Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Executive Board Approves New Extended Credit Facility (ECF) Arrangement for Zambia

Zambia is dealing with the legacy of years of economic mismanagement, with an especially inefficient public investment drive

The IMF Board approves SDR 978.2 million (about US$1.3 billion) 38-month ECF arrangement for Zambia to help restore macroeconomic stability and foster higher, more resilient, and more inclusive growth; The authorities’ program, supported by the ECF-arrangement, will advance the authorities’ homegrown reform plan to restore debt sustainability, create fiscal space…

Source: International Monetary Fund (IMF) |

IMF Executive Board Concludes 2022 Article IV Consultation with Botswana

A successful vaccination campaign, prudent macroeconomic management, and strong demand for diamonds have allowed Botswana to recover to its pre-pandemic output level

The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Botswana and endorsed the staff appraisal without a meeting on a lapse-of-time basis. [1] A successful vaccination campaign, prudent macroeconomic management, and strong demand for diamonds have allowed Botswana to recover to its pre-pandemic output level.…

Source: International Monetary Fund (IMF) |

IMF Staff Completes Mission to the Republic of Malawi for Discussions on the Request for a Four-Year Extended Credit Facility Arrangement

The authorities have requested an arrangement in the back of the protracted balance of payments problem

The Malawian authorities and IMF staff had positive and productive discussions on policies needed to restore macroeconomic stability, ensure public debt sustainability, and advance structural reforms to support sustainable and inclusive growth and address the impact of the COVID pandemic, spillovers from war in Ukraine and climate-related shocks; the authorities’…

Source: International Monetary Fund (IMF) |

IMF Reaches Staff Level Agreement on the Third Review of the Extended Fund Facility and Extended Credit Facility for Kenya

A staff team from the International Monetary Fund (IMF) led by Mary Goodman, conducted a hybrid mission to Kenya and in Washington DC from March 31 – April 22

IMF staff and the Kenyan authorities have reached a staff-level agreement on economic policies to conclude the third reviews of the 38-month EFF/ECF financed program. Kenya would have access to about US$244 million in financing once the review is formally completed by the IMF Executive Board. The economic rebound is…

Source: International Monetary Fund (IMF) |

IMF Staff Concludes Visit to Chad

The new 36-month ECF arrangement, in an amount of SDR 392.56 million will help meet Chad’s large balance-of-payments and budgetary needs

The Chadian authorities and the staff of the International Monetary Fund (IMF) started discussions for the first review under the ECF-supported program approved on December 10. These discussions will continue in the coming days. Chad’s economic and financial situation was weaker than expected in 2021. Oil production was significantly lower…

Source: International Monetary Fund (IMF) |

IMF Staff Concludes Visit to Senegal

Maintaining fiscal discipline in the face of rising energy and food prices as well as rising social demands, will be critical for preserving debt sustainability

Growth surprised on the upside in 2021. However, the outlook is clouded by the impact of the war in Ukraine, which is likely to put the economy under strain; Maintaining fiscal discipline in the face of rising energy and food prices as well as rising social demands, will be critical…

Source: International Monetary Fund (IMF) |

IMF Staff Completes 2022 Article IV Consultation Mission to Burundi

IMF staff held productive discussions with the authorities on the recent economic developments

The Burundian economy recovered moderately in 2021 and is expected to strengthen further in 2022, despite the effects of the war in Ukraine. In the medium term, Burundi will continue to grapple with the challenges of balancing priority social, development and COVID-19-related spending with external and debt sustainability; the current account…

Source: International Monetary Fund (IMF) |

IMF Staff Completes Staff Visit to Guinea

An IMF staff team, led by Ms. Clara Mira, held a virtual Staff Visit from February 28 to March 4, 2022

Economic activity is expected to accelerate in 2022, driven by mining production and the ongoing recovery in the non-mining sector, although global and domestic uncertainties cloud the outlook. Inflation picked up in 2021 as a result of Covid-related supply constraints, rising global prices, and accommodative macro policies, and it is…

Source: International Monetary Fund (IMF) |

IMF Executive Board Concludes First Review Under the Extended Credit Facility Arrangement and 2021 Article IV Consultation with Uganda

The completion of the first review allowed an immediate disbursement for budget support

The Ugandan authorities are implementing their reform agenda steadfastly, in a complex environment still marked by the pandemic, and remain committed to the Extended Credit Facility Arrangement; The IMF Board today completed the first review of the ECF Arrangement and 2021 Article IV Consultation with Uganda. Approval of the first…

Source: International Monetary Fund (IMF) |

IMF Staff Completes Virtual Mission to Discuss the Second and Third Reviews of the Extended Credit Facility to Somalia

An International Monetary Fund (IMF) team, led by Laura Jaramillo, held a virtual mission during February 22 – March 7, 2022, to conduct the first stage of the second and third reviews of Somalia’s economic program

Notwithstanding COVID-19 and drought, the Somali authorities have preserved macroeconomic stability, supported by use of the 2021 general SDR allocation; Program performance remained commendable in 2021, and the reform momentum was maintained; Timely resolution of the political uncertainty and successful completion of elections is critical to avert the automatic lapse…