Source: International Monetary Fund (IMF) |

Coronavirus - Lesotho: IMF Executive Board Approves US$49.1 million in Emergency Support to Lesotho to Address the Covid-19 Pandemic

The IMF approved US$49.1 million emergency support under the Rapid Credit Facility and the Rapid Financing Instrument to help Lesotho meet urgent balance of payments needs stemming from the COVID-19 pandemic

The economic consequences of the COVID-19 pandemic in Lesotho have been severe, with a weak global and regional environment reducing exports and remittances; The IMF approved US$49.1 million emergency support under the Rapid Credit Facility and the Rapid Financing Instrument to help Lesotho meet urgent balance of payments needs stemming…

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 - Chad: International Monetary Fund (IMF) Staff Completes Discussions for an Additional US$68 Million Disbursement to Chad to Address the COVID-19 Pandemic

Chad’s economy has been severely impacted by the twin COVID-19 pandemic and terms of trade shocks

IMF staff completes discussions for a second disbursement under the Rapid Credit Facility (RCF) to help Chad address the economic challenges posed by the COVID-19 pandemic; Chad’s economy has been severely impacted by the twin COVID-19 pandemic and terms of trade shocks; The additional resources under the RCF will help…

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 – 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 – Malawi: International Monetary Fund (IMF) Executive Board Approves a US$91 Million Disbursement under the Rapid Credit Facility for Malawi

The pandemic is expected to have a significant impact on Malawi including affecting the near-term economic outlook, which has deteriorated significantly

The International Monetary Fund approved a disbursement of US$91 million under the Rapid Credit Facility to help Malawi meet the urgent balance of payment (BOP) needs stemming from the COVID-19 pandemic; The pandemic is expected to have a significant impact on Malawi including affecting the near-term economic outlook, which has…

Source: International Monetary Fund (IMF) |

Coronavirus - Gambia: International Monetary Fund (IMF) Executive Board approves a US$21.3 million disbursement to The Gambia to address the COVID-19 Pandemic

The global COVID-19 pandemic is straining The Gambian economy, notably as international travel and tourism are halted

The COVID-19 pandemic is projected to lower growth of The Gambian economy to 2.5 percent in 2020; to address the urgent balance-of-payments need, the IMF Executive Board has approved financial assistance for The Gambia in the amount of US$21.3 million under the Rapid Credit Facility. The country will also benefit…

Source: International Monetary Fund (IMF) |

Coronavirus – Rwanda: International Monetary Fund (IMF) Executive Board Approves a US$109.4 Million Disbursement to Rwanda to address the COVID-19 Pandemic

The economic impact of the COVID-19 pandemic is rapidly unfolding, with the near-term outlook deteriorating quickly

The IMF approved the disbursement of US$109.4 million to be drawn under the Rapid Credit Facility; The economic impact of the COVID-19 pandemic is rapidly unfolding, with the near-term outlook deteriorating quickly; The authorities have acted fast by putting in place measures to help contain and mitigate the spread of…

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…