International Monetary Fund (IMF) / Press Release

Source: International Monetary Fund (IMF) | Sep 22, 2023

International Monetary Fund (IMF) Staff Completes Staff-Level Agreement with Somalia on the Sixth Review under the Extended Credit Facility (ECF)

The Somali authorities have requested a successor IMF-supported program to continue advancing reforms that strengthen key economic institutions and promote macroeconomic stability and inclusive growth

Somalia has maintained strong reform momentum and program performance has been broadly satisfactory. IMF staff and the Somali authorities have reached staff-level agreement on the sixth review of Somalia’s Extended Credit Facility (ECF) arrangement; The Somali authorities have continued to make progress toward meeting the conditions for achieving the HIPC…

Source: International Monetary Fund (IMF) | Sep 21, 2023

International Monetary Fund (IMF) Staff and the Malawian Authorities Reach Staff-Level Agreement on the Second Review of the Staff Monitored Program with Executive Board Involvement and an Extended Credit Facility Arrangement

Malawi is recovering from a series of shocks, including an outbreak of cholera and cyclone Freddy

An International Monetary Fund (IMF) team led by Ms. Mika Saito held discussions with the Malawian authorities during August 29 – September 20 via hybrid and in-person meetings in Lilongwe. The discussions covered the Second Review of Malawi’s Staff Monitored Program with Executive Board Involvement (PMB) , and a program of economic…

Source: International Monetary Fund (IMF) | Sep 08, 2023

International Monetary Fund (IMF) Staff Concludes Visit to Senegal

The tense socio-political situation took a toll on activity in the commerce and services sectors in the first half of this year, leading to a downward revision of GDP growth projection to 4.1 percent

A team from the International Monetary Fund (IMF), led by Mr. Edward Gemayel, conducted a mission from August 31 to September 7, 2023, to take stock of recent economic developments and update growth and budget forecasts, and discuss the draft 2024 budget. At the conclusion of the mission, Mr. Gemayel…

Source: International Monetary Fund (IMF) | Sep 06, 2023

International Monetary Fund (IMF) Executive Board Concludes First Post Financing Assessment Discussions with Angola

Successful reforms coupled by firmed oil prices supported the Angola’s economic recovery in 2021–22, however, declined oil production has led to significant challenges to the economy

On August 29, 2023, the Executive Board of the International Monetary Fund (IMF) concluded the Post Financing Assessment (PFA)[1], and endorsed the Staff Appraisal on a lapse-of-time basis[2]. Angola’s capacity to repay the Fund is adequate, despite elevated risks. Successful reforms coupled by firmed oil prices supported the Angola’s economic recovery in…

Source: International Monetary Fund (IMF) | Aug 31, 2023

International Monetary Fund (IMF) Executive Board Concludes 2023 Article IV Consultation with Botswana

The authorities plan a fiscal expansion in FY2023 followed by two years of substantial fiscal adjustment to reach a small fiscal surplus by FY2025

Botswana’s growth is expected to slow to 3.8 percent in 2023 due to a projected decline in diamond production, before picking up over the following two years. Inflation has fallen since August 2022, and is now below the lower bound of the central bank's objective range; The authorities plan a…

Source: International Monetary Fund (IMF) | Jul 21, 2023

International Monetary Fund (IMF) Executive Board Concludes 2023 Article IV Consultation with Kingdom of Lesotho

Lesotho’s economy continues to face a number of challenges in the wake of the pandemic

The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation [1] with the Kingdom of Lesotho. Lesotho’s economy continues to face a number of challenges in the wake of the pandemic. Climate shocks, delays to infrastructure projects, high food and fuel prices, declining diamond prices, layoffs in the…

Source: International Monetary Fund (IMF) | Jul 18, 2023

International Monetary Fund (IMF) Executive Board Approves a US$271 million 38-month Arrangement Under the Extended Credit Facility for Burundi

The decision allows an immediate disbursement of SDR 46.2 million (about US$ 62.6 million)

The Executive Board of the International Monetary Fund (IMF) approved a 38-month arrangement under the Extended Credit Facility (ECF) for Burundi. The arrangement will provide financing of SDR200.2 million (about US$271 million), with an immediate disbursement of SDR46.2 million (about US$62.6 million); Burundi faces protracted balance of payments needs with…

Source: International Monetary Fund (IMF) | Jul 07, 2023

International Monetary Fund (IMF) Executive Board Completes the Second Review under the Extended Credit Facility Arrangement for the Republic of Mozambique

The monetary policy consultation clause (MPCC) band was breached at the lower bound, as inflation decelerated faster than expected

The Executive Board of the International Monetary Fund (IMF) completed the Second Review under the three-year ECF arrangement for Mozambique. This allows for the immediate disbursement of SDR 45.44 million (about US$ 60.6 million), usable for budget support, bringing Mozambique’s total disbursements under the ECF arrangement to SDR 159.04 million (about…

Source: International Monetary Fund (IMF) | Jul 05, 2023

International Monetary Fund (IMF) Executive Board Concludes the Third Review of Niger’s Extended Credit Facility Arrangement and Approves US$ 131.5 Million under the Resilience and Sustainability Facility Arrangement

The ECF supported program aims at buttressing macroeconomic stability while laying the foundations for stronger and more inclusive growth

The IMF Executive Board concluded today the third review under the Extended Credit Facility Arrangement for Niger, allowing for an immediate disbursement of about US$ 26.3 million. The program was extended by six months to June 2025 to ensure sufficient time to implement key reforms and support the authorities’ fiscal…

Source: International Monetary Fund (IMF) | Jun 24, 2023

International Monetary Fund (IMF) Executive Board Concludes 2023 Article IV Consultation and Second Review Under the Extended Credit Facility Arrangement with Cabo Verde

The completion of the review allows the authorities to draw the equivalent of SDR 4.50 million (about US$ 6.00 million)

The IMF Executive Board completed the second review under the 36-month Extended Credit Facility with Cabo Verde, providing the country with access to SDR 4.50 million (about US$ 6.00 million); Cabo Verde’s performance under the program is strong. The economy rebounded strongly in 2022 growing 17.7 percent; Cabo Verde remains…

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