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) 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…

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 Completes 2019 Article IV Mission to Botswana

An International Monetary Fund (IMF) team, led by Mr. Papa N’Diaye, visited Gaborone during November 13-27 to hold discussions for the 2019 Article IV Consultation with Botswana

Growth is expected to slow to about 3½ percent in 2019, due to weaknesses in the diamond market, a severe drought, and slower growth in neighboring countries. In 2020, it is expected to rise to 4.2 percent as the diamond market normalizes and copper production comes into stream; Fiscal consolidation…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Completes 2019 Article IV and Program Review Mission to Madagascar

An International Monetary Fund (IMF) mission led by Charalambos Tsangarides, mission chief for Madagascar, visited Antananarivo from November 11 to 25

IMF staff and the authorities reached staff-level agreement for the sixth program review, subject to approval by IMF management and the Executive Board; The implementation of the authorities’ program supported by the Extended Credit Facility (ECF) arrangement has remained satisfactory; The authorities’ plan to increase public investment and social spending…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Management Complete the First Review Under the Staff-Monitored Program with Somalia

The IMF supports Somalia’s efforts to secure debt relief and is working with its members to secure the financial resources necessary to cover the IMF’s costs of debt relief

IMF staff commends the authorities for implementing key reforms and for satisfactory performance under the fourth Staff-Monitored Program (SMP); Maintaining strong performance and support from international partners will pave the way for Somalia to receive debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative; The IMF supports Somalia’s efforts…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Concludes Visit to Rwanda

An International Monetary Fund (IMF) staff team, led by Laure Redifer, visited Kigali during October 31- November 13, 2019

Rwanda continues to make notable progress in sustaining high and inclusive growth; Real GDP growth outpaced expectations, averaging 10.3 percent in the first half of 2019; IMF staff have reached preliminary agreement with the government, subject to approval by its Executive Board, on policies that could support completion of the…

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) Staff Concludes 2019 Article IV Consultation Mission to Ghana

Ghana’s macroeconomic outlook remains favorable, supported by strong activity in the extractive industry and a safer banking system

The macroeconomic outlook remains favorable, supported by overall prudent economic policies, strong extractive industry activity, and a safer banking system; Maintaining fiscal discipline in the run-up to the 2020 elections will be critical to safeguard the macroeconomic gains achieved since 2017; Tightening monetary policy may become necessary should price or…