Source: International Monetary Fund (IMF) |

IMF Staff Concludes Visit to Chad

The recently approved Extended Credit Facility (ECF) arrangement by the IMF Executive Board will help lessen the severe stress on the economy

Chad’s economic and financial situation and medium-term prospects have worsened due to a series of long-lasting shocks since the onset of the COVID-19 pandemic; The recently approved Extended Credit Facility (ECF) arrangement by the IMF Executive Board will help lessen the severe stress on the economy and put it on…

Source: International Monetary Fund (IMF) |

IMF Executive Board Completes the 2021 Article IV Consultation and Fifth Review of the Policy Coordination Instrument for Rwanda

The PCI was approved on June 28, 2019 to facilitate macroeconomic and financial stability, while advancing an ambitious reform agenda under Rwanda’s National Strategy for Transformation (NST)

Rwanda’s economy has rebounded strongly in 2021, and the recovery is expected to continue in 2022, supported by strengthened vaccination efforts, a pickup in external demand, and accommodative macroeconomic policies. Nevertheless, with a high portion of the population still unvaccinated, risks about the path of the COVID-19 pandemic remain significant…

Source: International Monetary Fund (IMF) |

IMF Executive Board Completes the Fourth Review Under the Policy Coordination Instrument and the First Reviews Under the Stand-By Arrangement and the Arrangement Under the Standby Credit Facility, and Concludes the 2021 Article IV Consultation for Senegal

Senegal’s three-year PCI was approved on January 10, 2020

Recent indicators suggest that a strong recovery is underway, driven by industrial production, services, and retail activity. COVID-19 case numbers remain comparatively low and about 14 percent of the adult population is vaccinated. Performance under the program remains satisfactory. Concurrently with the PCI, the SCF/SBA arrangements are helping support the…

Source: International Monetary Fund (IMF) |

IMF Staff Completes Mission for the 2021 Article IV Consultation and First Reviews of the Extended Credit Facility and Extended Fund Facility for Cameroon

The IMF team has reached a staff-level agreement with the Cameroonian authorities on the economic and financial policies

An IMF staff team has reached staff-level agreement with the authorities on policies that could support the Executive Board’s approval of the First Review; Growth starts to recover from the slowdown in Q2-2020, reflecting stronger domestic demand and supported by the global recovery. Medium term economic prospects are positive but with…

Source: International Monetary Fund (IMF) |

IMF Management Approves a Staff-Monitored Program for the Central African Republic

Its satisfactory implementation would pave the way for the resumption of discussions under an Extended Credit Facility (ECF) supported program in mid-2022

The seven-month Staff-Monitored Program (SMP) will help the authorities address the economic challenges caused by the security crisis and the Covid-19 pandemic. Its satisfactory implementation would pave the way for the resumption of discussions under an Extended Credit Facility (ECF) supported program in mid-2022; the SMP will also support the…

Source: International Monetary Fund (IMF) |

Statement at the End of an IMF Staff Visit to Mozambique

The Mozambican economy is recovering from a sharp contraction, following several years of economic shocks

An International Monetary Fund (IMF) staff team led by Mr. Alvaro Piris conducted discussions virtually in the context of the 2021 Article IV Consultation with Mozambique ending on December 16, 2021. At the end of the mission, Mr. Piris issued the following statement: “The Mozambican economy is recovering from a…

Source: International Monetary Fund (IMF) |

IMF Executive Board Completes First Review Under the Extended Credit Facility Arrangement and Approves US$212.3 Million Disbursement for the Democratic Republic of the Congo

Despite the persistence of the COVID-19 pandemic, the economy is recovering

Despite the COVID-19 pandemic, the rebound in economic activity is stronger than initially projected, supported by higher-than-envisaged mining production and the recovery in non-extractive growth; The conclusion of the first review under the ECF arrangement enables the immediate disbursement of US$212.3 million to reinforce international reserves, given downside risks to…

Source: International Monetary Fund (IMF) |

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

President Chakwera’s Malawi Vision 2063 aims for the country to reach upper-middle income status by 2063 by investing in physical and human capital

The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with the Republic of Malawi on December 13, 2021. Malawi’s economy has been severely affected by the COVID-19 pandemic and faces additional challenges. Growth has contracted by 4½ percent in 2020 compared to pre-pandemic levels in 2019,…

Source: International Monetary Fund (IMF) |

IMF Staff Completes Mission for the First Review of the Extended Fund Facility for the Republic of Gabon

Economic growth is expected to reach 1.5 percent in 2021 and accelerate in 2022 to 3 percent as the recovery gains steam

The Gabonese authorities and IMF staff made significant progress in discussions on the actions needed to complete the first review supported by the Extended Fund Facility (EFF), and on economic policies and structural reforms that could form the basis for the program in 2022. Discussions will continue over the coming…

Source: International Monetary Fund (IMF) |

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

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

Progress on the Staff-Monitored Program (SMP) reform agenda has continued since the first review in October 2021; Strengthening revenue mobilization and the yield of new taxes and ensuring expenditure containment remain essential to buttress debt sustainability and to support social and pro-growth spending; Macroeconomic stabilization, strong governance and transparency measures…