Download or read book Republic of Equatorial Guinea Request for Purchase Under the Rapid Financing Instrument Press Release Staff Report and Statement by the Executive Director written by Andrea Richter Hume and published by International Monetary Fund. This book was released on 2021-10-21 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Already battered by a still unfolding COVID-19 pandemic, Equatorial Guinea was struck on March 7 by massive accidental explosions at a military compound in Bata, its largest city, that killed over 100 people and caused widespread damage to surrounding neighborhoods. These shocks have adversely impacted economic activity and weakened considerably the fiscal and external positions, relative to the EFF-supported program approved in December 2019, creating a substantial financing gap. With the EFF-supported program off-track, as governance reforms have taken longer than originally envisaged, it is not feasible to effectively respond to the humanitarian crisis within the EFF framework. Bringing the program back on track would take time as the authorities continue to work on outstanding structural measures due to capacity constraints in the pandemic context and need for consensus building. Support provided under the RFI, buttressed by appropriate prior actions on governance and safeguards, would create the fiscal space necessary for the authorities to meet the immediate humanitarian needs, and reinvigorate engagement under the EFF-supported program.
Download or read book Republic of Equatorial Guinea Request for Purchase Under the Rapid Financing Instrument Press Release Staff Report and Statement by the Executive Director written by International Monetary and published by International Monetary Fund. This book was released on 2021-09-27 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Already battered by a still unfolding COVID-19 pandemic, Equatorial Guinea was struck on March 7 by massive accidental explosions at a military compound in Bata, its largest city, that killed over 100 people and caused widespread damage to surrounding neighborhoods. These shocks have adversely impacted economic activity and weakened considerably the fiscal and external positions, relative to the EFF-supported program approved in December 2019, creating a substantial financing gap. With the EFF-supported program off-track, as governance reforms have taken longer than originally envisaged, it is not feasible to effectively respond to the humanitarian crisis within the EFF framework. Bringing the program back on track would take time as the authorities continue to work on outstanding structural measures due to capacity constraints in the pandemic context and need for consensus building. Support provided under the RFI, buttressed by appropriate prior actions on governance and safeguards, would create the fiscal space necessary for the authorities to meet the immediate humanitarian needs, and reinvigorate engagement under the EFF-supported program.
Download or read book Jamaica written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2020-05-18 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Jamaica’s Request for Purchase Under the Rapid Financing Instrument (RFI). The Jamaican authorities have proactively responded to the coronavirus disease 2019 (COVID-19) pandemic. Nevertheless, despite the authorities’ best efforts, the pandemic is severely impacting the Jamaican economy, as a sudden stop in tourism and falling remittances are generating a sizable balance-of-payments need. Moreover, the economic outlook remains subject to an unusually high degree of uncertainty. The disbursement under the RFI will strengthen reserves and help catalyze additional support from other international financial institutions and development partners. The authorities’ policy response to the COVID-19 crisis is appropriate, including the timely adoption of targeted measures to support jobs and provide resources to vulnerable segments of the population. Once the crisis abates, building on their demonstrated commitment to reform and stability-oriented measures, the authorities should continue the implementation of their ambitious reform agenda to support the economic recovery and ensure strong and sustainable economic growth.
Download or read book Republic of North Macedonia written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2020-04-21 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper highlights the Republic of North Macedonia’s Request for Purchase Under the Rapid Financing Instrument (RFI). North Macedonia’s economic outlook has deteriorated substantially due to the coronavirus disease 2019 (COVID-19) pandemic. Real GDP is expected to decline by 4 percent in 2020 due to a fall in both domestic and external demand. This, together with negative shocks to confidence and spill-overs from global financial channels, has created an urgent balance of payments need. The authorities quickly responded with targeted and temporary fiscal policy support to limit the social and economic impact of the health emergency by protecting the liquidity of companies, preserving jobs and providing social care for the jobless and vulnerable households. The authorities have also expressed their strong commitment, once the COVID-19 crisis is over, to rebuilding fiscal buffers and implementing the structural reform agenda to help preserve debt sustainability and speed up income convergence to European Union countries.
