💰🇬🇭 IMF 'optimistic' Ghana will reach official creditor debt deal soon
The International Monetary Fund said it was "optimistic" that Ghana and its official bilateral creditors would reach a debt restructuring deal soon, paving the way for another $600 million IMF loan payment to the country.
Discussions between Ghanaian authorities and the Official Creditor Committee, co-chaired by China and France, are showing "promising progress", the IMF's Resident Representative for Ghana said.
"We are optimistic that an agreement will be reached soon, allowing to swiftly present the first ECF (Extended Credit Facility) programme review to our Executive Board," he said.
Ghana's sovereign international dollar bonds rose on Tuesday, after a report that its government expected to receive soon a draft term sheet from its official creditors to restructure $4.5 billion of debt.
#IMF #Ghana
@africaintel
The International Monetary Fund said it was "optimistic" that Ghana and its official bilateral creditors would reach a debt restructuring deal soon, paving the way for another $600 million IMF loan payment to the country.
Discussions between Ghanaian authorities and the Official Creditor Committee, co-chaired by China and France, are showing "promising progress", the IMF's Resident Representative for Ghana said.
"We are optimistic that an agreement will be reached soon, allowing to swiftly present the first ECF (Extended Credit Facility) programme review to our Executive Board," he said.
Ghana's sovereign international dollar bonds rose on Tuesday, after a report that its government expected to receive soon a draft term sheet from its official creditors to restructure $4.5 billion of debt.
#IMF #Ghana
@africaintel
💰🇪🇬 IMF says additional financing for Egypt 'critical' for success of loan program
The International Monetary Fund on Thursday said it was holding discussions with Egypt on policies that would make the country's $3 billion IMF program successful, but that additional financing would be "critical."
IMF spokesperson Julie Kozack told that financing amounts and potential disbursements to Egypt are currently under discussion.
Discussions with Egyptian authorities about policy enhancements would continue over the coming weeks, including on the need for tighter fiscal and monetary policy as well as movement toward a flexible exchange rate policy, Kozack added.
She gave few details on a meeting on Tuesday between IMF Managing Director Kristalina Georgieva and Egypt's finance minister and central bank governor but said discussions were continuing on policies that would allow the completion of the first and second reviews of the loan program agreed to in December 2022.
#IMF #Egypt
@africaintel
The International Monetary Fund on Thursday said it was holding discussions with Egypt on policies that would make the country's $3 billion IMF program successful, but that additional financing would be "critical."
IMF spokesperson Julie Kozack told that financing amounts and potential disbursements to Egypt are currently under discussion.
Discussions with Egyptian authorities about policy enhancements would continue over the coming weeks, including on the need for tighter fiscal and monetary policy as well as movement toward a flexible exchange rate policy, Kozack added.
She gave few details on a meeting on Tuesday between IMF Managing Director Kristalina Georgieva and Egypt's finance minister and central bank governor but said discussions were continuing on policies that would allow the completion of the first and second reviews of the loan program agreed to in December 2022.
#IMF #Egypt
@africaintel
🇰🇪💰 Kenya wins $941 million IMF loan boost
The International Monetary Fund (IMF) on Wednesday approved a $941 million lending boost to Kenya, with an immediate disbursement of $624.5 million.
The disbursement under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) programs will also be topped by a release of $60.2 million under the Resilience and Sustainability Facility (RSF) arrangement.
The executive board sign-off brings the IMF's total funding commitment to Kenya under all three facilities to more than $4.4 billion.
"Kenya’s growth remained resilient in the face of increasing external and domestic challenges. The EFF/ECF and RSF arrangements continue to support the authorities' efforts to sustain macroeconomic stability," the IMF said.
#Kenya #IMF
@africaintel
The International Monetary Fund (IMF) on Wednesday approved a $941 million lending boost to Kenya, with an immediate disbursement of $624.5 million.
The disbursement under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) programs will also be topped by a release of $60.2 million under the Resilience and Sustainability Facility (RSF) arrangement.
The executive board sign-off brings the IMF's total funding commitment to Kenya under all three facilities to more than $4.4 billion.
"Kenya’s growth remained resilient in the face of increasing external and domestic challenges. The EFF/ECF and RSF arrangements continue to support the authorities' efforts to sustain macroeconomic stability," the IMF said.
