Malawi - Restoration of Fiscal Stability and Social Protection (RFSSP) Programme

This Programme is the Bank’s fifth policy based operation in Malawi. It aims to restore public financial management and Social Protection systems. Its distinguishing feature is that it is the Bank’s first Crisis Response Budget Support (CRBS) in Malawi. It focuses on strengthening Public Finance Management (PFM), with particular emphasis on transparency and accountability, and supporting the Government’s Social Protection programme and strategy in the context of far-reaching reforms in economic and financial governance. These areas of focus are in the Performance Assessment Framework (PAF) that has been agreed between GoM and the Common Approach to Budget Support (CABS) Development Partners (DPs). The CRBS will contribute to stabilizing the economy, in the wake of the massive devaluation of May, 2012. It will thus lay the basis for resumption of the high economic growth that the economy registered before the current crisis set in 2 years ago. It will contribute to improving social protection coverage, contribute to restoring macroeconomic stability and fiscal balance, improve PFM and enhance the business enabling environment.