Source: International Monetary Fund (IMF) |

Coronavirus: Morocco Draws on Funds Available under the Precautionary and Liquidity Line to Address COVID-19 Pandemic

The International Monetary Fund (IMF) remains closely engaged with the authorities to help them mitigate the impact of COVID-19 on Morocco’s economy

On April 7, the Moroccan authorities purchased all available resources (about US$ 3 billion) under the Precautionary and Liquidity Line (PLL) arrangement; The authorities will use funds purchased under the PLL to cope with the social and economic impact of COVID-19 and to maintain strong external buffers in a context…

Source: International Monetary Fund (IMF) |

Coronavirus - Nigeria: Statement by IMF Managing Director Kristalina Georgieva on Nigeria

President Buhari’s administration is taking a number of measures aimed at containing the spread of the virus and its impact

Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) issued the following statement:   “Nigeria’s economy is being threatened by the twin shocks of the COVID-19 pandemic and the associated sharp fall in international oil prices.  President Buhari’s administration is taking a number of measures aimed at containing the…

Source: International Monetary Fund (IMF) |

Coronavirus - Madagascar: International Monetary Fund (IMF) Executive Board approves a US$ 165.99 Million Disbursement to the Republic of Madagascar to address the COVID-19 Pandemic

To mitigate the shock of the pandemic, the government is taking appropriate immediate actions

The Executive Board of the International Monetary Fund (IMF) today approved a disbursement under the Rapid Credit Facility (RCF) equivalent to SDR 122.2 million (about US$ 165.99million at today’s US$/SDR exchange rate, or 50 percent of the quota) to help the country meet the urgent balance of payment needs stemming…

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) |

Ghana Requests Rapid Credit Facility Disbursement to Help Fight the Coronavirus

IMF’s African Department director Abebe Aemro Selassie today made the following statement: “Last week, the IMF received Ghana’s request for a disbursement under the Rapid Credit Facility to help the country address the economic impact of the COVID-19 pandemic. We are working hard to evaluate the authorities’ request and bring…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Concludes Visit to the Democratic Republic of the Congo

The mission welcomes steps taken by the authorities to control expenditures going forward and urges them to step up revenue mobilization

Preliminary data suggests that all quantitative targets and structural benchmark for end-December 2019 under the Staff Monitored Program (SMP) were met. The macroeconomic situation has so far remained relatively stable; However, 2020 budget execution until mid-February raises concerns arising from spending pressures and lackluster revenue, which have resulted in renewed…

Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) and World Bank Consider Somalia Eligible for Assistance Under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative

This assessment is an important step towards forgiveness of most of Somalia’s debt, which measured US$5.3 billion at the end of 2018

The Executive Boards of the International Monetary Fund (IMF) and World Bank met, on February 12 and 13, respectively, to consider Somalia’s eligibility for debt relief under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. The Executive Boards commended the authorities’ sustained commitment to economic and institutional reforms under challenging…

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) |

Statement by International Monetary Fund (IMF) Deputy Managing Director Tao Zhang at the Conclusion of His Visit to Mozambique

The IMF stands ready to further strengthen its collaboration with the Mozambican authorities and help advance their reform agenda

Mr. Tao Zhang, Deputy Managing Director of the International Monetary Fund (IMF), visited Mozambique during February 8­-11. At the conclusion of his visit, Mr. Zhang made the following statement: “It was a great privilege to visit Mozambique for the first time and learn firsthand of the opportunities and challenges facing…