Source: International Monetary Fund (IMF) |

IMF Staff Concludes Visit to The Gambia

The mission met with President Adama Barrow, Minister of Finance Amadou Sanneh, Central Bank Governor Amadou Colley, other government officials, development partners, and the private sector

An International Monetary Fund (IMF) team, led by Mr. Ulrich Jacoby, visited The Gambia from February 16-22, 2017, to hold discussions with the new government, which came into office in early 2017. At the end of the visit, Mr. Jacoby issued the following statement: “Discussions centered around economic developments and…

Source: International Monetary Fund (IMF) |

IMF Reaches Staff-level Agreement with Benin on an Extended Credit Facility Arrangement

“The three-year economic program reflects the strategic orientations of the Government’s Action Plan, 2016-21, and aims to improve the living conditions for the population, maintain a stable macroeconomic environment, and preserve public debt sustainability”

At the request of the government of Benin, a team from the International Monetary Fund (IMF), led by Norbert Toé, Mission Chief for Benin, visited Cotonou from February 15 to 22, 2017, to finalize discussions with the authorities on a three-year economic program that could be supported by the IMF…

Source: International Monetary Fund (IMF) |

IMF Staff Conclude 2017 Discussions with the West African Economic and Monetary Union on Common Policies for Member Countries

The medium-term growth outlook is favorable but remains subject to significant downside risks The BCEAO Monetary Policy Committee’s decision to increase its credit facility rate by 100 basis points and place tighter access to the refinancing window is expected to encourage banks to reconsider their risk policy and strengthen their…

Source: International Monetary Fund (IMF) |

Pan-African Banking Finding its Stride

The banks have facilitated many positive changes—providing customers with new and better products and services, operating improved IT and management systems, and observing more advanced regulatory and accounting standards

In the years since the global financial crisis, Africa has witnessed a rapid expansion of cross-border banking, led by banking groups based in Africa that are spurring financial and economic integration and transforming the continent’s financial landscape. These institutions are occupying a space created by the retreat of several global…

Source: International Monetary Fund (IMF) |

IMF Staff Concludes Visit to Ghana

“Ghana’s economy continues to face challenges”

The large fiscal slippages observed last year will require strong efforts of fiscal consolidation IMF staff welcome the new government’s intention to conduct a full audit of outstanding obligations Bank of Ghana’s (BOG) monetary policy has been instrumental in mitigating inflationary pressures in 2016 A team from the International Monetary…

Source: International Monetary Fund (IMF) |

IMF Staff Concludes Visit to Ghana

A team from the International Monetary Fund (IMF), led by Joël Toujas-Bernaté, visited Accra from February 6-10, 2017 to take stock of the 2016 economic developments and the outlook for 2017

A team from the International Monetary Fund (IMF), led by Joël Toujas-Bernaté, visited Accra from February 6-10, 2017 to take stock of the 2016 economic developments and the outlook for 2017, engage in a dialogue about the new government’s economic plans, and discuss prospects for program engagement with the IMF.[1]…

Source: International Monetary Fund (IMF) |

IMF Executive Board Concludes 2016 Article IV Consultation with Somalia and Somalia Completes the First Review under the Staff–Monitored Program

Over the past five years, Somalia has marked important milestones in rebuilding its economy and normalizing relations with international financial institutions

On February 3, 2017, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Somalia. Over the past five years, Somalia has marked important milestones in rebuilding its economy and normalizing relations with international financial institutions. In 2012, Somalia emerged from nearly two decades of…

Source: International Monetary Fund (IMF) |

Statement by IMF Managing Director Christine Lagarde at the Conclusion of her Visit to Uganda

“Uganda has appropriately embarked on a strategy of scaled-up infrastructure investment in the energy and transport sectors to relieve key growth bottlenecks and enhance regional linkages”

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today in Kampala at the conclusion of her visit to Uganda: “I wish to thank President Museveni, Minister of Finance, Economic Planning and Development Matia Kasaija and Governor Emmanuel Tumusiime-Mutebile and other senior officials for…

Source: International Monetary Fund (IMF) |

IMF Executive Board Completes First Review Under the Stand-By Arrangement and Standby Credit Facility Arrangement for Kenya

IMF Board approved completion of first review of Kenya’s economic program supported by the Stand-By Arrangement (SBA) and the Standby Credit Facility (SCF). Kenyan authorities indicated that they do not intend to draw on the SBA and SCF arrangements (about US$1.5 billion in total), unless there is a balance of…