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International Monetary Fund. African Dept.
The Gabonese economy was gradually recovering from the 2014 oil price shock when it was hit by the Covid-19 pandemic. Decisive confinement measures have helped save lives, but the pandemic and the fall in oil prices have severely hit the economy, increasing unemployment and poverty. With a weak economy and increased COVID-19 related spending, the fiscal deficit has widened, with a sharp increase in public debt. Emergency financing from the IMF through the Rapid Financing Instrument (US$299.61 million) helped meet urgent balance of payment needs in 2020. Growth is expected to resume in 2021 but the pandemic has made the economic outlook very challenging and generated sizable financing needs over the medium term.
International Monetary Fund. African Dept.
Prior to the COVID crisis, Côte d’Ivoire had established a strong track record of economic policies, although domestic revenue mobilization has disappointed. The authorities reacted swiftly to the pandemic, supported by emergency financing from the IMF and other donors. They implemented a health and economic response plan combined with frontloaded capital spending, relaxing the 2020 fiscal stance by 3½ ppt of GDP compared to pre-COVID projections. The authorities will start consolidating the fiscal position in 2021 while supporting the recovery, with tax measures underpinning the 2021 budget. Beyond, the authorities are committed to returning to the regional fiscal deficit norm of 3 percent of GDP by 2023. The October 2020 presidential election was accompanied by socio-political tensions.
International Monetary Fund. African Dept.
The Gabonese economy was gradually recovering from the 2014 oil price shock when it was hit by the Covid-19 pandemic. Decisive confinement measures have helped save lives, but the pandemic and the fall in oil prices have severely hit the economy, increasing unemployment and poverty. With a weak economy and increased COVID-19 related spending, the fiscal deficit has widened, with a sharp increase in public debt. Emergency financing from the IMF through the Rapid Financing Instrument (US$299.61 million) helped meet urgent balance of payment needs in 2020. Growth is expected to resume in 2021 but the pandemic has made the economic outlook very challenging and generated sizable financing needs over the medium term.
International Monetary Fund. African Dept.
Prior to the COVID crisis, Côte d’Ivoire had established a strong track record of economic policies, although domestic revenue mobilization has disappointed. The authorities reacted swiftly to the pandemic, supported by emergency financing from the IMF and other donors. They implemented a health and economic response plan combined with frontloaded capital spending, relaxing the 2020 fiscal stance by 3½ ppt of GDP compared to pre-COVID projections. The authorities will start consolidating the fiscal position in 2021 while supporting the recovery, with tax measures underpinning the 2021 budget. Beyond, the authorities are committed to returning to the regional fiscal deficit norm of 3 percent of GDP by 2023. The October 2020 presidential election was accompanied by socio-political tensions.
International Monetary Fund. African Dept.
Sierra Leone continues to grapple with the serious and persistent economic and social effects of the pandemic. Containment measures and trade disruptions in 2020 weakened domestic demand and exports and caused domestic revenues to fall. Moreover, food insecurity has risen from its already-high pre-COVID-19 level. 2021 is set to be another challenging year, with the ‘second wave’ of infections and vaccine-related uncertainties posing further risks to the recovery. As import growth picks up and development partner support returns to pre-2020 levels, Sierra Leone faces urgent external and fiscal financing needs (both around about 2 percent of GDP). Uncertainty about the outlook and larger near-term financing gaps have impeded the immediate resumption of the program under the Extended Credit Facility (ECF). The authorities are therefore requesting a disbursement under the Rapid Credit Facility (RCF) of 17 percent of quota (SDR 35.26 million). This follows the June 2020 RCF (50 percent of quota or SDR 103.7 million) and would bring total access for the past 12-month period to 82 percent of quota (or 5½ percent of GDP), well within the 150 percent of quota annual PRGT access limit. The authorities also received debt relief under the Catastrophe Containment and Response Trust (CCRT) and are participating in the Debt Service Suspension Initiative (DSSI).
International Monetary Fund. Middle East and Central Asia Dept.

, intend to reverse the fiscal deterioration. The authorities have committed to execute pandemic-related spending transparently and with good governance. “Beyond the immediate response, the authorities are committed to safeguarding macroeconomic stability and promoting inclusive growth. The central bank continues to focus on price stability. The IMF stands ready to assist Afghanistan as it battles the pandemic and to support its economic reforms going forward. “The shock has generated a large balance of payments need. Emergency financing from the IMF under the Rapid

International Monetary Fund. African Dept.

increase in public debt. Emergency financing from the IMF through the Rapid Financing Instrument (US$299.61 million) helped meet urgent balance of payment needs in 2020. Growth is expected to resume in 2021 but the pandemic has made the economic outlook very challenging and generated sizable financing needs over the medium term. Program . The authorities have requested a new three-year EFF-arrangement of 180 percent of quota or SDR 388.8 million. In addition to bolstering the country’s response to the pandemic, the new IMF-supported ho me-grown program aims at reducing