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International Monetary Fund

previous year through the end of the existing arrangement does not exceed 145 percent of quota. The RFI purchase is within the NAAL when access to GRA resources during any 12-month period from date T+1 of the previous year through date T-1 day of the next year does not exceed 145 percent of quota. Application of the Proposed Temporary Access Limit Increase : 4 . The proposed temporary NAAL would apply to i) requests for new arrangements or RFI approved by the Board between the date of Board approval of the increase of the annual access limits and April 6, 2021

International Monetary Fund. Middle East and Central Asia Dept.

9,947.1 2/ 2023 8,992.0 2/ 2024 6,660.1 2/ 2025 4,208.7 2/ 2026 2,776.0 2/ 2027 1,507.4 2/ 2028 597.0 2/ 2029 1 19.4 2/ 2030 0.0 2/ Source: Finance Department 1/ As of end-December, unless otherwise stated. 2/ Figures in italics include prospective transactions under the proposed RFI purchase. As of the end of fiscal year starting on July 1 and ending on June 30. 3. Egypt

International Monetary Fund
The COVID-19 pandemic has caused a uniquely severe synchronized shock across the global economy, in turn leading numerous member countries to request substantial financial assistance from the Fund. The Executive Board responded to members’ needs by increasing the access limits under the Fund’s emergency financing instruments by 50 percent of quota for a period of 6 months (until October 5, 2020), subject to a possible extension by the Executive Board.
International Monetary Fund. Strategy, Policy, &, Review Department, International Monetary Fund. Finance Dept., and International Monetary Fund. Legal Dept.
The Fund introduced two main sets of temporary adjustments to its lending frameworks in the early months of the pandemic: (i) increases in the limits on access to its emergency financing instruments (April 2020) and (ii) increases in the annual limits on access to financing from both its general and concessional financing facilities (July 2020).
International Monetary Fund. African Dept.
Since the approval of the first RFI request on April 9, 2020 (IMF Country Report No 20/109), weaker external demand and a more pronounced impact of containment measures have further deteriorated growth prospects and worsened external and fiscal positions. The authorities are requesting a purchase under the Rapid Financing Instrument (RFI) of 50 percent of quota (SDR 108 million) to be used as budget support to help address urgent balance of payment (BoP) needs and mitigate the risk of disorderly fiscal or BoP adjustment. This additional request will bring the total purchases under the RFI to 100 percent of quota in 2020.
International Monetary Fund. Middle East and Central Asia Dept.

appropriate instrument to help address the urgent BoP need considering that too little time would have been left before the EFF expiration on May 19 to agree on the significant revisions to program objectives required in response to the Covid-19 shock. The RFI will provide fiscal space for crisis-response measures and protect international reserves . The authorities have lost no time in taking measures to contain the spread of the virus and mitigate its human, social, and economic toll. The RFI purchase will facilitate increased health spending, a stronger social safety

International Monetary Fund. African Dept.

to Gabon to US$299.61 million. The authorities have been implementing commendable measures to limit the spread of the COVID-19 pandemic. However, since the approval of the first RFI purchase on April 9, 2020 ( see IMF Country Report No 20/109 ), weaker external demand and a more pronounced impact of containment measures have further deteriorated growth prospects and worsened external and fiscal positions. Lower domestic activity and the impact of crisis-related measures on non-oil government revenue and spending, combined with losses in oil revenue are putting

International Monetary Fund. African Dept.

, while spending on health care and transfers to vulnerable households and businesses will increase. As a result, the fiscal deficit is projected to widen to 8.7 percent of GDP in FY2020/21 compared to 5.5 percent of GDP in the pre-COVID scenario. This has created a budget financing gap of about 5.3 percent of GDP, to be covered by the RFI purchase and loans from the WB and AfDB. Policy Responses to the Pandemic In mid-March, the authorities declared a national state of emergency and swiftly took measures to contain the spread of the pandemic, including

International Monetary Fund. African Dept.
The COVID-19 pandemic is having a severe impact on Eswatini’s economy at a time when the country is already facing deep economic challenges, and the government has begun fiscal consolidation efforts. A national lockdown to contain the spread of the virus, disruptions in supply chains, and lower external demand for key exports are curtailing economic activity. While the authorities’ policy response has been timely and proactive, the economic shock and containment policies are triggering a severe recession with significant social costs, and have created urgent balance of payments needs. The pandemic is unfolding in a context of high prevalence of HIV/AIDS and a stretched health care system, which increase Eswatini’s vulnerability.
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses Tunisia’s Request for Purchase Under the Rapid Financing Instrument (RFI). The IMF financing will support the authorities’ emergency measures to contain the spread of the virus and mitigate its human, social, and economic toll amid unprecedented uncertainty. These measures involve raising health spending, strengthening social safety nets, and supporting small- and medium-sized firms hit by the crisis. The RFI is the most appropriate instrument to help address the urgent balance of payments need considering that too little time would have been left before the Extended Fund Facility expiration on May 19 to agree on the significant revisions to program objectives required in response to the Covid-19 shock. The IMF financing will also ensure an adequate level of international reserves and catalyze additional donor financing. The authorities are committed to maintaining prudent economic policies and resuming fiscal consolidation once the crisis abates to ensure macroeconomic stability and the sustainability of Tunisia’s debt. Macroeconomic stability and debt sustainability hinge on strong policy and reform implementation. The authorities are committed to resuming fiscal consolidation once the crisis abates.