#Kenya #IMF
@africaintel
💰🇪🇬 IMF team in Cairo to discuss $3 bln loan program
An International Monetary Fund team is currently in Cairo to discuss Egypt's $3 billion IMF loan and reform program, an IMF spokesperson said on Friday amid discussions about additional funding to "ease the country's Gaza war-related stresses".
The spokesperson said that the team, led by IMF Egypt Mission Chief Vladkova Hollar, would "continue discussions on the first and second reviews of Egypt's reform program supported by the IMF's Extended Fund Facility. We will communicate at the end of the visit."
The IMF's Middle East and Central Asia director also was in Cairo earlier this week on an annual retreat with the division's regional offices, and met with Egyptian authorities and regional stakeholders, the spokesperson added.
#IMF #Egypt
@africaintel
An International Monetary Fund team is currently in Cairo to discuss Egypt's $3 billion IMF loan and reform program, an IMF spokesperson said on Friday amid discussions about additional funding to "ease the country's Gaza war-related stresses".
The spokesperson said that the team, led by IMF Egypt Mission Chief Vladkova Hollar, would "continue discussions on the first and second reviews of Egypt's reform program supported by the IMF's Extended Fund Facility. We will communicate at the end of the visit."
The IMF's Middle East and Central Asia director also was in Cairo earlier this week on an annual retreat with the division's regional offices, and met with Egyptian authorities and regional stakeholders, the spokesperson added.
#IMF #Egypt
@africaintel
🇧🇮💰 Burundi economy to expand 4.3% in 2024 vs 2.7% last year
Burundi's economy is projected to expand 4.3% this year from 2.7% in 2023, helped by improved performance in the agriculture sector, the International Monetary Fund said.
With a population of 12 million, Burundi's economy relies heavily on agriculture revenues, especially from tea and coffee.
"Growth is projected to accelerate supported by strong agricultural production, productive investment, and the ongoing reforms," the fund said.
Fuel shortages had hampered economic activity in 2023, the fund said.
Burundi's economy is only starting to recover from years of conflict and political upheaval under former leader Pierre Nkurunziza.
#Burundi #IMF
@africaintel
Burundi's economy is projected to expand 4.3% this year from 2.7% in 2023, helped by improved performance in the agriculture sector, the International Monetary Fund said.
With a population of 12 million, Burundi's economy relies heavily on agriculture revenues, especially from tea and coffee.
"Growth is projected to accelerate supported by strong agricultural production, productive investment, and the ongoing reforms," the fund said.
Fuel shortages had hampered economic activity in 2023, the fund said.
Burundi's economy is only starting to recover from years of conflict and political upheaval under former leader Pierre Nkurunziza.
#Burundi #IMF
@africaintel
💰🇪🇬 IMF, Egypt agree on 'main policy elements' of economic reform programme
The International Monetary Fund said it had agreed with Egypt on the key policy components of an economic reform programme, in a further sign that a final deal to augment the country's $3 billion loan is nearing completion.
Ivanna Vladkova Hollar, the IMF mission chief for Egypt, said both sides had made "excellent progress" on the discussions of a comprehensive policy package that could kickstart long-delayed reviews of the country's economic reform programme.
"To this end, the IMF team and the Egyptian authorities have agreed on the main policy elements of the program. The authorities expressed a strong commitment to act promptly on all critical aspects of Egypt's economic reform program," Hollar said.
IMF Managing Director Kristalina Georgieva said the fund and Egypt were in the "very last stretch" of negotiations to increase the country's $3 billion programme.
#IMF #Egypt
@africaintel
The International Monetary Fund said it had agreed with Egypt on the key policy components of an economic reform programme, in a further sign that a final deal to augment the country's $3 billion loan is nearing completion.
Ivanna Vladkova Hollar, the IMF mission chief for Egypt, said both sides had made "excellent progress" on the discussions of a comprehensive policy package that could kickstart long-delayed reviews of the country's economic reform programme.
"To this end, the IMF team and the Egyptian authorities have agreed on the main policy elements of the program. The authorities expressed a strong commitment to act promptly on all critical aspects of Egypt's economic reform program," Hollar said.
IMF Managing Director Kristalina Georgieva said the fund and Egypt were in the "very last stretch" of negotiations to increase the country's $3 billion programme.
