Source: International Monetary Fund (IMF) |

IMF Reaches Staff-Level Agreement on a Second Staff-Monitored Program with Somalia

For 2017, as the drought is expected to continue, growth is projected to decelerate to about 2.0 percent, and inflation to increase to above 3 percent

IMF staff welcomes the authorities’ continued commitments to policy and reform implementation despite daunting challenges The Somali authorities and the IMF reach a staff-level agreement on the completion of the second and final review of the Staff-Monitored Program (SMP) and on a second SMP The IMF welcomes the authorities’ continued…

Source: International Monetary Fund (IMF) |

IMF Staff Completes 2017 Article IV Visit to South Africa

Headline inflation is expected to return below 6 percent in the second half of 2017 and in 2018, making it appropriate for policy rates to remain on hold, and for the central bank to stand ready to increase rates if inflation expectations were to rise

South Africa’s rate of real GDP growth is projected at 1 percent in 2017 thanks to a resumption of solid agricultural production as the drought abates, and an increase in mining output prompted by a moderate rebound in the prices of South Africa’s commodity exports. Headline inflation is expected to return…

Source: International Monetary Fund (IMF) |

IMF Executive Board Concludes 2016 Article IV Consultation with Togo

Togo’s poverty rate declined from 61.7 percent in 2006 to 55.1 percent in 2015, though it remains geographically concentrated

On May 5, 2017, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Togo. [1] The Board also approved a new three-year Extended Credit Facility Arrangement for Togo; a press release on this was issued separately. The economy has expanded at a healthy rate…

Source: International Monetary Fund (IMF) |

Building on Success: Achieving Tanzania's Goal of Middle-Income Status - Speech by IMF Deputy Managing Director Tao Zhang

Speech by IMF Deputy Managing Director Tao Zhang: Introduction Thank you, Governor, for your kind introduction. I would also like to offer my appreciation to the Bank of Tanzania for hosting this event. This conference center has played an important role in Africa’s relations with the IMF: the first event…

Source: International Monetary Fund (IMF) |

IMF Staff Concludes 2017 Article IV Visit to Botswana

Positive prospects for the diamond sector could lead to somewhat higher rates of GDP growth in 2017-19

Positive prospects for the diamond sector could lead to somewhat higher rates of GDP growth in 2017-19. Fiscal projections envisage moderate deficits this year and the next, with surpluses thereafter. Tax revenue reforms need to be accelerated to protect public finances against any adverse developments and maintain the country’s track…

Source: International Monetary Fund (IMF) |

Uganda: Staff Concluding Statement of the 2017 Article IV Consultation Mission and Discussions for the 8th Review under the Policy Support Instrument

An IMF mission visited Kampala during May 2−15, 2017 to conduct the 2017 Article IV consultation and discussions on the 8th review under the Policy Support Instrument. The IMF’s Executive Board is expected to discuss Uganda in early July.

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF's Articles of Agreement, in the context of…

Source: International Monetary Fund (IMF) |

IMF Staff Completes 2017 Article IV Visit to Zimbabwe

The team recommends taking action to unleash the potential of the private sector and ensure that growth benefits the most vulnerable segments of the population

The economy is facing difficulties as a severe drought and slow reform momentum have led to high expenditure levels since late 2015, despite subdued revenues. Spending pressures stem from high employment costs, government transfers to support specific economic sectors, and elevated discretionary expenditure. The team recommends taking action to unleash…

Source: International Monetary Fund (IMF) |

IMF Executive Board Concludes the First Review under the Precautionary and Liquidity Line Arrangement for Morocco

On May 12, 2017, the Executive Board of the International Monetary Fund (IMF) completed the first review under the Precautionary and Liquidity Line (PLL) Arrangement and reaffirmed Morocco’s continued qualification for the PLL

The Moroccan authorities stated their intention to continue treating the arrangement as precautionary Morocco’s sound economic fundamentals and overall strong record of policy implementation have contributed to a solid macroeconomic performance in recent years Improving the business climate and governance, competitiveness, access to finance, and labor market policies will be…

Source: International Monetary Fund (IMF) |

IMF Staff Completes 2017 Article IV Consultation and Review Mission to Rwanda

Rwanda’s external trade deficit was lower than expected in 2016, following a strong pick up in goods and services exports, combined with reduced demand for imports

The IMF team reached preliminary agreement with the government, subject to approval by IMF management and its Executive Board, on policies that could support completion of the seventh and second reviews of Rwanda’s PSI- and SCF-supported programs.  Growth in 2016 was 5.9 percent, down from 2015, but comparing favorably to…