Download or read book Republic of Equatorial Guinea written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2019-12-20 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper highlights Republic of Equatorial Guinea’s Request for an Extended Arrangement Under the Extended Fund Facility and Second Review Under the Staff-Monitored Program. The IMF-supported program aims at maintaining macroeconomic and financial stability, while improving social protection, fostering economic diversification, strengthening governance and fighting corruption. The Equatoguinean economy has been impacted by a sharp decline in oil prices and a secular decline in hydrocarbon output, which led to large macroeconomic imbalances and negative economic growth. Increasing transparency, improving governance and fighting corruption are critical to improve socio-economic outcomes. Structural reforms are expected to play a crucial role in supporting fiscal consolidation and improving growth prospects. The program comprises reforms to the business environment and other reforms to promote economic diversification and support the achievement of sustainable economic growth. Program implementation remains subject to some downside risks, including volatility in hydrocarbon prices, and Public Financial Management (PFM), governance and corruption vulnerabilities.
Download or read book Gabon written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2020-04-16 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper highlights Gabon’s Request for a Purchase Under the Rapid Financing Instrument (RFI). The coronavirus disease 2019 (COVID-19) pandemic and concurrent collapse in oil prices are expected to put the economy under extreme stress, particularly in a context of limited financial buffers. Economic activity will slow, and the fiscal and external positions will weaken, creating significant additional financing needs. In addition to immediate measures of containment, including border closures and curfews, the authorities are also taking significant steps to strengthen health policy responses and support households and firms. The RFI fund is expected to help create fiscal space for essential COVID19-related expenditure and catalyze donor support. The size and impact of the shocks is, however, subject to a considerable margin of uncertainty. The IMF continues to monitor Gabon’s situation closely and stands ready to provide policy advice and further financial support if needed, in collaboration with other donors. The authorities should stand ready to suspend all emergency measures once the crisis subsides. Over the medium term, public debt needs to be put back on a firmly downward path. The decline in oil prices will necessitate faster fiscal adjustment and economic diversification.
Download or read book Seychelles written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2020-05-19 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper refers to Seychelles’ Request for Purchase Under the Rapid Financing Instrument (RFI). The near-term economic fallout of the coronavirus disease 2019 pandemic is expected to be severe. Restriction in travel will hinder tourism and weaken fiscal and external positions, creating large additional financing needs. The authorities reacted swiftly by taking immediate measures of containment, including border closures, strengthening health policy responses and supporting households and firms. The emergency IMF support under the RFI provides timely resources to the authorities to address the urgent balance of payments and budgetary needs. The assistance of other international financial institutions and development partners is crucial to close the remaining financing gaps, ease the adjustment burden, and preserve economic growth. The authorities are committed to transparency and good governance in the use of emergency financing by providing monthly reports of pandemic-related expenditure to the National Assembly and undertaking an independent audit of such spending and procurement and publishing the results.
Download or read book Senegal written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2020-05-08 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic has weakened the macroeconomic outlook for Senegal’s economy. Containment measures to avoid the propagation of the virus, lower external demand, reduced remittances, and the sudden stop of travel and tourism are having a significant impact on growth and generating an urgent budgetary and balance-of-payments (BOP) needs. The authorities have taken strong actions to address the pandemic by declaring a state of emergency, closing schools, suspending flights, banning public gatherings, and imposing a curfew. They are implementing a comprehensive plan to upgrade the health system and contain the economic impact, including by setting up a national solidarity fund and providing targeted support to vulnerable households and firms.
Download or read book Namibia written by International Monetary and published by International Monetary Fund. This book was released on 2021-04-12 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic has sharply deteriorated Namibia’s short-term macroeconomic outlook, giving rise to urgent balance of payments (BOP) and fiscal financing needs. After an initial outbreak peaked in August, a second wave hit in late 2020. Containment measures have negatively impacted domestic consumption and economic activity, weighing on tax revenues collection. Furthermore, worsening global conditions have hindered mining production and exports, tourism receipts, and investment inflows. The economy is expected to have sharply contracted by 7.2 percent in 2020, and the recovery is set to remain subdued in 2021.