#IMF #Egypt
@africaintel
🇿🇲💰 Zambia says no timeline on debt restructuring as IMF seeks compromise
Zambia's finance minister said on Monday he could not give a timeline for a debt restructuring deal with private creditors, while the IMF's Africa director urged all sides to compromise.
Zambia was the first African country to default on its sovereign debt during the COVID pandemic in late 2020, and its protracted restructuring efforts have been beset by delays.
"It is just a process. I cannot give you a timeline. I am hopeful," Finance Minister Situmbeko Musokotwane told on the sidelines of a mining conference, asked when Zambia might reach a new deal to restructure the bonds.
"We've done everything on our side to get to debt restructuring. This is why we are saying that they (creditors) ought to recognise the pain and difficulties that arise as long as this debt is not restructured," he added.
#Zambia #IMF
@africaintel
Zambia's finance minister said on Monday he could not give a timeline for a debt restructuring deal with private creditors, while the IMF's Africa director urged all sides to compromise.
Zambia was the first African country to default on its sovereign debt during the COVID pandemic in late 2020, and its protracted restructuring efforts have been beset by delays.
"It is just a process. I cannot give you a timeline. I am hopeful," Finance Minister Situmbeko Musokotwane told on the sidelines of a mining conference, asked when Zambia might reach a new deal to restructure the bonds.
"We've done everything on our side to get to debt restructuring. This is why we are saying that they (creditors) ought to recognise the pain and difficulties that arise as long as this debt is not restructured," he added.
#Zambia #IMF
@africaintel
💰🇿🇼 IMF says Zimbabwe should speed up currency reforms
The International Monetary Fund encouraged Zimbabwe to speed up currency reforms at the end of a staff visit, saying authorities should move towards a market-driven exchange rate and remove distortions currently in place.
The visit discussed Zimbabwe's request for an IMF staff-monitored programme, part of Zimbabwe's efforts to re-engage with the international financial community by demonstrating a track record of sound economic policies.
Zimbabwe has not been able to secure financing from the likes of the IMF for more than two decades due to arrears in servicing its debt to lenders including the World Bank, the African Development Bank and European Investment Bank.
"The IMF is currently precluded from providing financial support to Zimbabwe due to its unsustainable debt situation and official external arrears," the IMF said.
#IMF #Zimbabwe
@africaintel
The International Monetary Fund encouraged Zimbabwe to speed up currency reforms at the end of a staff visit, saying authorities should move towards a market-driven exchange rate and remove distortions currently in place.
The visit discussed Zimbabwe's request for an IMF staff-monitored programme, part of Zimbabwe's efforts to re-engage with the international financial community by demonstrating a track record of sound economic policies.
Zimbabwe has not been able to secure financing from the likes of the IMF for more than two decades due to arrears in servicing its debt to lenders including the World Bank, the African Development Bank and European Investment Bank.
"The IMF is currently precluded from providing financial support to Zimbabwe due to its unsustainable debt situation and official external arrears," the IMF said.
#IMF #Zimbabwe
@africaintel
🇬🇭💰 Ghana's new finance minister pledges to keep IMF programme on track
Ghana's new finance minister, Mohammed Amin Adam, pledged on Thursday to keep its $3 billion International Monetary Fund programme on track as it aims to finish restructuring its overseas debt before an election in December.
"There will not be any delays in the ongoing debt negotiations with bondholders because I have been part of the process," Adam, once deputy minister of energy in charge of petroleum, said.
"The advisers remain the same and the targets have not changed," he said, noting that he was involved in talks from the start.
With national elections approaching in December, some analysts fear the new minister could relax fiscal consolidation to bolster the electoral fortunes of the ruling party.
#Ghana #IMF
@africaintel
Ghana's new finance minister, Mohammed Amin Adam, pledged on Thursday to keep its $3 billion International Monetary Fund programme on track as it aims to finish restructuring its overseas debt before an election in December.
"There will not be any delays in the ongoing debt negotiations with bondholders because I have been part of the process," Adam, once deputy minister of energy in charge of petroleum, said.
"The advisers remain the same and the targets have not changed," he said, noting that he was involved in talks from the start.
With national elections approaching in December, some analysts fear the new minister could relax fiscal consolidation to bolster the electoral fortunes of the ruling party.
