Source: International Monetary Fund (IMF) |

Coronavirus - Sub-Saharan Africa: A Cautious Reopening

Sub-Saharan Africa’s economy is now expected to contract by 3.2 percent in 2020; double the contraction expected in April

The regional outlook has deteriorated sharply since the April 2020 Regional Economic Outlook report release. Sub-Saharan Africa’s economy is now expected to contract by 3.2 percent in 2020; double the contraction expected in April. This will contribute to poverty increase this year; the growth rate of new COVID infections has slowed…

Source: International Monetary Fund (IMF) |

Coronavirus - Egypt: International Monetary Fund (IMF) Executive Board approves US$ 2.772 Billion in Emergency Support to Egypt to address the COVID-19 Pandemic

Pandemic and global shock pose an immediate and severe economic disruption that could negatively impact Egypt’s hard-won macroeconomic stability

The Executive Board of the IMF approved Egypt’s request for emergency financial assistance of US$ 2.772 billion to meet the urgent balance of payments needs stemming from the outbreak of the COVID-19 pandemic; the pandemic and global shock pose an immediate and severe economic disruption that could negatively impact Egypt’s…

Source: International Monetary Fund (IMF) |

Coronavirus: Ethiopia steps up Health Spending with help from International Monetary Fund (IMF) Emergency Assistance

The funding will also support communication on health issues as combating COVID-19 will require a lot of advocacy work to ensure that people stick to prevention recommendations

The IMF has approved $411 million in emergency assistance for Ethiopia to help fight the coronavirus pandemic in the east African country. It also approved Ethiopia’s request for a suspension of debt service payments of about $12 million to the IMF under the IMF's Catastrophe Containment and Relief Trust for…

Source: International Monetary Fund (IMF) |

Coronavirus – Tunisia: International Monetary Fund (IMF) Executive Board Approves a US$745 Million Disbursement to Tunisia to Address the COVID-19 Pandemic

The economic impact of the COVID-19 pandemic is rapidly unfolding, with a sharp fall in growth expected for 2020

The IMF Executive Board approved a US$745 million emergency assistance loan to support Tunisia’s pro-active policy response to the Covid-19 pandemic; The economic impact of the COVID-19 pandemic is rapidly unfolding, with a sharp fall in growth expected for 2020; The IMF’s emergency support will provide additional resources for the…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Statement at the end of a Staff Visit to Chad

An International Monetary Fund (IMF) mission led by Edward Gemayel visited N’Djamena during February 6-12

The economy continues to recover, and the outlook remains broadly positive, though subject to some challenges; Fiscal performance is on-track but spending pressures are starting to emerge. An International Monetary Fund (IMF) mission led by Edward Gemayel visited N’Djamena during February 6-12 to take stock of the latest economic and…

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) |

International Monetary Fund (IMF) Reaches Staff-Level Agreement with Mali on First Review under Extended Credit Facility (ECF) Arrangement

A team from the International Monetary Fund (IMF), led by Boriana Yontcheva, visited Bamako during November 19-29, 2019

Economic growth is expected to reach 5 percent in 2019 and over the medium term, despite the challenging security situation, reflecting some resilience in the economy; The fiscal deficit is expected to meet the West African Economic and Monetary Union (WAEMU)’s convergence criteria of 3 percent of GDP in 2019;…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Concludes Visit to Lesotho

An International Monetary Fund (IMF) team, led by Mr. Joseph Thornton, IMF Mission Chief for Lesotho, visited Maseru during November 6-13, 2019

Lesotho continues to face challenges in adjusting to lower Southern African Customs Union (SACU) revenue; Restraining current spending and effective expenditure controls will be essential to maintain a sustainable fiscal position; Public investment should be carefully vetted and ensure progress in key development priorities. An International Monetary Fund (IMF) team,…

Source: International Monetary Fund (IMF) |

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

Eswatini’s key challenges are to implement fiscal adjustment measures to reduce the fiscal deficit and stabilize public debt

An International Monetary Fund (IMF) team, led by Mr. Geremia Palomba, visited Mbabane during October 23-November 4, 2019 to conduct the 2019 Article IV consultations with Eswatini. At the end of the visit, Mr. Palomba issued the following statement: “In recent years, GDP growth has averaged 2 percent, but fiscal…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Reaches Staff-Level Agreement with Liberia on an Economic and Financial Program that Could be Supported Under the Extended Credit Facility

The key objectives of the program are to restore macroeconomic stability, provide a foundation for fiscally sustainable, inclusive growth, and address weaknesses in governance

The Liberian authorities and IMF staff reached a staff-level agreement on a new program subject to fulfillment of significant prior actions in the fiscal and monetary areas; The key objectives of the program are to restore macroeconomic stability, provide a foundation for fiscally sustainable, inclusive growth, and address weaknesses in…