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International Monetary Fund. African Dept.
Economic recovery is gaining momentum but remains fragile amid the on-going COVID-19 pandemic and Ukraine war’s ripple effects. Despite oil exports benefiting from high oil prices, the war’s impact on prices of food and other essentials weighs on households and businesses. Over the medium term, challenges from climate change and the global transition to low-carbon economies persist. In this context, steadfast reform implementation is needed to reduce fragility through job creation and higher incomes. Debt remains sustainable but is classified as “in distress” due to arrears; a financing assurances review was conducted. Debt vulnerabilities to negative oil price shocks remain. A three-year Extended Credit Facility (ECF) arrangement in the amount of SDR 324 million (200 percent of quota) was approved by the IMF Executive Board on January 21, 2022.