{"id":53897,"date":"2023-11-05T03:38:40","date_gmt":"2023-11-05T03:38:40","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=53897"},"modified":"2023-11-05T03:38:49","modified_gmt":"2023-11-05T03:38:49","slug":"7-african-nations-set-to-receive-1bn-from-imf","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/7-african-nations-set-to-receive-1bn-from-imf\/","title":{"rendered":"7 African nations set to receive $1bn from IMF"},"content":{"rendered":"\n

Nairobi, Nov. 5, 2023: The International Monetary Fund (IMF) has over the past one month (October) reviewed the economic, financial, social and governance policies of about eight African nations with a view to opening its funding purse to strengthen their weakening forex reserves and offer budgetary support.<\/p>\n\n\n\n

Completion of the reviews has resulted in over $1billion in financing commitments for seven of the eight nations pegged on approval by the IMF Executive board.<\/p>\n\n\n\n

The funding was: Somali ($100 million), Democratic Republic of Congo ($200.39 million), Rwanda ($262 million), Tanzania ($150 million) Gambia ($10.9 million), Comoros ($4.7 million) and Senegal ($276 million).<\/p>\n\n\n\n

And on Friday, the Fund announced it had reached a staff-level agreement with Tanzania on second review of the extended credit facility.<\/p>\n\n\n\n

\u201cUpon completion of the Executive Board review, Tanzania will have access to SDR113.37 million ($150 million), bringing the total IMF financial support under the arrangement to SDR342.1 million ($452.7 million),\u201d said Charalambos Tsangarides, who led the IMF team.<\/p>\n\n\n\n

In Zimbabwe, the outcome of the IMF staff visit is expected to serve as a key input in the preparations for a Staff Monitored Program (SMP) while in Mozambique the IMF team resolved to continue its discussions in the context of Third Review under the Extended Credit Facility (ECF) arrangement.<\/p>\n\n\n\n

In Somalia, the IMF and the Somali authorities reached an agreement on key economic and financial policy reforms which now qualifies the country to a debt relief and an additional $100 million financing under a three-year Extended Credit Facility (ECF) arrangement.<\/p>\n\n\n\n

The financing which is still subject to the fund\u2019s Executive board approval follows the considerable progress that Somalia has made in rebuilding its economy and institutions under the current ECF-supported programme since 2020.<\/p>\n\n\n\n

\u201cSomalia has maintained strong implementation of wide-ranging reforms to help strengthen key economic and financial policy institutions,\u201d IMF team leader Laura Jaramillo said in a statement last week.<\/p>\n\n\n\n

October 24, the IMF team led by Edward Gemayel, conducted a mission in Dakar between October 12 and 24 to review progress under the authorities\u2019 economic program supported by an Extended Fund Facility (EFF)\/ECF arrangement of SDR1.13 billion (about $1.5 billion), combined with the Resilience and Sustainability Facility (RS) of SDR242.70 million (about $320 million).<\/p>\n\n\n\n

The EFF\/ECF and Resilience and Sustainability Facility (RSF) arrangement were approved by the IMF Board on READ MORE<\/a><\/p>\n\n\n\n

The EastAfrican<\/a><\/p>\n\n\n","protected":false},"excerpt":{"rendered":"

Nairobi, Nov. 5, 2023: The International Monetary Fund (IMF) has over the past one month (October) reviewed the economic, financial, social and governance policies of about eight African nations with a view to opening its funding purse to strengthen their weakening forex reserves and offer budgetary support. Completion of the reviews has resulted in over […]<\/p>\n","protected":false},"author":2,"featured_media":48868,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[949,241],"tags":[156],"class_list":["post-53897","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-foreign","tag-imf","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n7 African nations set to receive $1bn from IMF - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/7-african-nations-set-to-receive-1bn-from-imf\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"7 African nations set to receive $1bn from IMF - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"Nairobi, Nov. 5, 2023: The International Monetary Fund (IMF) has over the past one month (October) reviewed the economic, financial, social and governance policies of about eight African nations with a view to opening its funding purse to strengthen their weakening forex reserves and offer budgetary support. 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