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International Monetary Fund. African Dept.
Ensuring macroeconomic stability, providing a foundation for sustainable and inclusive growth, and addressing weak governance are the tenets of the ECF-supported program. The COVID-19 pandemic was a painful setback, but economic activity should recover by end-2021 and prospects for growth in 2022 are favorable. Prudent monetary and fiscal policies allowed inflation to decline into the single digits. The authorities are addressing disruptive currency shortages through a comprehensive currency changeover operation. While the SDR allocation provides timely room for supportive policies without compromising macroeconomic stability, the authorities remain committed to their reform program and generally continue to implement the necessary measures.
International Monetary Fund. African Dept.
Restoring macroeconomic stability, providing a foundation for sustainable inclusive growth, and addressing weaknesses in governance remain the main objectives of this program. While allowing for a slight fiscal loosening to meet humanitarian needs during the COVID-19 pandemic, tight monetary policy, much improved public financial management, domestic revenue mobilization, and zero central bank financing have supported the administration’s efforts to achieve price and exchange rate stability. This has helped to preserve the purchasing power of the poor who were the most affected by the high inflation environment at the program’s inception. The authorities consider bringing the ECF-supported program back on track of utmost importance and are committed to their development plan, the Pro-Poor Agenda for Prosperity and Development (PAPD).
Xiangming Fang, Siddharth Kothari, Mr. Cameron McLoughlin, and Mustafa Yenice
Sub-Saharan Africa has been marred by conflicts during the past several decades. While the intensity of conflicts in recent years is lower than that observed in the 1990s, the region remains prone to conflicts, with around 30 percent of the countries affected in 2019. In addition to immeasurable human suffering, conflicts impose large economic costs. On average, annual growth in countries in intense conflicts is about 2.5 percentage points lower, and the cumulative impact on per capita GDP increases over time. Furthermore, conflicts pose significant strains on countries’ public finances, lowering revenue, raising military spending, and shifting resources away from development and social spending.
International Monetary Fund
The temporary increase in access limits under IMF emergency financing instruments will expire on October 5, 2020, unless extended. Access limits under emergency instruments (the Rapid Credit Facility (RCF) and Rapid Financing Instrument (RFI)) were increased in April 2020 for a period of six months, from 50 to 100 percent of quota annually and from 100 to 150 percent of quota cumulatively. The increased limits are subject to review and can be extended before their expiration. It is proposed to extend the period of higher access limits for emergency financing for a period of six months, through April 6, 2021. Against a background of continued pandemic-related disruption, staff expects there could be significant demand for emergency lending in the October 2020–April 2021 period, including from countries with pending requests and from countries that received emergency support at levels less than the maximum amounts available. A six-month extension would give more time for countries to benefit from higher access limits under emergency financing.