Source: International Monetary Fund (IMF) |

The International Monetary and Financial Committee Selects South African Reserve Bank Governor Lesetja Kganyago as New Chairman

Mr. Kganyago has been the Governor of the South African Reserve Bank since November 2014

The members of the International Monetary and Financial Committee (IMFC), the policy advisory committee of the Board of Governors of the International Monetary Fund (IMF), have selected Mr. Lesetja Kganyago, Governor of the South African Reserve Bank, as Chairman of the Committee for a term of three years, effective January…

Source: International Monetary Fund (IMF) |

International Monetary Fund Staff Concludes Visit to Tanzania

Preliminary data for the first half of 2017 released by the authorities indicate that the economy grew at a still strong 6.8 percent

Macroeconomic performance under the program has been satisfactory. Discussions on key elements that could underpin a successor arrangement made progress. GDP statistics show continued strong growth in the first half of 2017, but other economic indicators suggest the economy may be slowing down. A team from the International Monetary Fund…

Source: International Monetary Fund (IMF) |

The International Monetary Fund Executive Board Completes Fourth Review Under the Extended Credit Facility Arrangement, Approves US$ 4.3 Million Disbursement, and Concludes 2017 Article IV Consultation with Guinea-Bissau

The ECF-supported program aims to restore macroeconomic stability, promote efficiency in public service delivery, and foster inclusive growth

Completion of the fourth ECF review enables the disbursement of SDR 3.03 million (about US$ 4.3 million). The ECF-supported program aims to restore macroeconomic stability, promote efficiency in public service delivery, and foster inclusive growth. The Executive Board also concluded the 2017 Article IV Consultation with Guinea-Bissau. The Executive Board…

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 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 Staff Team Completes Review Visit to the Central African Republic

IMF staff team and authorities reached broad agreement on policies which could form the basis for completing the third review. Restoration of peace, redeployment of the state, and implementation of reforms will be key to ensure sustainable economic recovery. The team encouraged the authorities to intensify revenue mobilization efforts, while…

Source: International Monetary Fund (IMF) |

IMF Staff Team Completes Mission to Côte d’Ivoire

Fiscal deficit is expected to decrease to 3.75 percent of GDP in 2018 and eventually converge to the WAEMU regional deficit norm of 3 percent of GDP by 2019

Staff-level agreement was reached with the authorities on the second review under ECF and EFF arrangements, subject to approval by IMF management and the Executive Board. Despite the fall in cacao prices, strong economic performance continued in 2017 and the medium-term outlook remains strong. Fiscal deficit is expected to decrease…

Source: International Monetary Fund (IMF) |

IMF Staff Completes 2017 Article IV and ECF Review Mission to Guinea-Bissau

Real GDP growth for 2017 is now projected at 5.5 percent, with inflation around 2 percent and a broadly balanced external current account

The government’s economic program supported by the IMF is broadly on-track and the mission was able to reach understandings, ad referendum, on policies needed to conclude the fourth ECF review. The discussions in the context of Article IV consultation focused on key medium-term priorities, including actions to durably reinforce public…

Source: International Monetary Fund (IMF) |

IMF Staff Completes Review Mission to Sierra Leone

The current account deficit is expected to widen to 21.5 percent of GDP

Mission and authorities reached a common understanding of the challenges and risks associated with macroeconomic performance for the rest of 2017 and have made some progress in discussions on how to address those. Discussions aimed at completing the review will continue in the coming weeks, including during the upcoming Annual…