Source: International Monetary Fund (IMF) |

IMF Staff Completes Virtual Mission to Lesotho

The authorities and the mission team had productive discussions on policies that could be supported by the IMF under a financial arrangement

Lesotho has been struggling with the fallout from the pandemic and a sharp decline in revenues from the Southern African Customs Union (SACU); The authorities and the mission team made significant progress in their discussions on policies that could be supported by the IMF under a financial arrangement. A team…

Source: International Monetary Fund (IMF) |

IMF Staff Completes Virtual Mission for the First Review of a Staff-Monitored Program to Guinea Bissau

The review is aimed at assessing the efforts being undertaken to build a policy track record towards a possible Extended Credit Facility (ECF) arrangement in 2022

Progress on the Staff-Monitored Program (SMP) reform agenda has been satisfactory despite difficult socio-economic conditions compounded by the COVID-19 pandemic; Ensuring revenue mobilization and expenditure containment, including in the wage bill, will help to create room for spending on critical social and pro-growth areas, and to buttress debt sustainability; Strict…

Source: International Monetary Fund (IMF) |

IMF Staff Concludes Visit to Chad

The mission took stock of macroeconomic and financial developments, discussed progress on government’s reform priorities, and reviewed the government’s efforts

Chad’s economic and financial situation and medium-term prospects have steadily worsened due to a series of long-lasting shocks since the onset of the pandemic coupled with delays in donor support caused by insufficient progress on debt treatment discussions; Following the financing assurances in support of a debt treatment from the creditor…

Source: International Monetary Fund (IMF) |

Statement by IMF African Department Director Abebe Aemro Selassie on Meeting with President Lazarus McCarthy Chakwera of the Republic of Malawi

Commended them on their on-going efforts to combat corruption and enhance transparency and accountability in the use of public resources

Mr. Abebe Aemro Selassie, Director of the African Department at the International Monetary Fund (IMF) today met with President Lazarus McCarthy Chakwera of Malawi. He also met Malawi’s Vice President Salous Klaus Chilima and senior officials at the Ministry of Finance and Reserve Bank of Malawi (RBM). At the conclusion…

Source: International Monetary Fund (IMF) |

IMF Staff Completes 2021 Article IV Consultation Mission to Algeria

The mission recommends a comprehensive and coherent package of fiscal, monetary, and exchange rate policies to reduce Algeria’s vulnerabilities

The Algerian authorities have implemented several measures to mitigate the impact of the Covid-19 pandemic and stepped up their vaccination campaign since July; There is urgent need for a recalibration of economic policies to address macroeconomic imbalances while protecting and enhancing support to the most vulnerable; Algeria’s transition to a…

Source: International Monetary Fund (IMF) |

Statement by IMF Managing Director Kristalina Georgieva at the Conclusion of a Meeting with UNECA and African Ministers of Finance on COVID-19

African countries implemented strong measures to contain the pandemic and mitigate its economic impact on the populations

Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) met today with African Ministers of Finance and representatives from the United Nations Economic Commission for Africa (UNECA) to discuss Africa’s response to the COVID-19 pandemic and the efforts for a sustainable, green, and inclusive recovery. At the conclusion…

Source: International Monetary Fund (IMF) |

IMF Executive Board Concludes 2021 Article IV Consultation with the Republic of Congo

The COVID-19 pandemic and oil price shocks have taken a deep toll on the Congolese economy but there are signs of recovery

The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with the Republic of Congo on Friday, September 24, 2021. The COVID-19 pandemic and oil price shocks have taken a deep toll on the Congolese economy but there are signs of recovery. Positive non-oil economic growth is…

Source: International Monetary Fund (IMF) |

Statement by IMF African Department Director Abebe Aemro Selassie: Debt Treatment from Chad’s Private Creditors is Crucial to its Economic Recovery

Chad’s economic and financing situation continues to worsen following the combined shocks of the COVID-19 pandemic, oil price decline, climate change, and terrorist attacks

Mr. Abebe Aemro Selassie , Director of the International Monetary Fund’s (IMF) African Department, has issued the following statement on Chad: “Chad’s economic and financing situation continues to worsen following the combined shocks of the COVID-19 pandemic, oil price decline, climate change, and terrorist attacks. IMF staff and the Chadian authorities have…

Source: International Monetary Fund (IMF) |

IMF Executive Board Approves US$567.25 Million in Emergency Support to Tanzania to Address the COVID-19 Pandemic

Tanzania’s economic outlook has deteriorated due to the impact of the COVID-19 pandemic

The COVID-19 outbreak has led to the collapse of the tourism sector and amplified the need for significant financing to tackle the health and economic effects of the pandemic; The IMF approved US$567.25 million in emergency financial assistance under the Rapid Credit Facility and Rapid Financing Instrument to support the authorities’…

Source: International Monetary Fund (IMF) |

IMF Executive Board completes first and second reviews of the Central African Republic’s arrangement under the Extended Credit Facility and approves US$ 34.4 Million disbursement

The Covid-19 pandemic has had a substantial impact on Central African Republic’s economy but appears now somewhat contained

The Executive Board of the International Monetary Fund (IMF) completed the first and second reviews of the Central African Republic’s (CAR) economic and financial program supported by an Extended Credit Facility (ECF) arrangement. Completion of the reviews enables the disbursement of SDR 23.87 million, about US$ 34.4million), bringing total disbursements under…