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Cover IMF Staff Country Reports
Algeria: 2021 Article IV Consultation-Press Release; and Staff Report; and Statement by the Executive Director for Algeria
International Monetary Fund. Middle East and Central Asia Dept.
The concomitant Covid-19 pandemic and oil price shock in 2020 have taken a heavy toll on the Algerian economy and the population. The authorities’ response helped mitigate the social and economic impact of the crisis. Nevertheless, the crisis exacerbated the Algerian economy’s vulnerabilities, making even more urgent the need for a new, more inclusive and sustainable, growth model. A recovery is underway in 2021, but the outlook remains challenging. While the recent rebound in hydrocarbon prices should buoy the recovery and ease immediate financing constraints, addressing long-standing structural challenges will help to realize Algeria’s vast growth potential for the benefit of its population.
Keywords:
government financing; central bank; private sector investment; Policy discussion; central bank financing; financial asset; policy mix; base period; COVID-19; Oil prices; Imports; State-owned banks; Global
Cover IMF Staff Country Reports
Republic of Congo: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo
International Monetary Fund. European Dept.
The COVID-19 pandemic and oil price shocks have taken a deep toll on the Congolese economy, weighing on incomes and inequality. Debt sustainability challenges precluded Fund financial assistance during the pandemic, and the Extended Credit Facility (ECF) arrangement, approved in 2019, expired in April 2021 without having completed the first review. Recently, debt sustainability has been restored owing to the authorities’ debt restructuring strategy and current and projected higher oil prices. However, the risk of debt distress remains high given liquidity risks and vulnerabilities to negative oil price shocks. The authorities are actively negotiating the resolution of pending external arrears. Until this process is concluded and the negotiations with two external creditors are finalized, debt is classified as being “in distress.”
Keywords:
reform agenda; oil price shock; Congolese authorities; adjustment effort; oil revenue; debt restructuring effort; Arrears; Oil; gas and mining taxes; Oil prices; Global; Central Africa
Cover Regional Economic Outlook, October 2020, Sub-Saharan Africa
Regional Economic Outlook, October 2020, Sub-Saharan Africa
A Difficult Road to Recovery
International Monetary Fund. African Dept.

Abstract

Sub-Saharan Africa is struggling to navigate an unprecedented health and economic crisis—one that, in just a few months, has jeopardized decades of hard-won development gains and upended the lives and livelihoods of millions.

Keywords:
reopening; recovery; crisis; pandemic; recession; REO; financing gap; commodity-exporting country; policy mix; governance reform; policy challenge