News & Analysis: IMF

Private lenders need to step up on African debt relief

“The impasse between the G-20 and international financiers has bolstered the position of Chinese lenders, who hold an additional $64 billion of disbursed credits in Africa alone, and who also are pursuing painstaking restructuring talks. Taken together, the position of the Chinese and the financiers could make it harder for African governments to respond to the pandemic.”

via Atlantic Council

As Africa Faces COVID-19, Chinese Debt Relief is a Welcome Development

“Given the scale of Africa’s debt crisis, it should be taken as a great reassurance that China, its largest official lender, has warmed to the idea of cancellations.”

via Council on Foreign Relations

Africa faces worst economic shock since 1970s, says IMF chief

“Africa will need more financial help to avoid ‘long-lasting, terrible consequences’ from the coronavirus pandemic, Kristalina Georgieva, managing director of the IMF, said as the fund predicted a region-wide contraction of 3.2 per cent this year, far worse than it had forecast just 10 weeks ago.”

via Financial Times

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

The Milken Institute’s Conversation with IMF Managing Director Kristalina Georgieva

Milken Institute Chairman Michael Milken discusses the IMF’s response to COVID-19 with Managing Director Kristalina Georgieva.

via Milken Institute

To Bolster Global Health Security, What About IMF Gold?

“The IMF owns about 90 million ounces of gold that at market value today is worth about $150 billion. The gold can be called ‘functionless’ for the IMF. It does not generate interest or investment income and it does not constitute collateral against which the IMF could borrow. Its only apparent purpose is to add to the reassurance of the Central Bankers of member countries that their funds are safe with the IMF.”

via Center for Global Development

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

Is Africa drowning in COVID-19 debt?

“Our analysis shows that the total debt repayments owed by African countries in 2018 were 1.4 times larger than the budgets that African countries have now put aside to address the effects of COVID19 (which, incidentally, have risen by US$9bn since our last estimate two weeks ago, to US$53bn in total now).”

via Development Reimagined