Source: International Monetary Fund (IMF) |

Coronavirus - São Tomé and Príncipe: International Monetary Fund (IMF) Staff Completes a Virtual Extended Credit Facility First Review Mission for São Tomé and Príncipe

The COVID-19 pandemic is expected to cause the economy to contract sharply by 6.5 percent this year

The COVID-19 pandemic is expected to cause a sharp real economic contraction of 6.5 percent in 2020 and raise large health and social needs; Program performance under the Extended Credit Facility (ECF) had a good start, but progress has been hampered by the pandemic and some policy slippages prior to…

Source: International Monetary Fund (IMF) |

Coronavirus - Sierra Leone: International Monetary Fund (IMF) Executive Board Approves US$143 Million Disbursement to Sierra Leone to Address the COVID-19 Pandemic

The COVID-19 pandemic is severely impacting Sierra Leone’s economy

The COVID 19 pandemic is taking a heavy toll on Sierra Leone’s economy, jeopardizing hard-won gains since the Ebola health crisis; The IMF approved the disbursement of US$143 million under the Rapid Credit Facility to support the authorities’ response to the pandemic; The Sierra Leonean authorities are taking decisive and…

Source: International Monetary Fund (IMF) |

Coronavirus - Uganda: International Monetary Fund (IMF) Executive Board approves a US$491.5 Million Disbursement to Uganda to address the COVID-19 Pandemic

The authorities have timely scaled up health spending and put in place bold measures to help contain and mitigate the spread of the disease

The Ugandan economy is severely affected by the COVID-19 pandemic; to address the urgent balance-of-payments and fiscal needs, the IMF approved US$491.5 million emergency assistance for Uganda under the Rapid Credit Facility; the authorities have timely scaled up health spending and put in place bold measures to help contain and…

Source: International Monetary Fund (IMF) |

Coronavirus - Cabo Verde: International Monetary Fund (IMF) Executive Board approves a US$32 million disbursement to Cabo Verde to address the COVID-19 Pandemic

Increased support is needed from Cabo Verde’s development partners to scale-up health and social programs while preserving debt sustainability

Like many countries around the globe, Cabo Verde’s economy is significantly affected by the COVID-19 pandemic; to address the urgent balance of payment needs, the IMF Executive Board has approved financial assistance for Cabo Verde in the amount of US$32 million under the Rapid Credit Facility; the authorities have taken…

Source: International Monetary Fund (IMF) |

Coronavirus - Comoros: International Monetary Fund (IMF) Executive Board approves US$12 million in Emergency Assistance to the Union of the Comoros to address the COVID-19 Pandemic

The COVID-19 shock comes less than a year after Cyclone Kenneth and is affecting Comoros severely

The COVID-19 pandemic is hurting Comoros’ economy severely; the approval of Comoros’ request will make available US$12 million to the authorities to meet the urgent balance of payment needs stemming from the COVID-19 pandemic, help catalyze development partner support, and address imminent health system needs; the country will also benefit…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Completes 2020 Article IV Visit to the Kingdom of Lesotho

An International Monetary Fund (IMF) staff team, led by Joseph Thornton, visited Maseru from January 29 – February 11, 2020

In a context of policy uncertainty, the weak regional environment has depressed growth below the levels needed to reduce poverty and unemployment; High government spending should be refocused on areas that can have the biggest impact on delivering vital services, protecting the vulnerable, and supporting private sector growth; Reforms should…

Source: International Monetary Fund (IMF) |

Statement by International Monetary Fund (IMF) Deputy Managing Director Tao Zhang at the Conclusion of His Visit to Mozambique

The IMF stands ready to further strengthen its collaboration with the Mozambican authorities and help advance their reform agenda

Mr. Tao Zhang, Deputy Managing Director of the International Monetary Fund (IMF), visited Mozambique during February 8­-11. At the conclusion of his visit, Mr. Zhang made the following statement: “It was a great privilege to visit Mozambique for the first time and learn firsthand of the opportunities and challenges facing…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Executive Board concludes 2019 Article IV Consultation with The Federal Democratic Republic of Ethiopia

Ethiopia has sustained high economic growth over the last decade

On December 20, 2019, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV Consultation [1] with The Federal Democratic Republic of Ethiopia. At the same time, the Board approved three-year arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) for Ethiopia; a…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Executive Board Completes Fourth Review Under the Policy Coordination Instrument for Seychelles

The 2019 economic growth is estimated to reach about 4 percent, reflecting strong output in the tourism and communication sectors

The implementation of the Seychelles’ economic program is largely on track; The 2019 economic growth is estimated to reach about 4 percent, reflecting strong output in the tourism and communication sectors; The near-to-medium-term economic outlook continues to be favorable, provided that the authorities maintain their prudent policies under the Policy…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Completes Review Mission to Cabo Verde

Structural reforms remain focused on domestic revenue mobilization, public enterprises reforms, and the strengthening of the financial sector

The IMF team and the Cabo Verdean authorities reached a staff-level agreement on the first review under the program supported by the Policy Coordination Instrument [1], that will be submitted for approval by IMF management and Executive Board; The medium-term fiscal framework supports the authorities’ continued efforts to anchor macroeconomic…