Source: International Monetary Fund (IMF) |

IMF Staff Visit Discusses Reform Plans and Economic Developments in Ethiopia

The authorities aim to address macroeconomic imbalances and remain committed to structural reforms to support a transition to private sector-led growth over the medium term

Multiple shocks hitting the Ethiopian economy have dampened growth, further increased inflation and created fiscal and external pressures; The authorities aim to address macroeconomic imbalances and remain committed to structural reforms to support a transition to private sector-led growth over the medium term; Delivery of a debt treatment for Ethiopia…

Source: International Monetary Fund (IMF) |

IMF Management Completes Third Review of the Staff-Monitored Program and IMF Executive Board Concludes 2022 Article IV Consultation with Guinea-Bissau

The authorities recognize that sustained medium-term economic growth would benefit from additional governance reforms and economic diversification

Guinea-Bissau’s economy has recovered well from the Covid-19 pandemic. Growth is projected to reach 3.8 percent in 2022 supported by a continued strong performance of the cashew sector and a relatively stable political situation; The successful completion of the Staff Monitored Program (SMP) reflects the authorities’ efforts to sustain strong…

Source: International Monetary Fund (IMF) |

IMF Staff Concludes Staff Visit with Nigeria

IMF team led by Ms. Jesmin Rahman held meetings with the Nigerian authorities from June 6-10, 2022, to discuss recent economic and financial developments

Real GDP growth is broadening to all sectors except oil, but inflation remains elevated; The economic outlook is challenging with high food prices raising food security concerns. An International Monetary Fund (IMF) team led by Ms. Jesmin Rahman held meetings with the Nigerian authorities from June 6-10, 2022, to discuss…

Source: International Monetary Fund (IMF) |

IMF Staff Completes Staff Level Agreement on the Fifth Review of the Extended Credit Facility for Sierra Leone and Conducts the 2022 Article IV consultation

The program aims to build resilience and lay the foundations for stronger growth through fiscal consolidation and addressing debt vulnerabilities, while protecting the most vulnerable from the shock

IMF staff and the Sierra Leonean authorities have reached a staff-level agreement on economic policies to conclude the fifth review of the 55-month ECF financed program, releasing US$20.8 million in financing once the review is formally completed by the IMF Executive Board; The economic recovery from the pandemic has been…

Source: International Monetary Fund (IMF) |

IMF Staff Completes Staff Visit to South Africa

South Africa needs to urgently remove obstacles to private investment and encourage competition to reignite economic growth in the medium term

The economy’s recovery from the pandemic should continue this year as lagging sectors (tourism, hospitality, and construction) gradually catch up. Mitigating the impact from COVID-19 and recent floods and preserving well-targeted social outlays are key priorities; South Africa needs to urgently remove obstacles to private investment and encourage competition to…

Source: International Monetary Fund (IMF) |

IMF Staff Completes Mission to the Republic of Malawi for Discussions on the Request for a Four-Year Extended Credit Facility Arrangement

The authorities have requested an arrangement in the back of the protracted balance of payments problem

The Malawian authorities and IMF staff had positive and productive discussions on policies needed to restore macroeconomic stability, ensure public debt sustainability, and advance structural reforms to support sustainable and inclusive growth and address the impact of the COVID pandemic, spillovers from war in Ukraine and climate-related shocks; the authorities’…

Source: International Monetary Fund (IMF) |

IMF Reaches Staff Level Agreement on the Third Review of the Extended Fund Facility and Extended Credit Facility for Kenya

A staff team from the International Monetary Fund (IMF) led by Mary Goodman, conducted a hybrid mission to Kenya and in Washington DC from March 31 – April 22

IMF staff and the Kenyan authorities have reached a staff-level agreement on economic policies to conclude the third reviews of the 38-month EFF/ECF financed program. Kenya would have access to about US$244 million in financing once the review is formally completed by the IMF Executive Board. The economic rebound is…

Source: International Monetary Fund (IMF) |

African Consultative Group Meeting: Statement by the Chairman of the African Caucus and the Managing Director of the IMF

The IMF has been playing its part and reformed its concessional lending toolkit for low-income countries to provide greater flexibility to the access levels

Moroccan Minister of Economy and Finance Ms. Nadia Fettah, Chair of the African Caucus, and Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), co-chaired the African Consultative Group meeting on Thursday, April 21, 2022. They issued the following statement after the conclusion of the Group’s meeting in Washington D.C.:…

Source: International Monetary Fund (IMF) |

IMF Staff Reaches Staff-Level Agreement on the First Review of the Extended Credit Facility Arrangement with the Republic of Congo

Fiscal policy will need to maintain the delicate balance between supporting a robust economic recovery while safeguarding debt sustainability

An International Monetary Fund (IMF) team led by Pritha Mitra, Mission Chief for the Republic of Congo, conducted a virtual mission with the Congolese authorities during March 31-April 18, 2022, to discuss the first review of the three-year arrangement for the Republic of Congo under the Extended Credit Facility Arrangement.…

Source: International Monetary Fund (IMF) |

IMF Staff Completes 2022 Article IV Mission to Côte d’Ivoire

Côte d’Ivoire’s economy has remained resilient in the face of the pandemic due to the Ivorian authorities’ swift and well-designed policy responses

An International Monetary Fund (IMF) mission, led by Mr. Luca Antonio Ricci, conducted the 2022 Article IV consultation discussions with the authorities during April 5 ‒15. At the conclusion of the mission, Mr. Ricci made the following statement: “Côte d’Ivoire’s economy has remained resilient in the face of the pandemic…