Source: International Monetary Fund (IMF) |

IMF Staff Concludes Article IV Mission to Zimbabwe

An International Monetary Fund (IMF) staff team, led by Dhaneshwar Ghura, Mission Chief for Zimbabwe, held discussions through virtual meetings in the context of the 2021 Article IV consultation

The COVID-19 crisis impacted an already weakened economy following cyclone Idai and a protracted drought. Containment and support measures introduced by the authorities helped in mitigating the adverse effects of the pandemic; economic activity is recovering, and mass vaccination continues steadily. But downside risks remain, dominated by the pandemic’s evolution,…

Source: International Monetary Fund (IMF) |

IMF Management Approves a Staff Monitored Program for the Union of the Comoros

The authorities’ top priority since the pandemic hit has been to limit the impact on the health of the population and preserve macroeconomic and financial stability

The Staff-Monitored Program (SMP) will help to build a strong track record of policy and reform implementation, possibly paving the way for an IMF-supported program; the six-month SMP will support the government’s program of reforms aimed at (i) supporting the recovery from the COVID-19 pandemic including by providing cash transfers…

Source: International Monetary Fund (IMF) |

IMF Executive Board Approves a US$76 Million Disbursement under the Rapid Credit Facility to Burundi to Address the COVID-19 Pandemic

The financial assistance will support the implementation of Burundi’s COVID-19 response plan aimed at limiting the disease spread

The COVID-19 pandemic and associated border closures resulted in a slowdown of Burundi’s economy, which threatens to deteriorate living standards; To address Burundi’s urgent balance of payments and fiscal needs, the IMF approved emergency financial assistance equivalent to about US$76.2 million under the Rapid Credit Facility; The financial assistance will…

Source: International Monetary Fund (IMF) |

Sub-Saharan Africa: One Planet, Two Worlds, Three Stories

As the pandemic continues, authorities face an increasingly difficult policy environment, with rising needs, limited resources, and difficult tradeoffs

Sub-Saharan Africa is projected to grow by 3.7 percent in 2021 and 3.8 percent in 2022 – a welcome but relatively modest recovery, suggesting that divergence with the rest of the world will persist over the medium term; The crisis has highlighted key disparities in resilience between countries in sub-Saharan…

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) |

Mali: International Monetary Fund (IMF) Executive Board extends Immediate Debt Service Relief for another Six Months

Relief on debt service will free up scarce financial resources to continue strengthening the country’s medical care capacity and addressing the social and economic fallout from the COVID-19

On October 30, 2020, the Executive Board of the International Monetary Fund (IMF) approved a second six-month tranche of debt service relief for Mali under the Catastrophe Containment and Relief Trust (CCRT) without a meeting; the relief on debt service will free up scarce financial resources to continue strengthening the…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff completes Review Mission to Central African Republic

Welcomes the progress made in the fight against the Covid-19 pandemic

The IMF team welcomes the progress made in the fight against the Covid-19 pandemic and the preparation of next December’s presidential and legislative elections; the pandemic and the containment measures have had a significant impact on growth, inflation, and public finances; the Central African authorities and the IMF team discussed…

Source: International Monetary Fund (IMF) |

Opening Remarks at Mobilizing with Africa II High-Level Virtual Event

We are here today because COVID-19 continues its assault on the health and wellbeing of people, and on the economy

By Managing Director Kristalina Georgieva As prepared for delivery Excellencies, Ministers, Ladies and Gentlemen—thank you for participating in this important event. I am honored to co-host with President Malpass. And I would like to recognize U.N. Secretary General Guterres and AU Commission Chair Moussa Faki Mahamat. We are here today…

Source: International Monetary Fund (IMF) |

Coronavirus - Malawi: IMF Executive Board Approves an Additional US$101.96 Million Disbursement under the Rapid Credit Facility for Malawi to Address the COVID-19 Pandemic

This additional IMF financing will help fill part of the resulting increased external financing gap and provide the fiscal space needed to address critical spending needs

This is the second disbursement under the Rapid Credit Facility (RCF), which brings total IMF COVID-19 emergency support to Malawi to US$193 million; Malawi’s economic outlook has worsened since the first RCF as COVID infections have risen and the global and regional economic situation has deteriorated; This additional IMF financing…

Source: International Monetary Fund (IMF) |

Coronavirus: International Monetary Fund (IMF) Staff issues an Interim Performance Update to the Board on Rwanda’s Policy Coordination Instrument (PCI)

COVID-19 pandemic has had a severe economic impact on Rwanda through implementation of strict domestic measures to contain the spread of virus and related global spillovers

All end-December 2019 quantitative targets for the second review under the PCI [1] were met and performance on the reform targets was broadly on track; the heavy toll of the COVID-19 pandemic has pushed the fiscal targets for end-June 2020 out of reach and hampered progress in advancing the reform…