#Ghana #IMF
@africaintel
🇸🇳💰 Senegal 'better positioned than some' to navigate investor concern, says IMF
Senegal's diversified funding sources mean it could be better placed than some countries to navigate investor concerns sparked by political uncertainty, after President Macky Sall delayed a presidential election, the International Monetary Fund said.
A significant portion of Senegal's funding is on concessional terms, and a planned reduction in issuing more expensive syndicated loans will minimise its dependence on volatile private debt, a spokesperson for the fund said.
"Recent political developments in Senegal have created some uncertainty, potentially impacting investor confidence and economic activity," the IMF spokesperson said.
"While potential investor caution could lead to higher interest rates and tighter financial conditions, Senegal may be better positioned than some to navigate potential investor concerns due to its diversified and less volatile funding sources."
#Senegal #IMF
@africaintel
Senegal's diversified funding sources mean it could be better placed than some countries to navigate investor concerns sparked by political uncertainty, after President Macky Sall delayed a presidential election, the International Monetary Fund said.
A significant portion of Senegal's funding is on concessional terms, and a planned reduction in issuing more expensive syndicated loans will minimise its dependence on volatile private debt, a spokesperson for the fund said.
"Recent political developments in Senegal have created some uncertainty, potentially impacting investor confidence and economic activity," the IMF spokesperson said.
"While potential investor caution could lead to higher interest rates and tighter financial conditions, Senegal may be better positioned than some to navigate potential investor concerns due to its diversified and less volatile funding sources."
#Senegal #IMF
@africaintel
💰🇨🇮 IMF reaches staff level agreement with Ivory Coast for $1.3 bln resilience, sustainability facility
The International Monetary Fund said on Friday that it had reached a staff level agreement with Ivory Coast for a $1.3 billion programme to fight climate change supported by the fund's Resilience and Sustainability Facility.
Ivory Coast, the world's top cocoa grower, is exposed and vulnerable to climate change, the IMF said.
"Rising temperatures, rainfall disruptions, flooding, rising sea levels and coastal erosion are major challenges and represent recurring risks for resilient, sustainable and inclusive economic growth," the fund said.
The reform measures between 2024 and 2026 will support Ivory Coast's actions to strengthen climate change adaptation and mitigation, particularly in the areas of agriculture, transport, infrastructure and public financial management.
#IMF #IvoryCoast
@africaintel
The International Monetary Fund said on Friday that it had reached a staff level agreement with Ivory Coast for a $1.3 billion programme to fight climate change supported by the fund's Resilience and Sustainability Facility.
Ivory Coast, the world's top cocoa grower, is exposed and vulnerable to climate change, the IMF said.
"Rising temperatures, rainfall disruptions, flooding, rising sea levels and coastal erosion are major challenges and represent recurring risks for resilient, sustainable and inclusive economic growth," the fund said.
The reform measures between 2024 and 2026 will support Ivory Coast's actions to strengthen climate change adaptation and mitigation, particularly in the areas of agriculture, transport, infrastructure and public financial management.
#IMF #IvoryCoast
@africaintel
🛢💰🌍 TotalEnergies CEO says IMF debt rules hobbling African green energy projects
Renewable energy investments in Africa are being hobbled by insufficient government loan guarantees, as the International Monetary Fund keeps a tight leash on country indebtedness, TotalEnergies CEO Patrick Pouyanne said.
Pouyanne said currently electricity projects in Africa suffer from "a problem of solvency you have a risk not to be paid".
"So when a renewable developer wants to develop, and it's obvious you have huge potential, he will go and see the government and ask for guarantees," he said.
"But the African governments, they will tell you, are not able to give these guarantees because the IMF is coming and telling them, 'Don't go and give these guarantees, you are already over-indebted'."
Pouyanne said the result was that in Africa, his company was largely limited to business-to-business mining projects, because it is an industry where they know they will receive payment.
#TotalEnergies #IMF #Africa
@africaintel
Renewable energy investments in Africa are being hobbled by insufficient government loan guarantees, as the International Monetary Fund keeps a tight leash on country indebtedness, TotalEnergies CEO Patrick Pouyanne said.
Pouyanne said currently electricity projects in Africa suffer from "a problem of solvency you have a risk not to be paid".
