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International Monetary Fund. African Dept.

-supported program . The six-month SMP will support the government’s program of reforms aimed at (i) supporting the recovery from the COVID-19 pandemic including by providing cash transfers to the poor; and (ii) enhancing prospects for inclusive growth by strengthening fiscal revenue, public financial management, and governance . Washington, DC – October 29, 2021 : On September 29, 2021, the Management of the International Monetary Fund (IMF) approved a Staff-Monitored Program (SMP) for Comoros for the period July – December 2021. 1 Comoros has been significantly

International Monetary Fund. Western Hemisphere Dept.

domestic revenues, build capacity, and boost social spending are important elements of the SMP. The program comprises realistic measures suited to Haiti’s fragility and, if implemented, could pave the way to an upper credit tranche IMF-supported program. Washington, DC – June 29, 2022: Management of the International Monetary Fund (IMF) has approved a Staff-Monitored Program (SMP) for Haiti after discussions from March-May, 2022. The SMP was approved on June 17, 2022 and runs through May 31, 2023. The SMP was designed by IMF staff and the Haitian authorities

International Monetary Fund. African Dept.

The Staff-Monitored Program (SMP) will help build an adequate track record of performance for a potential Fund-supported program. Enhanced domestic revenue mobilization and expenditure control will help create room for much needed public investment and poverty-reducing social spending. Restoring debt sustainability will require a combination of debt relief, prudent fiscal policy supported by reforms of state-owned enterprises (SOEs) and predominantly grant financing for The Gambia’s development program. On April 24, 2019, the Management of the

International Monetary Fund. Middle East and Central Asia Dept.

On April 13, 2016, the Management of the International Monetary Fund (IMF) completed the second and final review under the Staff-Monitored Program (SMP) 1 with Afghanistan. The focus of the nine-month SMP was on addressing fiscal and banking vulnerabilities, preserving macroeconomic stability, improving prospects for inclusive growth, and building a track record for a possible future IMF financial arrangement. Despite difficult circumstances, the authorities implemented the program successfully and hence IMF management completed the SMP on schedule

International Monetary Fund. African Dept.
The fragile security environment has improved following the attempt by armed groups to seize power at the turn of the year 2021. The reopening of the Douala-Bangui corridor reinvigorated activity and curbed inflationary pressures. The third Covid-19 wave is receding, but vaccination has been slow. President Touadéra has launched the Republican dialogue peace initiative alongside the Luanda Road Map spearheaded by neighboring countries. The surrender of a key rebel leader to the International Criminal Court represents a key step in the peace process. Donors have delayed disbursing budget support pending greater transparency in the government’s security-related spending. This poses substantial fiscal and social risks given the heavy reliance on budget support. The sharp deterioration in terms of trade, reflecting food and fuel price shocks, compounded by geo-political spillovers, will exacerbate existing vulnerabilities and further erode policy space.
International Monetary Fund. African Dept.
President Touadéra was reelected for a second term, despite attempts by armed groups to prevent the general and presidential elections from being held. While the security situation has improved since these groups’ attacks on Bangui were repulsed in January, the prolonged closure of the trade corridor with Cameroon had a substantial economic and fiscal impact, significantly affecting the growth prospects for this year and the cash position of the government. The government’s relations with development partners have deteriorated causing delays in grants disbursements. The number of Covid-19 cases and deaths temporarily increased in the Spring but has returned to a very low level. The three-year ECF arrangement approved in December 2019 is off track, with most performance criteria and structural benchmarks missed prior to the intensification of the domestic conflict, and the third review has not been completed.
International Monetary Fund. African Dept.
The fragile security environment has improved following the attempt by armed groups to seize power at the turn of the year 2021. The reopening of the Douala-Bangui corridor reinvigorated activity and curbed inflationary pressures. The third Covid-19 wave is receding, but vaccination has been slow. President Touadéra has launched the Republican dialogue peace initiative alongside the Luanda Road Map spearheaded by neighboring countries. The surrender of a key rebel leader to the International Criminal Court represents a key step in the peace process. Donors have delayed disbursing budget support pending greater transparency in the government’s security-related spending. This poses substantial fiscal and social risks given the heavy reliance on budget support. The sharp deterioration in terms of trade, reflecting food and fuel price shocks, compounded by geo-political spillovers, will exacerbate existing vulnerabilities and further erode policy space.
International Monetary Fund. African Dept.
This paper discusses Zimbabwe’s Second Review of the Staff-Monitored Program. The program is on track. Four of the five quantitative targets for end-June 2015, and all the structural benchmarks for the second review were met. Although a recently contracted $200 million nonconcessional loan breached the quantitative target on nonconcessional borrowing, it avoided the accumulation of additional external arrears. The IMF staff welcomes the authorities’ intentions to continue seeking financing through grants and loans that are as concessional as possible, and to limit contracting non-concessional loans to within the ceiling set under the program, and to prioritize investment that would eventually raise Zimbabwe’s capacity to repay.