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International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Reaches Staff-Level Agreement on the Second Review of the Extended Credit Facility with Ghana

Ghana will have access to about US$360 million in financing once the review is approved by IMF Management and formally completed by the IMF Executive Board

IMF staff and the Ghanaian authorities have reached staff-level agreement on economic policies and reforms to conclude the second review of the 36-month ECF-supported program. Ghana will have access to about US$360 million in financing once the review is approved by IMF Management and formally completed by the IMF Executive…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Reaches Staff-Level Agreement on the Second Reviews Under the Extended Fund Facility (EFF) Arrangement and the Resilience and Sustainability Facility (RSF) with Seychelles and Completes 2024 Article IV Mission

While the outlook remains positive and risks are roughly balanced, the Seychellois economy remains highly vulnerable to external shocks and climate change in the medium- to long-term

The Seychellois economy continued to recover in 2023 and is moving closer to pre-pandemic norms despite external shocks and a complex disaster from flooding and an industrial explosion; The government made good progress in implementing the EFF and RSF—meeting almost all quantitative targets under the program and making notable progress…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Executive Board Completes the First and Second Reviews of Extended Fund Facility Arrangement for Egypt, Approves Augmentation of the Arrangement

The plan is centered on a liberalized foreign exchange system in the context of a flexible exchange rate regime

The IMF Board today completed the First and Second Reviews of the extended arrangement under the Extended Fund Facility (EFF) for Egypt and approved an augmentation of the original program by about US$5 billion (SDR 3.76 billion), allowing the authorities to draw the equivalent of about US$820 million (SDR 618.1…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Reached Staff-level Agreement on the Reviews of the Rwanda’s Policy Coordination Instrument and Arrangement under Resilience and Sustainability Facility, and the Stand-by Credit Facility Arrangement

Strong fiscal consolidation, proactive and data-driven monetary policy, and continued exchange rate adjustment are necessary to rebuild buffers, contain inflation, and safeguard debt sustainability

IMF staff and the Rwandan authorities reached staff-level agreement on policies needed to complete the third reviews of Rwanda’s Policy Coordination Instrument and program under the Resilience and Sustainability Facility, and the first review of the Stand-by Credit Facility arrangement; The economy continued its robust growth in 2023, while inflation decelerated…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Executive Board Approves US$1.3 Billion under the Resilience and Sustainability Facility for Cote d’Ivoire

The RSF arrangement will support the reforms of the Ivorian authorities to strengthen adaptation and mitigation, particularly in the areas of agriculture, transport, infrastructure, and public financial management

The IMF Executive Board approved a 30-month RSF arrangement for Côte d’Ivoire for a total amount of SDR975.6 million (approximately US$1.3 billion); Côte d’Ivoire is exposed and vulnerable to climate change. Rising temperatures, rainfall disruptions, flooding, rising sea levels and coastal erosion are major challenges and represent recurring risks for…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Reaches Staff-Level Agreement with Guinea Bissau on Fourth and Fifth Reviews of Extended Credit Facility Arrangement

Conclusion of the Fourth and Fifth Reviews by the IMF Executive Board, tentatively scheduled for mid-May 2024, would enable the disbursement of SDR 6.17 million (about US$ 8.2 million), bringing total disbursement under the arrangement to SDR 19.44 million

A team from the International Monetary Fund (IMF) led by Jose Gijon, Mission Chief for Guinea Bissau, held videoconferences and meetings in Bissau during February 28– March 11, 2024, to discuss macroeconomic policies in the context of the Fourth and Fifth Reviews of the ECF arrangement [[1]]. The initial arrangement was…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff completes 2024 Article IV mission to Gabon

An International Monetary Fund (IMF) team, led by Ms. Aliona Cebotari, visited Gabon on January 23-February 6, 2024, to meet with the authorities and private sector representatives for the 2024 Article IV consultation

The 2024 Article IV consultation focused on the near-term challenges facing Gabon: strengthening transparency and governance, revitalizing economic growth and stabilizing the budgetary position; The economy has recovered from multiple shocks emanating from the global and domestic economy, with growth expected to settle around 3 percent in 2024-25 and inflation to…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Concludes Visit to Malawi

The discussions focused on recent macroeconomic developments and the implementation of macroeconomic adjustment and reforms committed under the Extended Credit Facility (ECF) arrangement approved on November 15, 2023

An International Monetary Fund (IMF) staff team led by Ms. Mika Saito visited Malawi during January 22-26 as part of its regular engagement with the Malawian authorities and other stakeholders. The discussions focused on recent macroeconomic developments and the implementation of macroeconomic adjustment and reforms committed under the Extended Credit…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Completes 2023 Article IV Mission to Djibouti

Staff projects that the recovery will continue in 2024, albeit at a lower pace, and subject to significant risks stemming from the situation in the Red Sea and developments in Ethiopia

Strong rebound in activity in 2023 but regional geopolitical developments pose important risks to continued recovery; Finalizing the preliminary agreement on debt reprofiling with the main creditor would open a window of opportunity for the authorities to develop a sustainable strategy for public finances in the medium term; Concerted action…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Conducted Discussions for the First Review under the Extended Credit Facility Arrangement with Burundi

Discussions covered recent macroeconomic and policy developments, program performance, and near-term prospects and policy plans

A stronger economic recovery is projected for 2024, with real GDP expanding by 4.3 percent driven by agricultural production, investment, and reforms; rebounding from the estimated 2.7 percent growth in 2023; Recently-adopted policy adjustment measures, including fiscal consolidation under the revised 2023/24 budget (July—June), monetary policy (MP) tightening, and foreign exchange…