Download or read book Nigeria written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2020-04-29 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents Nigeria’s Request for Purchase Under the Rapid Financing Instrument (RFI). The authorities’ immediate actions to respond to the crisis are welcome. The short-term focus on fiscal accommodation would allow for higher health spending and help alleviate the impact of the crisis on households and businesses. Steps taken toward a more unified and flexible exchange rate are also important and unification of the exchange rate should be expedited. Once the coronavirus disease 2019 crisis passes, the focus should remain on medium-term macroeconomic stability, with revenue-based fiscal consolidation essential to keep Nigeria’s debt sustainable and create fiscal space for priority spending. Implementation of the reform priorities under the Economic Recovery and Growth Plan, particularly on power and governance, remains crucial to boost growth over the medium term. The emergency financing under the RFI will provide much needed liquidity support to respond to the urgent balance of payments needs. Additional assistance from development partners will be required to support the government’s efforts and close the large financing gap.
Download or read book Guinea written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2020-07-16 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Guinea is being severely affected by the COVID-19 pandemic. A local outbreak is spreading rapidly, adding pressure to the fragile social context and putting a strain on the health system. Containment measures have started to negatively impact domestic economic activity. Furthermore, the sharp slowdown in China (Guinea’s main export market) has hindered mining exports and tax revenues, putting pressure on Guinea’s external and fiscal position. Since the completion of the fourth ECF review, worsening global conditions and the local outbreak have deteriorated Guinea’s short-term outlook. Real growth is expected to sharply decelerate to 1.4 percent in 2020.
Download or read book Gabon written by International Monetary Fund. African Dept. and published by . This book was released on 2020-08-14 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Cote d Ivoire written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2020-04-23 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Côte d’Ivoire’s Requests for Disbursement Under the Rapid Credit Facility (RCF) and Purchase Under the Rapid Financing Instrument (RFI). The government’s response to the pandemic has been swift, with strong social distancing and containment measures and an emergency health plan supported by the World Health Organization. The coronavirus disease 2019 pandemic is expected to have a considerable negative impact on Côte d’Ivoire’s economy, creating fiscal pressures and an urgent balance of payments need. The authorities swiftly adopted strong containment measures which, while necessary, will also weigh on economic activity. In view of the severity of the pandemic, the envisaged temporary widening of the fiscal deficit is appropriate, even if this means temporarily breaching the 3 percent regional convergence criterion. Given the substantial downside risks, additional spending reallocations would be needed if tax revenue were to underperform compared to the current projection. The IMF emergency support under the RCF and RFI is expected to help the authorities address the urgent fiscal and balance of payments financing needs. It will also help catalyze additional financing from other development partners. Additional donor support is critical to close the remaining financing gap and preserve Côte d’Ivoire’s substantial development gains over the past decade.
Download or read book Seychelles written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Guinea Bissau written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2014-11-07 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Guinea-Bissau’s Request for Disbursement Under the Rapid Credit Facility (RCF). In 2012 and 2013, Guinea-Bissau suffered a severe balance of payments shock as the international price of raw cashew nuts—the main export product—fell by about 20 percent per year. The authorities have requested assistance under the RCF to help address the urgent balance of payments and fiscal financing needs for 2014. The IMF staff supports the authorities’ request for assistance under the RCF in view of their currently limited capacity to implement policies of an upper credit tranche-quality economic program, the large and urgent balance of payments need, and the catalytic effect of IMF support for other external financing.
Download or read book Guinea Bissau written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2021-02-01 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: Guinea Bissau is a fragile state with a long history of political instability. Poverty is high with about 67 percent of the population living below the poverty line of US$1.90 per day. The economy relies heavily on the production and exports of unprocessed cashew nuts, making most households highly vulnerable to cashew nut price shocks and climate change risks.
Download or read book Guinea written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2019-08-23 with total page 121 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses Guinea’s Third Review Under the Extended Credit Facility Arrangement, Request for Modification of Performance Criterion and Financing Assurances Review. Performance against end-December 2018 targets was satisfactory. All performance criteria and the indicative target (IT) on social safety net spending were met. A strong package of adjustment measures was implemented to achieve the end-2018 fiscal target. The ITs on tax revenue and the accumulation of new domestic arrears were not met. Program performance was satisfactory at end-March 2019, with most ITs met. Program-supported reforms advanced. Two of the four structural benchmarks were met, with substantial progress on the other two and full completion expected by. Additional adjustment measures are expected to be implemented to achieve a basic fiscal surplus in 2019, compensating for anticipated higher electricity subsidies and lower tax revenue. In parallel, public investment will be scaled-up to support growth. Advancing programmed tax measures and applying the petroleum prices adjustment mechanism will be key to support revenue mobilization.
