Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Executive Board Completes the Last Review of Extended Credit Facility for Ghana

This will make available to Ghana the cumulative amount of SDR132.84 million (about US$185.2 million)

Ghana is concluding its four-year ECF-supported program; Executive Board decision allows to disburse the last tranche of SDR132.84 million (about US$185.2 million) to Ghana; ECF-supported program paved the way for a significant improvement of Ghana’s macroeconomic performance, though challenges remain. On March 20, 2019, the Executive Board of the International…

Source: International Monetary Fund (IMF) |

IMF Staff Completes the Third Review Mission to Seychelles

Economic growth reached 4.1 percent, reflecting increased tourism earnings and stronger output in the fishing industry

Seychelles’ macroeconomic performance continued to be strong in 2018; economic growth reached 4.1 percent, the 2018 primary fiscal surplus stood at 3.2 percent of GDP; delays in the implementation of Air Seychelles’ restructuring plan could undermine government’s efforts to sustain strong fiscal primary surpluses and jeopardize medium-term public debt reduction…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Completes Visit to South Sudan

A staff team from the International Monetary Fund (IMF), led by Jan Mikkelsen, visited South Sudan during March 5-15 to conduct discussions of the 2019 Article IV Consultation

South Sudan is facing a deep economic crisis following several years of conflict; The September 2018 peace agreement has increased the prospects for lasting peace and reestablishing macroeconomic stability and credibility; Full dedication to peace, economic stabilization and robust oil management will be key in rebuilding policy credibility and regaining…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Reaches Staff Level Agreement on a Staff Monitored Program with The Gambia

The team discussed economic and financial policy commitments under a new Staff-Monitored Program (SMP) for 2019

Improved revenue mobilization and expenditure restraint are essential to ensure fiscal discipline and create fiscal space for much-needed public investment and social spending; Comprehensive reform of state-owned enterprises is needed to address budgetary risks and improve public service delivery; Restoring debt sustainability will require prudent fiscal policy, limiting external borrowing,…

Source: International Monetary Fund (IMF) |

IMF Management Complete the First Review under the Staff-Monitored Program for Somalia

IMF staff encourages the Somali authorities to sustain their reform momentum which will help pave the way towards eventual arrears clearance and debt relief

IMF staff commends the authorities for implementing key reforms and for satisfactory performance under the Staff-Monitored Program (SMP). IMF staff encourages the Somali authorities to sustain their reform momentum which will help pave the way towards eventual arrears clearance and debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative.  On…

Source: International Monetary Fund (IMF) |

IMF Staff Concludes Discussions on the Combined Seventh and Eighth Reviews of Ghana’s Extended Credit Facility Program

Ghana’s recent economic performance has been favorable despite a less supportive external environment for frontier economies

The Ghanaian authorities and the mission successfully concluded discussions, ad referendum, on economic policies to pave the way for consideration by the IMF Executive Board of the 7th and 8th reviews under the ECF-supported arrangement, which would successfully conclude the program. • Domestic revenue mobilization should remain a key priority…

Source: International Monetary Fund (IMF) |

World Bank and International Monetary Fund (IMF) Officials visit Morocco to prepare 2021 Annual Meetings in Marrakech

Team visited the potential sites where the Annual Meetings will be held and had productive discussions on issues related to the planning of this major global event

A high-level team from the World Bank Group (WBG) and International Monetary Fund (IMF) visited Marrakech and Rabat from February 14–15 for discussions with the Moroccan Government on preparations for the WBG/IMF Annual Meetings to be hosted by the country in October 2021. During their visit, the senior officials from…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Completes Staff Visit Mission for São Tomé and Príncipe

The mission team discussed with the new government its priorities and vision for economic development

A staff team from the International Monetary Fund (IMF) led by Xiangming Li visited São Tomé and Príncipe during January 23-31, 2019. At the end of the visit, Ms. Li issued the following statement: “The mission team discussed with the new government its priorities and vision for economic development, as…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Completes 2019 Article IV Mission to Mauritius

Mauritius faces the challenge of boosting inclusive economic growth while preserving fiscal sustainability, regaining external competitiveness, and maintaining financial integrity

Real GDP growth is projected at 3.8 percent in 2018 and 3.9 percent in 2019, driven by robust performance in the financial services, construction, and tourism sectors; Mauritius faces the challenge of boosting inclusive economic growth while preserving fiscal sustainability, regaining external competitiveness, and maintaining financial integrity; the mission welcomed…

Source: International Monetary Fund (IMF) |

Statement by International Monetary Fund (IMF) Managing Director Christine Lagarde on Egypt

The Egyptian authorities embarked on an ambitious economic reform program in 2016 that is being supported by an International Monetary Fund (IMF) financial arrangement

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today: “The Egyptian authorities embarked on an ambitious economic reform program in 2016 that is being supported by an IMF financial arrangement. Since then, Egypt has made substantial progress as evident in the success achieved…