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International Monetary Fund. European Dept.
This paper focuses on Albania’s Request for Purchase Under the Rapid Financing Instrument (RFI). The RFI provides rapid financial assistance to member countries facing an urgent balance of payments need, without the need for a full-fledged economic program or reviews. A sizeable increase in the fiscal deficit of 2020 is necessary to limit the impact of coronavirus disease 2019 (COVID-19). It will be critical to ensure adequate spending for healthcare and support for the people and firms that are hurt by the COVID-19 pandemic. The Albanian authorities remain committed to ensuring macroeconomic stability. Once the shocks have been overcome, it will be important to keep public debt on a clear downward path. The IMF staff supports the authorities’ request for financial assistance under the RFI to address the urgent balance of payments need due to exogenous shocks related to the 2019 earthquake and the COVID-19 pandemic. The balance of payments financing need is expected to be temporary.
International Monetary Fund. Middle East and Central Asia Dept.

. Domestically, virus prevention and containment measures are further affecting demand and supply. Output is projected to contract by 1 percent in 2020 and lower exports of services and foreign direct investment have opened up an urgent balance of payments financing need of the order of US$ 164 million. The pandemic has also created urgent spending needs, including in the health sector, and is set to affect negatively government revenue. Following the Executive Board discussion. Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair, made the following statement

International Monetary Fund. European Dept.

all the assessment’s recommendations have since been implemented. Outlook and Risks 12. Although events remain fluid and the outlook very difficult to predict, staff expect a strong GDP contraction in 2020, followed by a recovery later in the year and in 2021 . The balance of payments financing need is expected to be resolved within one year without major policy changes. However, strong downside risks require contingency plans, greater donor support and a possible upper-credit-tranche-level Fund arrangement. 13. Risks to the outlook are strongly tilted to

International Monetary Fund. Asia and Pacific Dept

some of its major exports is posing additional challenges. These developments have led to a sharp fall in export revenues and an urgent balance of payments financing need. IMF support, through the Rapid Credit Facility, would help meet immediate financing needs and should catalyze financial support from development partners. “The authorities have taken quick action and implemented measures to prevent transmission and spread of the COVID virus. They have also taken a series of policy measures, including fiscal and financial measures, to support activity and incomes

International Monetary Fund. African Dept.

On behalf of our Seychellois authorities, we thank staff, management and the Executive Board for their continued support of Seychelles, especially during these challenging times. The authorities have requested a purchase of SDR22.9 million, equivalent to 100 percent of quota, under the Rapid Financing Instrument. This would fill about a quarter of the balance of payments financing need and should help catalyze additional support. Before the COVID-19 pandemic, Seychelles was continuing to make considerable progress in strengthening economic stability and

International Monetary Fund. Middle East and Central Asia Dept.
This paper highlights Djibouti’s Requests for Disbursement Under the Rapid Credit Facility and Debt Relief Under the Catastrophe Containment and Relief Trust. The coronavirus disease 2019 pandemic is having a severe impact on Djibouti, creating urgent balance of payments and fiscal financing needs. The authorities acted swiftly to contain and mitigate the spread and impact of the virus. Their prevention and containment measures and decisions to scale-up health and other emergency spending to protect households and firms hit by the crisis will help limit economic and social consequences. IMF support is expected to provide additional resources for the essential health and other emergency spending, including social safety nets. It will also help catalyze additional donor support. Once the crisis abates, temporary measures should be unwound, with policies refocusing on promoting a strong and inclusive recovery and preserving medium-term debt sustainability. It will be critical to address and prevent the recurrence of external arrears, ramp up operations of key projects, and reduce public sector borrowing.