Tag Archives: IMF

Togo to Receive 241.5million USD from IMF under ECF.

Togo will receive about US$241.5million from the IMF under the Extended Credit Facility (ECF) – a lending arrangement that provides sustained program engagement over the medium to long term in case of protracted balance of payments problems of the IMF. The fund is provided under a three year arrangement and is expected to be used in support of Togo’s economic and financial reform. In the first phase, the country will receive US$34.5 million while the remaining money will be given out following semi-annual reviews by IMF over the three year period. ECF-supported program aims to reinforce macroeconomic stability and to promote sustainable and inclusive growth. It aims to reduce the overall fiscal deficit substantially upfront to ensure long-term debt and external sustainability; refocus policies on sustainable and inclusive growth through targeted social spending and infrastructure spending that is financially sustainable; and resolve the existing financial sector weaknesses, especially in the two public banks. read more

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Tanzania: Economic growth, estimated at about 7 percent, remained strong in 2016

A team from the International Monetary Fund (IMF), led by Mauricio Villafuerte, visited Tanzania from April 3-13, 2017 and held discussions with the authorities on the sixth review under the Policy Support Instrument (PSI) program that was approved on July 16, 2014. read more

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IMF Staff Concludes Visit to Kenya

Kenya’s economy has continued to perform well, with real GDP growth reaching 5.9 percent in the first three quarters of 2016, up from 5.6 percent in 2015 read more

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IMF Staff Concludes Visit to The Gambia

With the transition to a new, democratically-elected government, The Gambia is at a historical turning point read more

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IMF Staff Completes Visit to São Tomé and Príncipe

Economic prospects are favorable, with growth expected to be around 5 percent in 2017, boosted by anticipated robust activity in the construction sector and tourism industry, and supported by higher inflows of foreign direct investment read more

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IMF Staff Completes Mission to Chad

  • Economic activity continues to be affected by the decline in oil prices and regional security challenges
  • IMF staff and the government agreed on the need to move away from the reliance on oil and diversify the economy
  • Non-oil output contracted significantly for a second year in a row and inflation was negative in 2016

An International Monetary Fund (IMF) staff team led by Said Bakhache visited N’Djamena during March 22–April 4, 2017 to assess recent economic developments in Chad and performance under the current financial and economic program supported by the IMF’s Extended Credit Facility (ECF) approved in August 2014. Discussions were also held on the government’s interest in a new program. read more

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Egypt is implementing a strong economic reform program

Following a meeting with Egypt’s President Abdel Fattah El Sisi in Washington today, Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement:
“President Sisi and I discussed the progress of Egypt’s economic reform program supported by the IMF’s $12 billion Extended Fund Facility arrangement. read more

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IMF Staff Completes Review Mission to Malawi

A second consecutive year of the El Niño-induced drought created an unprecedented humanitarian crisis that placed an estimated 6.7 million people—or 40 percent of the population—at risk of food insecurity read more

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Algeria continues to face important challenges posed by lower oil prices

IMF Staff Completes 2017 Article IV Mission to Algeria read more

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Tanzania: Report by Exotix and IMF reassures brighter economic outlook

Report from UK-based Exotix Partners in collaboration with the Kenya-based Equity Investment Bank have it that Tanzania has a bright economic outlook – adding up to IMF economic forecast for Tanzania. The report highlights that the current anti-corruption and anti-tax evasion drive by the President, HE John Magufuli, might look disruptive in the short term but will do the country a greater favour in the long term. The report said “this reformist agenda has proved painful but should these policy actions be sustained they could act as a long-term positive catalyst for the efficiency of Tanzania’s public sector institutions.” read more

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IMF Staff Initiates Discussions with Gabon toward a Possible Financial Arrangement

An IMF team headed by Alex Segura-Ubiergo visited Libreville from February 14-28 to initiate discussions toward a possible financial arrangement under the Extended Fund Facility (EFF) read more

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European Regulators Join African Banks to Discuss Economic and Financial Stability

Africa has witnessed a rapid expansion of cross-border banking, led by banking groups based in Africa that are spurring financial and economic integration and transforming the continent’s financial landscape. These institutions are occupying a space created by the retreat of several global bank groups from Africa in the wake of the crisis. African banks headquartered from Morocco to South Africa have each established business operations in at least 10 countries. Ecobank, headquartered in Togo—is present in more than 30 countries on the continent. read more

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IMF Staff Concludes Visit to Ghana

A team from the International Monetary Fund (IMF), led by Joël Toujas-Bernaté, visited Accra from February 6-10, 2017 to take stock of the 2016 economic developments and the outlook for 2017, engage in a dialogue about the new government’s economic plans, and discuss prospects for program engagement with the IMF. [1] read more

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IMF Statement on Tunisia

Mr. Björn Rother, IMF mission chief to Tunisia, made the following statement at the end of a staff visit to discuss the economic outlook and the authorities’ policy intentions under Tunisia’s economic reform program supported by a four-year IMF Extended Fund Facility (EFF) arrangement approved in May 2016 (See Press Release 16/238): read more

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