. However, the developments have not been applied consistently across the different areas of fiscal management, and there has been insufficient attention to data quality.

This paper discusses Malawi’s Second and Third Reviews Under the Three-Year Extended Credit Facility Arrangement and Requests for Waivers of NonObservance of Performance Criteria and Augmentation of Access. Program-supported structural reforms advanced, addressing several important gaps that had previously been identified in public financial management. All quantitative performance criteria were met except those on the primary balance, which were missed largely due to faster than envisaged implementation of rural electrification and development projects, unexpected spending for disaster relief and to ensure safety during elections and post-election protests. The authorities aim to entrench macroeconomic stability, preserve debt sustainability, and advance governance reforms while attaining higher, more inclusive, and resilient growth. Essential reconstruction and security spending will be accommodated by reprioritizing spending and a modest relaxation in the FY 2019/20 domestic primary balance target. Monetary policy remains targeted on containing inflation and exchange rate flexibility will buffer shocks and preserve competitiveness. Financial sector resilience continues to be strengthened.