Source: International Monetary Fund (IMF) |

IMF Staff Concludes Visit to Mozambique

Growth declined to 3.8 percent in 2016 and is now projected to edge up to 4.7 percent in 2017, mainly on account of a surge in coal production and exports

Performance in some sectors of the economy has improved since the latter part of 2016. Growth declined to 3.8 percent in 2016 and is now projected to edge up to 4.7 percent in 2017. Publication of the detailed summary of the Kroll audit report is welcomed; more needs to be…

Source: International Monetary Fund (IMF) |

IMF Executive Board Completes Second Review Under the ECF Arrangement for the Central African Republic, Approves US$16.3 Million Disbursement, and an Augmentation of US$15.5 Million

Swift implementation of the National Plan for Recovery and Peace’s investment program will boost economic prospects

The completion of the review enables a disbursement of US$16.3 million. Swift implementation of the National Plan for Recovery and Peace’s investment program will boost economic prospects. Sustaining and accelerating efforts to mobilize domestic revenues and enhance budget transparency will create fiscal space for increasing social and capital spending. On…

Source: International Monetary Fund (IMF) |

IMF Executive Board Completes Seventh and Final Review Under the Extended Credit Facility Arrangement for Burkina Faso and Approves US$6.2 Million Disbursement

To maximize the benefits of the planned increase in public investment, it will be important to pursue fiscal structural reforms that strengthen the budget and investment processes

The economic outlook is positive, owing to a significant increase of public investment as well as positive prospects for the mining and agricultural sectors. To maximize the benefits of the planned increase in public investment, it will be important to pursue fiscal structural reforms that strengthen the budget and investment…

Source: International Monetary Fund (IMF) |

Statement by the International Monetary Fund Managing Director on Egypt

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement after Executive Board’s approval for the First Review of Egypt’s Extended Fund Facility which allows the disbursement of about $1.25 billion: “I would like to congratulate the people of Egypt and the authorities for their…

Source: International Monetary Fund (IMF) |

IMF Executive Board Completes First Review under the Extended Fund Facility (EFF) with the Arab Republic of Egypt

The completion of the review allows the authorities to draw the equivalent of SDR 895.48 million (about US$1.25 billion), bringing total disbursements to SDR 2,865.53 million about US$4 billion

On July 13, 2017, the Executive Board of the International Monetary Fund (IMF) completed the first review of Egypt’s economic reform program supported by an arrangement under the Extended Fund Facility (EFF). The completion of the review allows the authorities to draw the equivalent of SDR 895.48 million (about US$1.25…

Source: International Monetary Fund (IMF) |

IMF Executive Board Completes Seventh PSI Review, Second Review Under the Standby Credit Facility, and Concludes 2017 Article IV Consultation with Rwanda

Growth slowed in 2016, with recovery expected in 2017-18 due to strong harvests and domestic production

Program implementation has been strong, with almost all targets met. Rwanda’s adjustment policies are making notable progress in reversing external imbalances. Growth slowed in 2016, with recovery expected in 2017-18 due to strong harvests and domestic production. To achieve the country’s goal of upper middle income status, it will be…

Source: International Monetary Fund (IMF) |

IMF Management Completes the Second Review under the Staff–Monitored Program for Somalia and IMF Managing Director Approves a New Staff–Monitored Program

In view of the major challenges Somalia faces, the authorities requested a new 12-month SMP covering the period May 2017–April 2018, which the Managing Director of the IMF has now approved

IMF staff welcomes the authorities’ continued commitments to policy and reform implementation despite daunting challenges, including a humanitarian crisis. IMF staff encourages the authorities to avoid new domestic arrears and to implement the reform measures envisaged under the Staff–Monitored Program. IMF staff welcomes the authorities’ continued progress on currency reform…

Source: International Monetary Fund (IMF) |

IMF Staff Completes Second Review Mission of the Precautionary and Liquidity Line for Morocco

The Moroccan authorities continue to pursue fiscal, financial, and structural reforms that support higher and inclusive growth

Overall, Morocco’s economic policies and fundamentals are sound. The Moroccan authorities continue to pursue fiscal, financial, and structural reforms that support higher and inclusive growth. IMF team supports Morocco’s reform efforts to reduce unemployment and regional and social disparities. An International Monetary Fund (IMF) staff team led by Nicolas Blancher…

Source: International Monetary Fund (IMF) |

IMF Executive Board Completes Seventh Review under the ECF Arrangement for Mali, Approves US$43.96 Million Disbursement, and Augments Access and Extends Arrangement

Mali’s economy continues to grow at a robust pace, with a projected GDP growth of 5.3 percent for 2017 and 5.0 for 2018

Completion of the review enables the disbursement of US$43.96 million to Mali. Executive Board approved the authorities’ request for a one-year extension of the ECF arrangement to December 17, 2018. Mali’s economy continues to grow at a robust pace, with a projected GDP growth of 5.3 percent for 2017 and 5.0…

Source: International Monetary Fund (IMF) |

Algeria: Press Statement about Mr. Jihad Azour's visit to Algeria

Mr Jihad Azour, the new Director of the IMF’s Middle East and Central Asia Department, will be visiting Algeria during July 11-12, 2017

Mr Jihad Azour, the new Director of the IMF’s Middle East and Central Asia Department, will be visiting Algeria during July 11-12, 2017. His visit will be an opportunity to meet with members of the newly appointed government and exchange views on economic policies to adjust to lower oil prices…