"So when a renewable developer wants to develop, and it's obvious you have huge potential, he will go and see the government and ask for guarantees," he said.
"But the African governments, they will tell you, are not able to give these guarantees because the IMF is coming and telling them, 'Don't go and give these guarantees, you are already over-indebted'."
Pouyanne said the result was that in Africa, his company was largely limited to business-to-business mining projects, because it is an industry where they know they will receive payment.
#TotalEnergies #IMF #Africa
@africaintel
💰🇸🇳 IMF says hoping for 'speedy resolution' in Senegal to ensure stability
The International Monetary Fund is actively monitoring the situation in Senegal and hopes for a "speedy resolution" to ensure continued stability in the country, IMF spokesperson Julie Kozack said.
"We're actively monitoring the situation in Senegal. We're engaging with relevant stakeholders and certainly hope that there is a speedy resolution to ensure continued stability and economic progress in the country," Kozack told.
#IMF #Senegal
@africaintel
The International Monetary Fund is actively monitoring the situation in Senegal and hopes for a "speedy resolution" to ensure continued stability in the country, IMF spokesperson Julie Kozack said.
"We're actively monitoring the situation in Senegal. We're engaging with relevant stakeholders and certainly hope that there is a speedy resolution to ensure continued stability and economic progress in the country," Kozack told.
#IMF #Senegal
@africaintel
💰🇪🇬 IMF sees progress in Egypt talks, loan program to ease Gaza pressures
Talks with Egypt to boost its IMF loan program are making excellent progress and the country needs a comprehensive support package to deal with pressures posed by refugees from the war in Gaza, the International Monetary Fund said.
IMF spokesperson Julie Kozack told that IMF staff and Egyptian authorities agreed on the main elements of program changes under combined first and second reviews of Egypt's existing $3 billion loan, and "authorities have expressed a strong commitment" to them.
"There is a need to have a very comprehensive support package for Egypt and we're working very closely with both the Egyptian authorities and their partners to ensure that Egypt does not have any residual financing needs and also to ensure that the program is able to ensure macroeconomic and financial stability in Egypt."
#IMF #Egypt
@africaintel
Talks with Egypt to boost its IMF loan program are making excellent progress and the country needs a comprehensive support package to deal with pressures posed by refugees from the war in Gaza, the International Monetary Fund said.
IMF spokesperson Julie Kozack told that IMF staff and Egyptian authorities agreed on the main elements of program changes under combined first and second reviews of Egypt's existing $3 billion loan, and "authorities have expressed a strong commitment" to them.
"There is a need to have a very comprehensive support package for Egypt and we're working very closely with both the Egyptian authorities and their partners to ensure that Egypt does not have any residual financing needs and also to ensure that the program is able to ensure macroeconomic and financial stability in Egypt."
#IMF #Egypt
@africaintel
💰🇪🇬 IMF's Georgieva sees completion of Egypt loan reviews in "weeks"
The International Monetary Fund has resolved key issues with Egyptian authorities in a review of its $3 billion loan program and should finalize an augmented financing package within weeks, IMF Managing Director Kristalina Georgieva told.
Georgieva declined to say how big a loan increase Egypt could expect and details were still being finalized.
She said the engagement had been "very constructive" and there were "very encouraging signals" about Egypt's views on dealing with heritage issues that had affected its competitiveness.
Asked about media reports that the IMF could boost the size of Egypt's $3 billion loan to as much as $12 billion, Georgieva said, "You know, there is nothing wrong in thinking big."
Citing additional challenges posed to Egypt by Israel's war in Gaza, she said: "Conditions have deteriorated not by the fault of Egypt, but because of an exogenous shock".
#IMF #Egypt
@africaintel
The International Monetary Fund has resolved key issues with Egyptian authorities in a review of its $3 billion loan program and should finalize an augmented financing package within weeks, IMF Managing Director Kristalina Georgieva told.
Georgieva declined to say how big a loan increase Egypt could expect and details were still being finalized.
She said the engagement had been "very constructive" and there were "very encouraging signals" about Egypt's views on dealing with heritage issues that had affected its competitiveness.
Asked about media reports that the IMF could boost the size of Egypt's $3 billion loan to as much as $12 billion, Georgieva said, "You know, there is nothing wrong in thinking big."
