International Monetary Fund
Recent News About International Monetary Fund
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Report outlines pathways for coordinated global climate action
Five international organizations have released a comprehensive report aimed at promoting coordinated approaches to climate action, carbon pricing, and addressing policy spillovers. The Joint Task Force on Climate Action, Carbon Pricing, and Policy Spillovers presented the report titled "Working Together for Better Climate Action: Carbon Pricing, Policy Spillovers, and Global Climate Goals" on October 23 in Washington, DC. This task force was convened by the World Trade Organization (WTO) and included contributions from the International Monetary Fund (IMF), the Organization...
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IMF reaches staff-level agreement on reviews of Rwanda's financial arrangements
From October 7 to October 20, 2024, an International Monetary Fund (IMF) team led by Ruben Atoyan engaged in discussions with Rwandan authorities regarding the nation's policy priorities and reform progress. These discussions took place within the framework of the fourth reviews of Rwanda’s Policy Coordination Instrument (PCI) and Resilience and Sustainability Facility (RSF), along with the second review of the Stand-by Credit Facility (SCF) arrangement. The IMF Executive Board is expected to consider these reviews in December 2024. Following this review, Rwanda may access...
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African Caucus meeting discusses strategies for strengthening Africa's economic resilience
On October 22, 2024, Mr. Wale Edun, Nigeria’s Minister of Finance and Chair of the African Caucus, alongside Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), released a statement following the conclusion of an African Caucus meeting in Washington, DC.
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G-24 addresses global economic concerns amid geopolitical tensions
The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24) recently convened in Washington, D.C., addressing several pressing global issues. The meeting, chaired by Ralph Recto from the Philippines, focused on humanitarian crises, economic stability, and multilateral cooperation.
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IMF board approves reforms reducing borrowing costs by $1.2 billion annually
The International Monetary Fund (IMF) Executive Board has concluded its review of charges and the surcharge policy, marking the first time these elements have been jointly assessed alongside commitment fees. This review is part of ongoing efforts to ensure that the IMF's lending policies are effective in supporting member countries amid global challenges.
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Liechtenstein joins International Monetary Fund as its newest member
The Principality of Liechtenstein has officially joined the International Monetary Fund (IMF) as its 191st member. The membership was formalized when Prime Minister Daniel Risch signed the IMF's Articles of Agreement during a ceremony held in Washington, D.C., on October 21, 2024.
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IMF reaches staff-level agreement with São Tomé for extended credit facility
The International Monetary Fund (IMF) has reached a staff-level agreement with São Tomé and Príncipe on an Extended Credit Facility (ECF) arrangement. This announcement follows discussions led by Slavi Slavov, the IMF Mission Chief for São Tomé and Príncipe, who visited the country from May 23 to June 5, 2024, and held subsequent virtual meetings.
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IMF reaches agreement with Armenia on fourth review under Stand-By Arrangement
An International Monetary Fund (IMF) team, led by Iva Petrova, conducted discussions in Yerevan from September 18 to October 1, 2024, followed by virtual meetings regarding the fourth review under the Stand-By Arrangement (SBA) with Armenia. Ms. Petrova announced that a staff-level agreement has been reached with Armenian authorities on policies for completing this review.
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IMF completes first review under extended credit facility for Ethiopia
The International Monetary Fund (IMF) Executive Board has completed the first review of Ethiopia's 48-month Extended Credit Facility (ECF) arrangement. This decision enables an immediate disbursement of approximately US$340.7 million, aiding Ethiopia in meeting its balance of payments needs. With this development, total disbursements under the arrangement have reached about US$1.363 billion.
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IMF completes fifth review of Ukraine's extended fund facility
The International Monetary Fund (IMF) Executive Board has completed the fifth review of the Extended Fund Facility (EFF) arrangement for Ukraine, allowing the nation to access US$1.1 billion for budget support. This brings total disbursements under the program to US$8.7 billion. The 48-month EFF arrangement, which was approved on March 31, 2023, provides Ukraine with SDR 11.6 billion, equivalent to US$15.5 billion or about 577 percent of its quota.
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IMF reaches staff-level agreement with Honduras after economic policy review
An International Monetary Fund (IMF) team, led by Ricardo Llaudes, visited Tegucigalpa, Honduras, from October 7 to 18, 2024. This visit was part of ongoing discussions that have been both in-person and virtual over recent months. At the conclusion of the visit, Mr. Llaudes issued a statement outlining the outcomes of their discussions.
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IMF announces discussions with Sierra Leone on new credit facility
The International Monetary Fund (IMF) has reported that it held discussions with Sierra Leonean authorities regarding a new arrangement under the Extended Credit Facility (ECF). The focus of these talks was to gain an understanding of the authorities' development objectives and identify necessary reforms to achieve macroeconomic stability and ensure debt sustainability.
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IMF announces agreement with Central African Republic
The International Monetary Fund (IMF) has declared that it has reached a staff-level agreement with the Central African Republic on the second review of the Extended Credit Facility (ECF). This agreement sets the stage for the impending approval of the second review of the ECF-supported program by the IMF Executive Board, provided certain economic policy conditions are met.
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International Monetary Fund Deputy Managing Director visits Suriname
Kenji Okamura, Deputy Managing Director of the International Monetary Fund (IMF), issued a statement this week following a three-day visit to the Republic of Suriname. During his trip, Okamura met with the republic’s president, vice president, and various officials.
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IMF reaches staff-level agreement for Sri Lanka's extended fund facility review
The International Monetary Fund (IMF) has announced that they have reached a staff-level agreement with the Sri Lankan authorities to conclude the first review of the 48-month Extended Fund Facility (EFF)-supported program. This agreement is based on discussions that took place between the IMF staff and Sri Lankan officials, according to a press release by the IMF.
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The International Monetary Fund releases World Economic Outlook report
The International Monetary Fund (IMF) outlines in its World Economic Outlook report that the survey of prospects and policies is the result of an extensive interdepartmental assessment of global economic trends, primarily relying on information collected by IMF staff during consultations with member countries.
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IMF Concluding Statement of 2023 Article IV Mission: San Marino has prospered economically
The International Monetary Fund's staff report in the concluding statement of the 2023 Article IV Mission reveals that San Marino has experienced economic prosperity, despite the weakening European economy as a whole. The manufacturing and tourism sectors in San Marino have even surpassed pre-COVID levels.
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Saudi Arabia, undergoing an economic transformation
Amine Mati and Sidra Rehman, both part of the IMF’s Middle East and Central Asia Department, report an immaculate transformation in the Saudi Arabian economy, as it implements new reforms around oil dependence, income sources, and competitiveness. The IMF’s Middle East and Central Asia Department reports that "Saudi Arabia’s economy is undergoing a transformation, as it implements reforms to reduce oil dependence, diversify income sources, and enhance competitiveness. This year marks an important juncture as the midpoint of Saudi Arabia’s ambitious Vision 2030 journey."
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The IMF Executive Board approves a $1.3 billion arrangement for Morocco's sustainability
On September 28, 2023, the International Monetary Fund's executive board approved an arrangement with Morocco that will support its movement to a more sustainable and greener economy. The arrangement amounted to SDR 1 billion (about US$ 1.32 billion, equivalent to 112 percent of quota).
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Public debt in sub-Saharan Africa has risen to levels not seen in decades
With a debt crisis looming in Africa, economists of the International Monetary Fund (IMF) have outlined five key policy points that African governments could take to impede the rising public debt in sub-Saharan Africa. According to an IMF paper, public debt in the region has reached levels not seen in decades, with the average debt ratio almost doubling in just a decade.