Source: International Monetary Fund (IMF) |

IMF Executive Board Approves US$ 163.9 Million Arrangement Under the Extended Credit Facility for the Islamic Republic of Mauritania

Reforms will seek to create fiscal space for social spending and infrastructure through revenue mobilization and expenditure prioritization

Board decision enables immediate disbursement of US$ 23.4 million to Mauritania. Mauritania’s ECF-supported program aims to address the challenges of economic growth, stability, sustainability, and poverty. Reforms will seek to create fiscal space for social spending and infrastructure through revenue mobilization and expenditure prioritization, as well as to modernize the…

Source: International Monetary Fund (IMF) |

IMF Executive Board Completes Second Review Under the Extended Credit Facility Arrangement for Madagascar and Approves US$44.5 Million Disbursement

The 2018 budget supports the program’s core objective of strong and inclusive growth

Madagascar’s implementation of its economic program supported by the ECF has remained strong. The economic recovery has continued with solid growth and continued macroeconomic stability.   The 2018 budget supports the program’s core objective of strong and inclusive growth. On December 6, 2017, the Executive Board of the International Monetary Fund…

Source: International Monetary Fund (IMF) |

IMF Executive Board Completes First Review Under the ECF and Approves US$22.58 Million Disbursement for Benin

The Board also approved Benin’s request to set program conditionality for 2018, and to modify the end-December 2017 performance criteria

The program approved in April 20017 aims at supporting the country’s economic and financial reform program and focuses on raising living standards and preserving macroeconomic stability.  Completion of the review enables the disbursement of US22.58 million. Sustained efforts are needed to improve the business environment and foster greater private sector…

Source: International Monetary Fund (IMF) |

IMF Staff Concludes Visit to Mali for ECF Review and Article IV Consultation

An International Monetary Fund (IMF) staff team led by Ms. Boriana Yontcheva visited Bamako from October 29 to November 12, 2017, to conduct discussions on the Eighth review of Mali’s economic and financial program supported by the Fund’s Extended Credit Facility (ECF), and the 2017 Article IV consultations

GDP growth remained robust, at 5.3 percent supported by good harvests and robust public spending. Inflation was subdued, well below the regional ceiling. The IMF staff and the authorities agreed on measures to maintain debt sustainability, while making space for financing the poverty reduction strategy. Reforms to improve governance and…

Source: International Monetary Fund (IMF) |

IMF Team Completes Staff Visit to Angola

An International Monetary Fund (IMF) team led by Ricardo Velloso visited Luanda during November 6-15, 2017, to prepare the groundwork for the Article IV consultation mission expected in early 2018

The Angolan economy is enjoying a mild recovery this year but significant macroeconomic imbalances remain. The new Government is fully aware of the imbalances and has approved a plan to begin addressing these challenges. An International Monetary Fund (IMF) team led by Ricardo Velloso visited Luanda during November 6-15, 2017,…

Source: International Monetary Fund (IMF) |

IMF Executive Board Completes Seventh and Eighth ECF Reviews for Liberia and Approves US$20.7 Million Disbursement

Recourse to external borrowing should remain restrained as the risk of debt distress is already elevated

Completion of the reviews enables the immediate disbursement of SDR 14.764 million (about US$20.7 million), bringing total disbursements under the arrangement to SDR 111.664 million (about US$156.3 million). Good progress has been made on structural reforms, and it would be important that this momentum is maintained beyond the expiration of…

Source: International Monetary Fund (IMF) |

IMF Reaches Staff-Level Agreement with Mauritania on a Three-Year Arrangement Under the Extended Credit Facility

Under the arrangement, Mauritania would have access to IMF credit of up to SDR 115.920 million, or about US$ 162.8 million over three years

Staff-Level agreement reached on a three-year economic program with Mauritania. IMF financing will support the authorities’ economic policies and reforms. The program aims to foster inclusive growth, maintain macroeconomic stability, restore debt sustainability, and reduce poverty. An IMF staff team led by Mr. Eric Mottu held discussions with the Mauritanian…

Source: International Monetary Fund (IMF) |

IMF Staff Completes Review Visit to Rwanda

Growth in 2017 is expected to be 5.2 percent, well above growth averages for sub-Saharan Africa and an acceleration in the medium term will lead to average growth above 7 percent over the next three years

The IMF team reached preliminary agreement with the government on policies that could support completion of the eighth and third reviews of Rwanda’s PSI- and SCF-supported programs. Growth in 2017 is expected to be 5.2 percent, well above growth averages for sub-Saharan Africa and an acceleration in the medium term…

Source: International Monetary Fund (IMF) |

IMF Staff Completes 2017 Article IV and Extended Fund Facility Second Review Mission to Egypt

Egypt’s growth picked up during fiscal year 2016/17, with GDP rising by 4.2 percent compared to the projected 3.5 percent

An International Monetary Fund (IMF) team led by Mr. Subir Lall visited Cairo from October 25 to November 9, 2017, to hold discussions on the 2017 Article IV Consultation with Egypt and the second review of Egypt’s economic reform program supported by a three-year IMF Extended Fund Facility (EFF—see Press Release No.…

Source: International Monetary Fund (IMF) |

IMF Staff Completes 2017 Article IV Consultation and Third Review of the Precautionary and Liquidity Line (PLL) Arrangement

The Moroccan economy has benefited from the continuation of prudent macroeconomic policies and structural reforms

Fiscal and external vulnerabilities are being further reduced. Achieving higher and more inclusive growth requires accelerated structural reforms. Current conditions continue to offer a window of opportunity to start the transition to greater exchange rate flexibility. An International Monetary Fund (IMF) staff team led by Nicolas Blancher visited Morocco from…