Browsing: IMF debt relieft

International Monetary Fund
  • The IMF says latest tranche is meant to finance “general national development efforts.”
  • When the entire Extended Credit Facility ECF is disbursed, Tanzania will be eligible to receive in excess of $304.7 million.
  • Tanzania faulted for not publishing audit report of its Covid-19 pandemic-related spending.

The International Monetary Fund (IMF) has approved $153 million in credit financing for Tanzania. The loan, however, comes with a tough call for enhanced monitoring and transparency in public spending.

This financing is only the first part of the loan that was issued following the completion of the first part of the country’s Extended Credit Facility (ECF) review. When the full ECF is completed, Tanzania will be eligible to receive in excess of $304.7 million.

What is the loan for? According to the public statement released after the deal was signed earlier this month, the money is meant to finance “general national development efforts.”

“The …

Global debt-to-GDP to reach 100% in 2020: IMF

The global public debt will record a high of 100 per cent to GDP in 2020 according to the International Monetary Fund (IMF) Managing Director Kristalina Georgieva.

Kristalina Georgieva was speaking during a virtual press conference entitled “Overcoming the Crisis and Building a More Resilient Economy.”

“The picture today is less dire, as we now estimate that developments in the second and third quarters (Q2 and Q3) were somewhat better than expected, allowing for a small upward revision to our global forecast for 2020. We continue to project a partial and uneven recovery in 2021. We expect global output to remain well below our pre-pandemic projections over the medium term. For almost all countries, this will be a setback to the improvement of living standards.” She said

She added that now the projections are less dire as central banks and fiscal measures have given a powerful injection of liquidity in …

IMF approves $7.6m debt relief to Burundi

The International Monetary Fund (IMF) Executive Board approved $7.6 million debt relief for Burundi due over the next three months.

The debt relief which is under the Catastrophe Containment and Relief Trust are due from July 21, 2020, to October 13, 2020. The International Monetary Fund will grant an additional debt relief covering the period from October 14, 2020, to April 13, 2022, which will be subject to availability of resources in the CCRT potentially bringing total relief to an equivalent of $24.97 million.

The debt relief will help free up resources for the needs of the public sector as well as other emergency spending and help ease the balance of payments shock posed by the pandemic.

Also Read: IMF boosts Kenya, Uganda virus fight with $1.23 billion

Burundi’s effects from the pandemic are through the evolving domestic outbreak and economic spillovers from the global and regional environment.

The 2020 …

COVID 19 precautions in Africa The Star

On Monday, the Executive Board of the International Monetary Fund (IMF) approved the immediate debt service relief of 25 of IMF’s member countries under the IMF’s revamped Catastrophe Containment and Relief Trust (CCRT) as part of the fund’s response to help deal with the impacts of the contagious Coronavirus (COVID-19) pandemic.

According to a statement provided by the lender, the funds go after the world’s poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months.

Further—IMF highlighted that the debt relief will help these 25 nations to channel more of their scarce financial resources towards vital emergency medical and other relief efforts.

IMF’s Managing Director Ms Kristalina Georgieva, said “The CCRT can currently provide about US$500 million in grant-based debt service relief, including the recent US$185 million pledge by the U.K. and US$100 million provided by Japan as immediately available …