Source: International Monetary Fund (IMF) |

Coronavirus - São Tomé and Príncipe: International Monetary Fund (IMF) Staff Completes a Virtual Extended Credit Facility First Review Mission for São Tomé and Príncipe

The COVID-19 pandemic is expected to cause the economy to contract sharply by 6.5 percent this year

The COVID-19 pandemic is expected to cause a sharp real economic contraction of 6.5 percent in 2020 and raise large health and social needs; Program performance under the Extended Credit Facility (ECF) had a good start, but progress has been hampered by the pandemic and some policy slippages prior to…

Source: International Monetary Fund (IMF) |

Coronavirus - Sub-Saharan Africa: A Cautious Reopening

Sub-Saharan Africa’s economy is now expected to contract by 3.2 percent in 2020; double the contraction expected in April

The regional outlook has deteriorated sharply since the April 2020 Regional Economic Outlook report release. Sub-Saharan Africa’s economy is now expected to contract by 3.2 percent in 2020; double the contraction expected in April. This will contribute to poverty increase this year; the growth rate of new COVID infections has slowed…

Source: International Monetary Fund (IMF) |

Coronavirus - Egypt: IMF Executive Board Approves 12-month US$5.2 Billion Stand-By Arrangement for Egypt

Structural reforms will aim to continue strengthening the frameworks for public finances, improve governance and transparency, and reduce barriers to competition to ensure a path towards sustainable and inclusive private sector-led growth

The IMF approved a 12-month Stand-by Arrangement (SBA), with total access of about US$5.2 billion to address balance of payments financing needs arising from the COVID-19. Approval of the SBA enables the immediate disbursement of about US$2 billion; The SBA will support the authorities’ efforts to preserve the macroeconomic achievements…

Source: International Monetary Fund (IMF) |

Coronavirus - Guinea: IMF Executive Board Approves US$148 Million Disbursement to Guinea to address the COVID-19 Pandemic

The IMF approved the disbursement of US$148 million to Guinea under the Rapid Credit Facility (RCF) to address urgent balance of payment and fiscal financing needs stemming from the COVID-19 pandemic

The IMF Executive Board approves the 70th request for emergency financial assistance to help its member countries address the challenges posed by COVID-19;The IMF approved the disbursement of US$148 million to Guinea under the Rapid Credit Facility (RCF) to address urgent balance of payment and fiscal financing needs stemming from…

Source: International Monetary Fund (IMF) |

Coronavirus - Senegal: International Monetary Fund (IMF) Staff completes Review Mission to Senegal

The COVID-19 pandemic has had a significant impact on economic activity, exacerbated by border closures, a curfew, and social distancing

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this…

Source: International Monetary Fund (IMF) |

Coronavirus - Rwanda: International Monetary Fund (IMF) Executive Board Approves an Additional US$111.06 Million Disbursement to Rwanda to Address the COVID-19 Pandemic

Rwanda’s economy has been severely impacted by the COVID-19 pandemic with weaker domestic demand losses of revenue, and a sharp decline in exports and remittances

The IMF approved US$111.06 million (SDR80.1 million), a second disbursement under the Rapid Credit Facility (RCF) bringing the total IMF COVID-19 emergency support to Rwanda to US$ 220.46 million to help urgent balance of payment needs stemming from the pandemic; Rwanda’s economy has been severely impacted by the COVID-19 pandemic…

Source: International Monetary Fund (IMF) |

Coronavirus - Egypt: IMF Reaches Staff-Level Agreement on a 12-Month US$5.2 Billion Stand-By Arrangement

Financing from Egypt’s international partners will be critical to support the key reform objectives and ensure reform success

Egypt’s Stand-By Arrangement (SBA)—following support under the IMF’s Rapid Financing Facility (RFI)—aims to alleviate the economic impact of the COVID-19 pandemic, helping maintain macroeconomic stability, strengthen the social safety net, and support reforms to spur private-sector-led growth and job creation; Financing from Egypt’s international partners will be critical to support…

Source: International Monetary Fund (IMF) |

Coronavirus - Liberia: IMF Executive Board Approves a US$50 Million Disbursement to Liberia to Address the COVID-19 Pandemic

The authorities have responded by taking revenue and expenditure measures to support emergency food aid for the poor; improving monitoring and control of spending; and safeguarding scarce foreign exchange reserves

The IMF approved the disbursement of US$50 million (1.7 percent of GDP) under the Rapid Credit Facility to support the authorities’ response to the COVID-19 pandemic; The economic impact of the pandemic is hitting the poorest with little social safety net, and food security of those relying on uncertain daily…

Source: International Monetary Fund (IMF) |

Coronavirus - Benin: International Monetary Fund (IMF) Executive Board Approves a US$125 Million Disbursement Under Benin’s Extended Credit Facility (ECF)-Supported Arrangement

The authorities are implementing a response plan that will raise significantly health spending and provide support to vulnerable households and impacted businesses

The Executive Board decision allows an immediate disbursement of US$125.1 million to Benin to address the urgent financing needs stemming spread of COVID-19 and to mitigate its economic and social impacts; The authorities are implementing a response plan that will raise significantly health spending and provide support to vulnerable households…

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…