Our website use cookies to improve and personalize your experience and to display advertisements (if any). Our website may also include cookies from third parties like Google Adsense, Google Analytics, and Youtube. By using the website, you consent to the use of cookies.

IMF mission says Ghana economy rebounding

IMF mission says Ghana economy rebounding

RODRIGO CAMPOS A country mission of the International Monetary Fund says Ghana has managed its COVID-19 outbreak very effectively and its economy is rebounding with the support of strong policies. "Policy interventions in 2020 were also critical to safeguard livelihoods and paved the way for a faster rebound of economic activity," said Carlo Sdralevich, the mission head, in a statement following virtual meetings ended on May 12. He said last year's government actions to contain the pandemic also exacerbated pre-existing budget constraints and public debt vulnerabilities. "The 2021 budget's recent policy pivot towards fiscal consolidation is an important step in…
Read More
Cut the debt of poor countries, Pope tells IMF, World Bank

Cut the debt of poor countries, Pope tells IMF, World Bank

POPE Francis has told world financial chiefs that poor countries hit by the economic impact of the coronavirus need to have their debt burden reduced and be given a greater say in global decision making. In a letter to the participants of the International Monetary Fund and World Bank's annual spring meeting, the pope said the pandemic had forced the world to come to terms with interrelated socio-economic, ecological, and political crises. "The notion of recovery cannot be content to a return to an unequal and unsustainable model of economic and social life, where a tiny minority of the world's…
Read More
IMF says more vaccine spending is fastest way to shore up public finances

IMF says more vaccine spending is fastest way to shore up public finances

DAVID LAWDER THE COVID-19 pandemic will continue to swell global public debt in 2021, but spending more money to accelerate vaccinations is the fastest way to start to normalize government finances, the International Monetary Fund said on Wednesday. The IMF said in its 2021 Fiscal Monitor report that if faster global vaccinations bring the virus under control sooner, more than $1 trillion in additional global tax revenue could be collected through 2025 in advanced economies. If that same upside scenario in the Fund's economic forecasts materializes, global GDP output could increase by $9 trillion during the same period as businesses…
Read More
Africa needs $12 billion for vaccines

Africa needs $12 billion for vaccines

THE World Bank estimates that Africa would need about $12 billion for COVID-19 vaccines and their distribution to attain sufficient levels of vaccination coverage to interrupt virus transmission, according to new paper by the bank and the IMF. The paper argued for a further extension of the Group of 20's debt service moratorium through year-end, noting the continued high liquidity needs of developing countries and their deteriorating debt sustainability outlooks. It said the amount of money Africa needed to interrupt transmission of the virus was about the same as the total amount of official debt service payments already deferred by…
Read More
IMF approves $312.4 mln credit facility for Madagascar

IMF approves $312.4 mln credit facility for Madagascar

THE International Monetary Fund's executive board has approved a $312.4 million extended credit facility arrangement for Madagascar to help it cushion the effects of the COVID-19 pandemic and climate-related shocks, the fund said. "The COVID-19 pandemic continues to take a severe human and economic toll on Madagascar, reversing recent social and economic progress, and creating fiscal and external financing needs," Antoinette Sayeh, IMF's deputy managing director, said. "Given that Madagascar remains at a moderate risk of debt distress, the authorities plan to follow a prudent debt management strategy that relies on concessional financing ..." The fund said following its board's…
Read More
IMF chief warns of “lost generation” if low-income countries don’t get more help

IMF chief warns of “lost generation” if low-income countries don’t get more help

ANDREA SHALAL  The head of the IMF has urged advanced economies to provide more resources to low-income countries, warning of an emerging "Great Divergence" in global growth that could risk stability and trigger social unrest for years to come. International Monetary Fund Managing Director Kristalina Georgieva told reporters that 50% of developing countries were at risk of falling further behind, which raised concerns about stability and social unrest. To avert bigger problems, she said rich countries and international institutions should chip in more. She also urged heavily indebted countries to seek debt restructuring sooner rather than later, and to boost…
Read More
IMF urges deficit control in Tunisia even as protesters demand jobs

IMF urges deficit control in Tunisia even as protesters demand jobs

TAREK AMARA THE International Monetary Fund (IMF) has warned that Tunisia's fiscal deficit could exceed 9% of GDP and urged the country to control energy subsides, transfers to state companies and wages, even as protesters have been demanding jobs and economic development. Violent protests have hit Tunisia at a time of unprecedented economic hardship in the North Africa country that ran a fiscal deficit of 11.5% of GDP in 2020, the highest in nearly four decades. The 2021 budget aims to cut the fiscal deficit to 6.6 pct but the IMF, following a mission in Tunisia, issued a statement calling…
Read More
Sudan gives final approval to 2021 budget – finance ministry

Sudan gives final approval to 2021 budget – finance ministry

A joint meeting of Sudan's ruling council and cabinet has given final approval to the country's 2021 budget, a finance ministry statement said. The budget is the first to be passed since the removal of Sudan from the U.S. state sponsors of terrorism list and a peace deal involving some rebel groups last year. Sudan is going through a deepening economic crisis, with inflation in December at 269% and periodic shortages of fuel, bread, and electricity. International Monetary Fund Managing Director Kristalina Georgieva said on Monday the IMF was working "very intensively" with Sudan to build the preconditions for broad…
Read More
IMF says working intensively with Sudan to move toward debt relief

IMF says working intensively with Sudan to move toward debt relief

THE International Monetary Fund is working "very intensively" with Sudan to build the preconditions for broad debt relief, and will assess progress on a staff-monitored program in March,  according to IMF Managing Director Kristalina Georgieva. She told reporters during an online news conference that she was encouraged by strong support from the United States, Britain and other member countries for providing debt relief to Sudan under the Heavily Indebted Poor Countries (HIPC) initiative, and by the determination of the Sudanese authorities. "We do hope as swiftly as possible to present to the membership a strong case on Sudan for HIPC…
Read More
‘Spend as much as you can,’ IMF head urges governments worldwide

‘Spend as much as you can,’ IMF head urges governments worldwide

POLICYMAKERS worldwide should embrace more spending to help revive their stuttering economies, the head of the International Monetary Fund has said at Russia's annual Gaidar economic forum. Managing Director Kristalina Georgieva did not give any specific economic forecasts, but made clear her desire for governments to up their spending and that a synchronised approach internationally was best for growth. In 2020, the IMF provided support to 83 countries, she said. "In terms of policies for right now, very unusual for the IMF, starting in March I would go out and I would say: 'please spend'. Spend as much as you…
Read More