Source: International Monetary Fund (IMF) |

IMF Staff Concludes Visit to Chad

The new 36-month ECF arrangement, in an amount of SDR 392.56 million will help meet Chad’s large balance-of-payments and budgetary needs

The Chadian authorities and the staff of the International Monetary Fund (IMF) started discussions for the first review under the ECF-supported program approved on December 10. These discussions will continue in the coming days. Chad’s economic and financial situation was weaker than expected in 2021. Oil production was significantly lower…

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…

Source: International Monetary Fund (IMF) |

IMF Executive Board Concludes Annual Discussions on CEMAC Common Policies, and Common Policies in Support of Member Countries Reform Programs

CEMAC experienced a smaller-than-anticipated economic contraction in 2020, as non-oil activity recovered in late 2020, supported by the relaxation of containment measures and stronger fiscal stimulus

IMF Executive Board Concludes Annual Discussions on CEMAC Common Policies, and Common Policies in Support of Member Countries Reform Programs. The almost two-years pandemic-related crisis has left CEMAC with a fragile external position. A tighter policy stance, high oil prices, and Heads of States renewed commitments to accelerate structural, transparency…

Source: International Monetary Fund (IMF) |

IMF Executive Board Concludes 2021 Article IV Consultation with the Republic of Congo

The COVID-19 pandemic and oil price shocks have taken a deep toll on the Congolese economy but there are signs of recovery

The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with the Republic of Congo on Friday, September 24, 2021. The COVID-19 pandemic and oil price shocks have taken a deep toll on the Congolese economy but there are signs of recovery. Positive non-oil economic growth is…

Source: International Monetary Fund (IMF) |

Coronavirus - Angola: Confronting the COVID-19 Pandemic and the Oil Price Shock

Only months after the conclusion of the second review in December 2019, the COVID-19 pandemic reached Angola, ushering in economic and health crises

The COVID-19 pandemic and the shock from the falling price of oil have put severe pressure on Angola since the country’s second review under the Extended Fund Facility (EFF) in December 2019. Only months after the conclusion of the second review in December 2019, the COVID-19 pandemic reached Angola, ushering…

Source: International Monetary Fund (IMF) |

Coronavirus - Senegal: International Monetary Fund (IMF) Executive Board Completes First Review Under the Policy Coordination Instrument for Senegal

The COVID-19 pandemic is taking a heavy toll on Senegal’s economy

The COVID-19 pandemic is taking a heavy toll on the economy with growth projected at 1.1 percent in 2020 compared to 5.3 percent in 2019; The authorities have taken significant actions to contain the pandemic and mitigate its economic fallout, supported by additional financing from Senegal's development partners and participation…

Source: International Monetary Fund (IMF) |

Coronavirus – Cameroon: International Monetary Fund (IMF) Executive Board Approves a US$226 million Disbursement to Cameroon to Address the impact of the COVID-19 Pandemic

The outbreak of the COVID-19 pandemic and the terms of trade shocks from the sharp fall in oil prices are having a significant impact on Cameroon’s economy

The IMF approved a disbursement under the Rapid Credit Facility (RCF) of US$ 226 million to support the authorities’ efforts in addressing Cameroon’s urgent balance of payment needs stemming from the COVID-19 pandemic and the terms of trade shocks from the sharp fall in oil prices; The IMF also approved…

Source: International Monetary Fund (IMF) |

Coronavirus - Nigeria: IMF Executive Board Approves US$ 3.4 Billion in Emergency Support to Nigeria to address the COVID-19 Pandemic

The COVID-19 outbreak has magnified existing vulnerabilities, leading to a historic contraction in real GDP growth and to large external and fiscal financing needs

The IMF approved US$3.4 billion in emergency financial assistance under the Rapid Financing Instrument to support the authorities’ efforts in addressing the severe economic impact of the COVID-19 shock and the sharp fall in oil prices; The COVID-19 outbreak has magnified existing vulnerabilities, leading to a historic contraction in real…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Executive Board approves a US$115.1 million disbursement to Chad to address the COVID-19 Pandemic

The outbreak of COVID-19 and the drop in international oil prices are having a severe economic and social impact on Chad

The IMF executive board approved the disbursement of US$115.1 million to Chad to be drawn under the Rapid Credit Facility; the outbreak of COVID-19 and the drop in international oil prices are having a severe economic and social impact on Chad; the government has taken strong measures to halt the…

Source: International Monetary Fund (IMF) |

Coronavirus – Ghana: International Monetary Fund (IMF) Executive Board approves a US$1 billion disbursement to Ghana to address the COVID-19 Pandemic

The COVID-19 pandemic is already impacting Ghana severely

On April 13, 2020, the IMF Executive Board approved the disbursement of US$1 billion to be drawn under the Rapid Credit Facility; The COVID-19 pandemic is already impacting Ghana severely. Growth is slowing down, financial conditions have tightened, and the exchange rate is under pressure; The authorities have timely and…