APO Group - Africa Newsroom / Press Releases Related to Africa

Source: International Monetary Fund (IMF) | May 01, 2024

International Monetary Fund (IMF) Executive Board Concludes 2024 Article IV Consultation, Mid-Term Review under Flexible Credit Line Arrangement, First Review under the Resilience and Sustainability Facility and Rephasing of Access under Resilience and Sustainability Facility with Morocco

The Moroccan economy continued to show resilience to negative shocks

On March 26, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation,[1] mid-term review under Flexible Credit Line Arrangement, first review under the Resilience and Sustainability Facility and Rephasing of access under Resilience and Sustainability Facility with Morocco. The Moroccan economy continued to show resilience to…

Source: International Monetary Fund (IMF) | May 01, 2024

International Monetary Fund (IMF) Staff Reaches Staff-Level Agreement with Mali on Rapid Credit Facility and Completes 2024 Article IV Mission

Discussions focused on the economic outlook, macroeconomic policies and possible responses to the urgent balance of payments (BOP) needs

IMF staff and the Malian authorities have reached a staff-level agreement on emergency financing through the Exogenous Shock Window of the IMF’s Rapid Credit Facility (RCF). IMF staff also completes the 2024 Article IV mission; Mali’s economy has been hit by multiple exogenous shocks recently, including Russia’s war in Ukraine,…

Source: International Monetary Fund (IMF) | Apr 22, 2024

International Monetary Fund (IMF) Staff Concludes Mission to Sierra Leone

The discussions continued during the Spring Meetings of the IMF and the World Bank Group in Washington, DC

An IMF team and the Sierra Leonean authorities held discussions on a new arrangement under the Extended Credit Facility; They made substantial progress towards understandings on the authorities’ development objectives and the reforms needed to achieve macroeconomic stability and maintain debt sustainability; Discussions will continue over the coming months. Continued…

Source: International Monetary Fund (IMF) | Apr 20, 2024

International Monetary Fund (IMF) Reaches Staff-Level Agreement with Central African Republic on the Second Review of the Extended Credit Facility (ECF)

Despite an extremely challenging economic and social context, Central African Republic (CAR) continues to make headway in stabilizing its economy and in achieving fiscal consolidation

The Central African Republic authorities and Fund staff have reached agreement on the economic policies that may underpin the forthcoming approval by the IMF Executive Board of the second review of the ECF-supported program; Despite an extremely challenging economic and social context, Central African Republic (CAR) continues to make headway in…

Source: International Monetary Fund (IMF) | Apr 13, 2024

International Monetary Fund (IMF) Reaches Staff-Level Agreement on the Second Review of the Extended Credit Facility with Ghana

Ghana will have access to about US$360 million in financing once the review is approved by IMF Management and formally completed by the IMF Executive Board

IMF staff and the Ghanaian authorities have reached staff-level agreement on economic policies and reforms to conclude the second review of the 36-month ECF-supported program. Ghana will have access to about US$360 million in financing once the review is approved by IMF Management and formally completed by the IMF Executive…

Source: International Monetary Fund (IMF) | Apr 03, 2024

International Monetary Fund (IMF) Staff Reaches Staff-Level Agreement on the Second Reviews Under the Extended Fund Facility (EFF) Arrangement and the Resilience and Sustainability Facility (RSF) with Seychelles and Completes 2024 Article IV Mission

While the outlook remains positive and risks are roughly balanced, the Seychellois economy remains highly vulnerable to external shocks and climate change in the medium- to long-term

The Seychellois economy continued to recover in 2023 and is moving closer to pre-pandemic norms despite external shocks and a complex disaster from flooding and an industrial explosion; The government made good progress in implementing the EFF and RSF—meeting almost all quantitative targets under the program and making notable progress…

Source: International Monetary Fund (IMF) | Mar 30, 2024

International Monetary Fund (IMF) Executive Board Completes the First and Second Reviews of Extended Fund Facility Arrangement for Egypt, Approves Augmentation of the Arrangement

The plan is centered on a liberalized foreign exchange system in the context of a flexible exchange rate regime

The IMF Board today completed the First and Second Reviews of the extended arrangement under the Extended Fund Facility (EFF) for Egypt and approved an augmentation of the original program by about US$5 billion (SDR 3.76 billion), allowing the authorities to draw the equivalent of about US$820 million (SDR 618.1…

Source: International Monetary Fund (IMF) | Mar 22, 2024

International Monetary Fund (IMF) Staff Reached Staff-level Agreement on the Reviews of the Rwanda’s Policy Coordination Instrument and Arrangement under Resilience and Sustainability Facility, and the Stand-by Credit Facility Arrangement

Strong fiscal consolidation, proactive and data-driven monetary policy, and continued exchange rate adjustment are necessary to rebuild buffers, contain inflation, and safeguard debt sustainability

IMF staff and the Rwandan authorities reached staff-level agreement on policies needed to complete the third reviews of Rwanda’s Policy Coordination Instrument and program under the Resilience and Sustainability Facility, and the first review of the Stand-by Credit Facility arrangement; The economy continued its robust growth in 2023, while inflation decelerated…

Source: International Monetary Fund (IMF) | Mar 16, 2024

International Monetary Fund (IMF) Executive Board Approves US$1.3 Billion under the Resilience and Sustainability Facility for Cote d’Ivoire

The RSF arrangement will support the reforms of the Ivorian authorities to strengthen adaptation and mitigation, particularly in the areas of agriculture, transport, infrastructure, and public financial management

The IMF Executive Board approved a 30-month RSF arrangement for Côte d’Ivoire for a total amount of SDR975.6 million (approximately US$1.3 billion); Côte d’Ivoire is exposed and vulnerable to climate change. Rising temperatures, rainfall disruptions, flooding, rising sea levels and coastal erosion are major challenges and represent recurring risks for…

Source: International Monetary Fund (IMF) | Mar 12, 2024

International Monetary Fund (IMF) Reaches Staff-Level Agreement with Guinea Bissau on Fourth and Fifth Reviews of Extended Credit Facility Arrangement

Conclusion of the Fourth and Fifth Reviews by the IMF Executive Board, tentatively scheduled for mid-May 2024, would enable the disbursement of SDR 6.17 million (about US$ 8.2 million), bringing total disbursement under the arrangement to SDR 19.44 million

A team from the International Monetary Fund (IMF) led by Jose Gijon, Mission Chief for Guinea Bissau, held videoconferences and meetings in Bissau during February 28– March 11, 2024, to discuss macroeconomic policies in the context of the Fourth and Fifth Reviews of the ECF arrangement [[1]]. The initial arrangement was…

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