1. Tanzania is requesting a new RCF disbursement to help address urgent BOP needs arising from the COVID-19 pandemic, and benefit from Fundemergencyfinancing fully on concessional terms . The emergency financing under a blended RFI/RCF approved for Tanzania on September 7, 2021 was premised on its status as a presumed blender . While the advice staff provided to the authorities on Tanzania’s status was originally correct, this status changed after a policy reform adopted by the Fund prior to the approval of the blended financing for Tanzania
, 2021, was premised on its status as a presumed blender. While the advice staff provided to the authorities on this status was originally correct, this status changed after a policy reform adopted by the Fund prior to the approval of the blended financing for Tanzania. Based on its new status, Tanzania was eligible to receive emergency financing fully on concessional terms. In order to restore the benefit of Tanzania to receive Fundemergencyfinancing fully on concessional terms, as it should have been the case, the authorities are now requesting a new disbursement
As the COVID-19 crisis continues to unfold, uncertainty remains exceptionally high. The Fund has provided extraordinary financial support as well as timely analysis and policy advice during the first phase of the crisis, but additional efforts are needed to help members secure a durable exit, minimize long-term scarring, and build a more sustainable and resilient economy. Against this backdrop, and in line with the strategic directions laid out in the Fall 2020 Global Policy Agenda and the International Monetary and Financial Committee (IMFC) Communiqué, this Work Program puts forward a prioritized Board agenda for December 2020 to June 2021, focused on activities of most critical importance to our members.
supportive role played by the IMF in helping countries recover from natural disasters. Fundemergencyfinancing, policy support, and technical assistance have helped governments put together a policy response or build a macro framework that laid the foundation for recovery and/or unlocked other external financing. Further research on the effects of IMF financing in support of natural disasters on growth and fiscal balances would help to inform future deliberations on IMF support to members hit by natural disaster shocks.
The literature and recent experience suggests
’s debt. Discussions are ongoing with non-bank creditors (oil traders).
7. Fundemergencyfinancing is catalyzing donor support . The IMF support is playing a critical catalytic role in securing external financing for Cameroon to cover the financing needs. Since the Board’s approval of the first RCF on May 4, 2020 ( IMF Country Report No 20/185 ), the authorities were able to secure an additional budget support of Euro 88 million from the AFDB 2 . Multilateral and bilateral donors, including the World Bank, the EU, and France 3 also provided cash financing (close to
This paper reviews the literature on the macroeconomic impact of natural disasters and presents the IMF’s role in assisting countries coping with natural catastrophes. Focusing on seven country cases, the paper describes the emergency financing, policy support, and technical assistance provided by the Fund to help governments put together a policy response or build a macro framework to lay the foundation for recovery and/or unlock other external financing. The literature and experience suggests there are ways to strengthen policy frameworks to increase resilience to natural disaster shocks, including identifying the risks and probability of natural disasters and integrating them more explicitly into macro frame-works, increasing flexibility within fiscal frameworks, and improving coordination amongst international partners ex post and ex ante.