Citing additional challenges posed to Egypt by Israel's war in Gaza, she said: "Conditions have deteriorated not by the fault of Egypt, but because of an exogenous shock".
#IMF #Egypt
@africaintel
🇪🇬💰 Egypt secures IMF deal after pound plunge, bumper rate hike
Egypt secured an expanded $8 billion deal on Wednesday with the International Monetary Fund, hours after the central bank unshackled its currency and delivered a 600 basis points rate hike in a push to stabilise the economy.
Additionally, Egypt would obtain a $1.2 billion loan for environmental sustainability, bringing its total from the IMF to more than $9 billion, the government said. This was towards the lower end of what some analysts expected.
The currency weakened to beyond 50 Egyptian pounds to the dollar - far beyond previous records - from about 30.85 pounds, a level Egypt has for months tried to defend. It closed at 49.4 to the dollar.
#Egypt #IMF
@africaintel
Egypt secured an expanded $8 billion deal on Wednesday with the International Monetary Fund, hours after the central bank unshackled its currency and delivered a 600 basis points rate hike in a push to stabilise the economy.
Additionally, Egypt would obtain a $1.2 billion loan for environmental sustainability, bringing its total from the IMF to more than $9 billion, the government said. This was towards the lower end of what some analysts expected.
The currency weakened to beyond 50 Egyptian pounds to the dollar - far beyond previous records - from about 30.85 pounds, a level Egypt has for months tried to defend. It closed at 49.4 to the dollar.
#Egypt #IMF
@africaintel
💰🇿🇲 IMF review mission to Zambia tentatively scheduled for mid-April
The International Monetary Fund will assess the economic impact of a devastating drought on Zambia in a visit tentatively scheduled for mid-April, the fund said.
Zambia is planning to start rationing electricity next week as a devastating drought that has been declared a national disaster affects hydropower generation, as well as food production.
A preliminary IMF assessment is that crop losses appear to be significant and the need to import energy will negatively affect the current account balance, though the drought would not have a significant economic effect over the medium term, said IMF spokesperson Julie Kozack in a scheduled press conference.
#IMF #Zambia
@africaintel
The International Monetary Fund will assess the economic impact of a devastating drought on Zambia in a visit tentatively scheduled for mid-April, the fund said.
Zambia is planning to start rationing electricity next week as a devastating drought that has been declared a national disaster affects hydropower generation, as well as food production.
A preliminary IMF assessment is that crop losses appear to be significant and the need to import energy will negatively affect the current account balance, though the drought would not have a significant economic effect over the medium term, said IMF spokesperson Julie Kozack in a scheduled press conference.
#IMF #Zambia
@africaintel
🇪🇬💰 Egypt says land sale, IMF accord will ease budget problems
Egypt has taken major steps towards lowering its budget deficit by selling real estate as well as agreeing a support package with the International Monetary Fund, its finance minister said on Sunday.
Egypt's primary budget surplus will rise to above 3.5% in the fiscal year that will begin on July, finance minister Mohamed Maait told.
The primary surplus does not include interest payments, which in the seven months to end-January accounted for well over half of all expenditure and have kept Egypt deeply in deficit.
The finance ministry last month forecast a primary general budget surplus equal to 2.5% of gross domestic product for the current fiscal 2023/24 year.
Egypt agreed in February to sell the development rights to Ras al-Hikma, a prime Mediterranean resort destination, to Abu Dhabi for $24 billion and expects more than $20 billion from an IMF-led package signed last Wednesday.
#Egypt #IMF
@africaintel
Egypt has taken major steps towards lowering its budget deficit by selling real estate as well as agreeing a support package with the International Monetary Fund, its finance minister said on Sunday.
Egypt's primary budget surplus will rise to above 3.5% in the fiscal year that will begin on July, finance minister Mohamed Maait told.
The primary surplus does not include interest payments, which in the seven months to end-January accounted for well over half of all expenditure and have kept Egypt deeply in deficit.
The finance ministry last month forecast a primary general budget surplus equal to 2.5% of gross domestic product for the current fiscal 2023/24 year.
Egypt agreed in February to sell the development rights to Ras al-Hikma, a prime Mediterranean resort destination, to Abu Dhabi for $24 billion and expects more than $20 billion from an IMF-led package signed last Wednesday.
#Egypt #IMF
@africaintel