IMF offers $1bn to 7 African nations: summary

Source: https://africa.businessinsider.com/local/markets/list-of-african-countries-to-receive-from-the-imfs-dollar1-billion-fund/gk66769

What we know

The International Monetary Fund (IMF) is set to offer $1 billion in financing commitments for seven of eight nations pegged on approval by its executive board.
The Fund’s decision is the result of a review of the economic financial, social and governance policies of these eight African countries to open its funding purse to strengthen their weakening forex reserves and offer budgetary support.
According to the East African, the IMF team in October conducted a mission in Dakar to review progress under the authorities’ programme supported by an Extended Fund Facility arrangement of SDR1.13 billion (about $1.5 billion), combined with the Resilience and Sustainability Facility (RS) of SDR242.70 million (about $320 million).
The proposed beneficiaries include Somalia ($100 million), Democratic Republic of Congo ($200.39 million), Rwanda ($262 million), Tanzania ($150 million) Gambia ($10.9 million), Comoros ($4.7 million) and Senegal ($276 million).
So far, the IMF has reached a staff-level agreement with countries including Tanzania, DR Congo and Rwanda with different conditionalities.

What they said

Discussions on the performance and policies underpinning the third review of the program under the ECF arrangement in Mozambique “were fruitful and will continue in the coming weeks aiming to reach Staff Level Agreement,” the IMF said, as quoted by The East African. Team Leader, Laura Jaramillo also expressed optimism about Somalia’s prospects saying, “Somalia has maintained strong implementation of wide-ranging reforms to help strengthen key economic and financial policy institutions.” For Tanzania which has a staff-level agreement arrangement with the IMF on the second review of the extended credit facility, Charalambos Tsangarides, who led the IMF team said, “Upon completion of the Executive Board review, Tanzania will have access to SDR113.37 million ($150 million), bringing the total IMF financial support under the arrangement to SDR342.1 million ($452.7 million)”.

Wonder Hagan