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International Monetary Fund. Strategy, Policy, & Review Department, International Monetary Fund. Finance Dept., and International Monetary Fund. Legal Dept.

these RCF sub-ceilings is provided for under the “LND window” when damage from a natural disaster is assessed to be equivalent to or exceed 20 percent of the member’s GDP. 2 , 3 In such a case, RCF annual and cumulative limits are 80 percent of quota and 133.33 percent of quota, net of scheduled repayments. RFI financing . Assistance under the RFI is available to all member countries meeting the qualification requirements. Pre-pandemic access was subject to an AAL and a CAL of 50 and 100 percent of quota, respectively. Like the RCF, these access limits are

International Monetary Fund. Strategy, Policy, & Review Department

countries qualifying for RCF and RFI financing have taken full advantage of the additional borrowing space created by the higher access limits under these instruments . The use of EF was extensive during the early months of the pandemic. About 70 countries received EF from March 1, 2020 to August 31, 2020 ( Figure 1 ). The number of requests for EF dropped sharply from July 2020 onwards, and as of end-October 2021, a total of 76 countries have benefited from the Fund’s EF assistance since March 1, 2020 (Annex II). 5 Figure 1. Fund Financial Support, 2002

International Monetary Fund. Western Hemisphere Dept.

.55 million or 33.3 percent of quota). The pandemic comes on top of a two-year recession in Nicaragua. Faced with sharply lower revenues and a severe tightening in available financing, the COVID-19 crisis has added severe strains to an already weak macroeconomic outlook. To alleviate the impact on the most vulnerable, the authorities are scaling up public health expenditure and social assistance. The RCF/RFI financing would help to address urgent balance of payments needs, provide resources to strengthen the health system and support the population most affected by the

International Monetary Fund. African Dept.
The COVID-19 pandemic has negatively impacted Tanzania’s macroeconomic outlook, and negatively impacted its population’s health and well-being. Tourism collapsed in the wake of travel restrictions, the economy reportedly decelerated to 4.8 percent growth in 2020, and growth is expected to remain subdued in 2021. The previous government downplayed the presence of the COVID-19 virus in Tanzania and the impact of the pandemic in the country, and budgeted insufficient resources to address the health and economic crisis. This has left the new administration of President Hassan with an enormous and urgent challenge to tackle the COVID-19 pandemic. The new administration is implementing comprehensive plans to immediately address the pandemic, resulting in an urgent balance of payments need.
International Monetary Fund

been as follows: Thirty-three members received financing of SDR 4.6 billion (about US$6.2 billion) under the RCF; Twenty-six members received financing of SDR 14.1 billion (about US$19.5 billion) under the RFI; Ten members received financing of SDR 2.5 billion (about US$3.4 billion) under blended RCF and RFI financing. In addition, 19 countries have requested but not yet received emergency financial support, including 16 first-time requests and three second-time requests. 8. Use of the emergency financing instruments has, unsurprisingly, been more

International Monetary Fund. Western Hemisphere Dept.
Nicaragua faces an acute crisis as the COVID-19 shock comes on top of a two- year recession. So far, the speed of transmission of the pandemic in Nicaragua, in terms of officially confirmed cases, has been slower than in neighboring countries, but this may understate the true spread of the disease. The pandemic is expected to produce the third year of consecutive recession and lead to large fiscal and external financing needs given the impact of voluntary distancing and regional and global spillovers. The very limited fiscal space, eroded by the ongoing recession and the limited external financing, constrains the authorities’ ability to self-finance the emergency response.
International Monetary Fund. Western Hemisphere Dept.

-supported program given the urgency of the balance of payments need and the high degree of uncertainty regarding the duration and scale of the COVID-19 impact. RCF/RFI financing will be disbursed to the central bank and will be on-lent to the government to provide financing for virus-related spending to mitigate the social and humanitarian impact of the pandemic. Staff welcomes the authorities’ initiative to invite the UNOPS and the WFP to ensure a sound targeting mechanism for health care spending and to implement and execute the emergency food production program. The