Browsing: Extended Credit Facility (ECF

DRC Congo, Banks in Congo, Cobalt in Congo

Tough measures for war-tone DRC as it seeks $200M IMF funding

Democratic Republic of Congo
  • DRC’s economy is rising with real GDP growth at 8.9 percent in 2022 and projected to 6.8 percent in 2023.
  • Macroeconomic imbalances have, however, emerged piling inflationary pressures.
  • The roiling conflict in the East and upcoming elections complicate macroeconomic management.

The International Monetary Fund (IMF) has outlined a number of tough measures for war-tone DRC as it seeks $200 million financing. The funds are part of the country’s Special Drawing Rights (SDR), the supplementary forex reserves maintained by the IMF. They are units of account for the IMF, and not a currency per se. What’s more, they represent a claim to currency held by IMF member countries and DR Congo can access about $200 million.

An IMF team led by Mercedes Vera Martin met with the authorities in Kinshasa between April 19–May 3. This was on the fourth review of the three-year arrangement under DRC’s Extended Credit Facility (ECF).

Macroeconomic

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Sierra Leone's debt-to-GDP

Inside Sierra Leone’s worrying debt situation

Countries

Sierra Leone's government may have to impose severe austerity measures.  These measures will address inefficiencies and inadequacies in allocating and administrating public resources. However, all hands must be on deck within these economic management measures. This will secure the ring-fencing of money for essential objectives like education, livelihood preservation, and health. These objectives remain critical to maintaining social stability and a rapid return to the economic recovery path.…

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IMF approves $69.49 Million for Chad

IMF approves $69.49 Million for Chad

Countries

The Executive Board of the International Monetary Fund (IMF) approved a disbursement under the Rapid Credit Facility (RCF) of about $69.49 million to Chad to address urgent balance of payment needs stemming from the COVID-19 pandemic.

This is the second funding in three months under RCF to address financing needs arising from the pandemic, which brings the country’s total IMF support since COVID -19 pandemic outbreak to $183.60 million. The board also confirmed the cancellation of the Extended Credit Facility (ECF) arrangement which was to expire end of September this year.

The IMF’s second RCF will provide timely support for the implementation of additional measures to address the COVID-19 crisis and lessen its severe impact. Chad’s authorities are also taking steps to ensure transparency and accountability in the use of COVID-related resources, including an ex-post audit of crisis-related spending and the publication of crisis-related procurement contracts.

The Chadian economy continues …