Sub-Saharan Africa: A Cautious Reopening

“The regional outlook has deteriorated sharply since the April 2020 Regional Economic Outlook report release. Sub-Saharan Africa’s economy is now expected to contract by 3.2 percent in 2020; double the contraction expected in April.”

via IMF

IMF Press Conference on the Regional Economic Outlook Update for Sub-Saharan Africa

“Sub-Saharan Africa’s economy is now expected to contract by 3.2 percent in 2020, this is double the contraction we expected in April. It represents by far the worst performance on record. It implies a 7 percentage points swing from the growth we were expecting prior to the crisis for 2020.”

via IMF

IMF Executive Board Approves 12-month US$5.2 Billion Stand-By Arrangement for Egypt

“The IMF approved a 12-month Stand-by Arrangement, with total access of about US$5.2 billion to address balance of payments financing needs arising from the COVID-19. Approval of the SBA enables the immediate disbursement of about US$2 billion.”

via IMF

You’ve Got Money: Mobile Payments Help People During the Pandemic

“Mobile money is as an effective and physical-distancing-friendly option to deliver cash transfers in large scale, given that ownership and use of mobile phones in emerging and developing economies is very high.”

via IMF

IMF Executive Board Approves US$148 Million Disbursement to Guinea to address the COVID-19 Pandemic

“On June 19, 2020, the Executive Board of the International Monetary Fund approved a disbursement of SDR 107.1 million (about US$148 million) to Guinea under the Rapid Credit Facility.”

via IMF

Digitalizing Sub-Saharan Africa: Hopes and Hurdles

“In many sub-Saharan African countries, digital tools are supporting efforts to cope with the COVID-19 pandemic. In Rwanda, for example, anti-epidemic robots are monitoring patients, delivering food and medication, while free e-consultation tools are helping Nigerians to self-assess infection risk and get tested based on symptoms.”

via IMF

IMF Executive Board Approves an Additional US$111.06 Million Disbursement to Rwanda to Address the COVID-19 Pandemic

“The IMF approved US$111.06 million (SDR80.1 million), a second disbursement under the Rapid Credit Facility bringing the total IMF COVID-19 emergency support to Rwanda to US$ 220.46 million to help urgent balance of payment needs stemming from the pandemic.”

via IMF

IMF Executive Board Approves $14.3 Million Debt Relief to the United Republic of Tanzania Under the Catastrophe Containment and Relief Trust

“The pandemic has weakened near-term macroeconomic prospects for Tanzania. The country is facing a drastic reduction in tourism receipts, budget pressures, and a projected deceleration of GDP growth from over 6 percent to 4 percent in the current fiscal year and to 2.8 percent in the upcoming fiscal year (the fiscal year ends in June).”

via IMF

IMF Executive Board Approves a US$50 Million Disbursement to Liberia to Address the COVID-19 Pandemic

“The Executive Board of the International Monetary Fund, today, approved the disbursement of SDR36.17 million (US$50 million; 1.7 percent of GDP) to be drawn under the Rapid Credit Facility (RCF). This, together with debt relief approved in April 13, will help meet Liberia’s urgent balance of payment needs, mostly stemming from fiscal needs necessary to respond to the pandemic.”

via IMF

Egypt: IMF Reaches Staff-Level Agreement on a 12-Month US$5.2 Billion Stand-By Arrangement

“Egyptian authorities and the IMF team have reached staff-level agreement on economic policies that could be supported by a 12-month Stand-By Arrangement (SBA). The SBA, with requested access of SDR 3.8 billion (equivalent to around US$5.2 billion), supports the authorities’ efforts to maintain macroeconomic stability amid the COVID-19 shock while continuing to advance key structural reforms.”

via IMF