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

IMF Staff Completes Staff Level Agreement on the Fifth Review of the Extended Credit Facility for Sierra Leone and Conducts the 2022 Article IV consultation

The program aims to build resilience and lay the foundations for stronger growth through fiscal consolidation and addressing debt vulnerabilities, while protecting the most vulnerable from the shock

IMF staff and the Sierra Leonean authorities have reached a staff-level agreement on economic policies to conclude the fifth review of the 55-month ECF financed program, releasing US$20.8 million in financing once the review is formally completed by the IMF Executive Board; The economic recovery from the pandemic has been…

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

IMF Staff Completes Staff Visit to South Africa

South Africa needs to urgently remove obstacles to private investment and encourage competition to reignite economic growth in the medium term

The economy’s recovery from the pandemic should continue this year as lagging sectors (tourism, hospitality, and construction) gradually catch up. Mitigating the impact from COVID-19 and recent floods and preserving well-targeted social outlays are key priorities; South Africa needs to urgently remove obstacles to private investment and encourage competition to…

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

IMF Staff Completes 2022 Article IV Consultation Mission to Burundi

IMF staff held productive discussions with the authorities on the recent economic developments

The Burundian economy recovered moderately in 2021 and is expected to strengthen further in 2022, despite the effects of the war in Ukraine. In the medium term, Burundi will continue to grapple with the challenges of balancing priority social, development and COVID-19-related spending with external and debt sustainability; the current account…

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

IMF Staff Completes Staff Visit to Guinea

An IMF staff team, led by Ms. Clara Mira, held a virtual Staff Visit from February 28 to March 4, 2022

Economic activity is expected to accelerate in 2022, driven by mining production and the ongoing recovery in the non-mining sector, although global and domestic uncertainties cloud the outlook. Inflation picked up in 2021 as a result of Covid-related supply constraints, rising global prices, and accommodative macro policies, and it is…

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

IMF Executive Board Concludes First Review Under the Extended Credit Facility Arrangement and 2021 Article IV Consultation with Uganda

The completion of the first review allowed an immediate disbursement for budget support

The Ugandan authorities are implementing their reform agenda steadfastly, in a complex environment still marked by the pandemic, and remain committed to the Extended Credit Facility Arrangement; The IMF Board today completed the first review of the ECF Arrangement and 2021 Article IV Consultation with Uganda. Approval of the first…

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

IMF Staff Completes Virtual Mission to Discuss the Second and Third Reviews of the Extended Credit Facility to Somalia

An International Monetary Fund (IMF) team, led by Laura Jaramillo, held a virtual mission during February 22 – March 7, 2022, to conduct the first stage of the second and third reviews of Somalia’s economic program

Notwithstanding COVID-19 and drought, the Somali authorities have preserved macroeconomic stability, supported by use of the 2021 general SDR allocation; Program performance remained commendable in 2021, and the reform momentum was maintained; Timely resolution of the political uncertainty and successful completion of elections is critical to avert the automatic lapse…

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

IMF Management Completes Second Review of the Staff-Monitored Program with Guinea Bissau

The authorities have made satisfactory progress on their reform program at end-September 2021 despite difficult socio-economic conditions compounded by the COVID-19 pandemic

IMF Management has approved the second review of Guinea Bissau’s Staff-Monitored Program (SMP), which supports the government’s program of reforms aimed at supporting macroeconomic stability and debt sustainability, strengthening social policies, and enhancing public governance. The authorities have made satisfactory progress toward establishing a strong track record of policy and…

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

IMF Management Completes First Review of the Staff Monitored Program with the Union of the Comoros

The SMP supports the government’s program of reforms

IMF Management has approved the first review of Comoros’ Staff-Monitored Program (SMP). The SMP supports the government’s program of reforms. It also aims to help the authorities establish a track record of policy implementation to pave the way to a potential Extended Credit Facility (ECF) arrangement; Program implementation at end-September 2021…

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

IMF Executive Board Concludes 2021 Article IV Consultation with Nigeria

The Nigerian economy is recovering from a historic downturn benefitting from government policy support

On January 31, 2022, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation [1] with Nigeria. The Nigerian economy is recovering from a historic downturn benefitting from government policy support, rising oil prices and international financial assistance. Nigeria exited the recession in 2020Q4 and output…

International Monetary Fund (IMF)
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…