Tag Archives: IMF
- Nigeria is exiting the recession but the economy remains vulnerable.
- Welcome actions to improve the power sector and business environment under the Economic Recovery and Growth Plan.
- Macroeconomic and structural reforms remain urgent to contain vulnerability and support sustainable private sector led growth.
An International Monetary Fund (IMF) staff team led by Amine Mati visited Nigeria during December 6-20, 2017 to conduct the 2018 Article IV consultation. Following the conclusion of the visit, Mr. Mati, Senior Resident Representative and Mission Chief for Nigeria at the IMF, issued the following statement:
IMF Executive Board Approves US$ 163.9 Million Arrangement Under the Extended Credit Facility for the Islamic Republic of Mauritania
- Board decision enables immediate disbursement of US$ 23.4 million to Mauritania.
- Mauritania’s ECF-supported program aims to address the challenges of economic growth, stability, sustainability, and poverty.
- Reforms will seek to create fiscal space for social spending and infrastructure through revenue mobilization and expenditure prioritization, as well as to modernize the monetary policy framework and maintain financial stability.
On December 6, 2017, the Executive Board of the International Monetary Fund (IMF) approved a three-year arrangement under the Extended Credit Facility (ECF) with Mauritania for SDR 115.92 million (about US$ 163.9 million, or 90 percent of Mauritania’s quota) to support the country’s economic and financial reform program.
- The IMF team reached preliminary agreement with the government on policies that could support completion of the eighth and third reviews of Rwanda’s PSI- and SCF-supported programs.
- Growth in 2017 is expected to be 5.2 percent, well above growth averages for sub-Saharan Africa and an acceleration in the medium term will lead to average growth above 7 percent over the next three years.
- Headline inflation declined below the central bank’s 5 percent headline target as food supply constraints and depreciation pressures receded, after peaking in early 2017.
An International Monetary Fund (IMF) team, led by Laure Redifer, visited Rwanda from October 25-November 8, 2017, to discuss economic policies that could support the completion of the eighth and third reviews of Rwanda’s PSI and SCF-supported programs.
Egypt’s growth picked up during fiscal year 2016/17, with GDP rising by 4.2 percent compared to the projected 3.5 percent
An International Monetary Fund (IMF) team led by Mr. Subir Lall visited Cairo from October 25 to November 9, 2017, to hold discussions on the 2017 Article IV Consultation with Egypt and the second review of Egypt’s economic reform program supported by a three-year IMF Extended Fund Facility (EFF—see Press Release No. 16/501).
- IMF team made progress on developing the pillars of a three-year economic program.
- Growth is projected to reach 5 percent in 2017/18 from 4 percent in 2016/17.
An IMF team led by Axel Schimmelpfennig visited Uganda from October 23 to November 3, 2017, to initiate discussions for a macroeconomic program under the Policy Coordination Instrument (PCI).
- The EFF-supported program will help Gabon restore macroeconomic stability and lay the foundation for inclusive growth.
- Completion of the first review would enable a second program disbursement of SDR71.43 (about US$98.8 million).
- Gabon’s near-term economic outlook remains difficult, with growth expected at about 0.8 percent in 2017, but there are signs that the economy is stabilizing.
An International Monetary Fund (IMF) staff team led by Alex Segura-Ubiergo visited Libreville from October 18 to November 1 for the first review of Gabon’s extended arrangement under the Extended Fund Facility (EFF). 
- IMF staff and Guinean authorities have reached a staff-level agreement on a program of economic policies and reforms that could be supported by an Extended Credit Facility (ECF) arrangement.
- The program will support Guinea’s 2016–20 National Social and Economic Development Plan to foster higher and more broad-based growth, and reduce poverty while maintaining macroeconomic stability and debt sustainability.
- A prudent borrowing strategy that aims at maximizing the concessionality of external loans will be key to preserve medium-term debt sustainability.
Following discussions between the Guinean authorities and IMF staff in Conakry from July 31-August 15, 2017 and during the 2017 Annual Meetings in Washington in October 2017, a staff-level agreement was reached on a program of economic policies and reforms that could be supported by an Extended Credit Facility (ECF) arrangement. Subject to IMF management approval, the staff-level agreement is expected to be submitted to the IMF Executive Board for its consideration in November 2017.
Real GDP growth for 2017 is now projected at 5.5 percent, with inflation around 2 percent and a broadly balanced external current account
- IMF staff team and authorities reached broad agreement on policies which could form the basis for completing the third review.
- Restoration of peace, redeployment of the state, and implementation of reforms will be key to ensure sustainable economic recovery.
- The team encouraged the authorities to intensify revenue mobilization efforts, while reigning in parafiscal taxes which hamper private sector development.
An International Monetary Fund (IMF) team led by Samir Jahjah visited Bangui from September 22 to October 3 to conduct discussions on the third review of the program supported by an Extended Credit Facility (ECF). Mr. Roger Nord, Deputy Director of the IMF’s African Department, joined the team from September 22 to 26. Discussions will continue during the upcoming Annual Meetings of the IMF and the World Bank (WB) from October 13–15.
The IMF team was received by President Denis Sassou-Nguesso
Fiscal deficit is expected to decrease to 3.75 percent of GDP in 2018 and eventually converge to the WAEMU regional deficit norm of 3 percent of GDP by 2019
The current account deficit is expected to widen to 21.5 percent of GDP
- Economic conditions in Sudan remain challenging in the face of persistent fiscal deficits, high inflation, and economic sanctions.
- The economic outlook hinges on implementing bold and broad-based reforms to stabilize the economy and strengthen growth.
- The expansion of social safety nets to support the most vulnerable and reforms to improve the business environment to engender strong, broad-based growth are critical.
A team from the International Monetary Fund (IMF) led by Daniel Kanda visited Khartoum from September 13–September 26 to hold discussions on the 2016 Article IV Consultation with Sudan. At the conclusion of the visit, Mr. Kanda issued the following statement:
- The IMF team reached a staff level agreement with the authorities on their economic program that could be supported by a new 3-year IMF arrangement under the Policy Coordination Instrument.
- The authorities have implemented prudent macroeconomic policies together with bold structural reforms that led to strong economic growth as well as noticeable improvement in fiscal and external position as well as a reduction in debt.
- Macroeconomic performance has been robust in 2017, with economic growth for 2017 projected to reach around 4 percent.
An International Monetary Fund (IMF) staff mission led by Mr. Amadou Sy visited Victoria during September 13‒26, 2017. The mission reached a staff level agreement with the Seychellois authorities on their economic program which could be supported by a new 3-year IMF arrangement under the Policy Coordination Instrument (PCI) . Subject to IMF management approval, the staff-level agreement is expected to be submitted to the IMF Executive Board for its consideration in December 2017. Under the arrangement, Seychelles economic program would be subject to semi-annual reviews.