Extended Credit Facility Arrangement Research Articles

Guinea-Bissau: Fourth and Fifth Reviews Under the Extended Credit Facility Arrangement and Requests for Rephasing of Access, Waiver of Nonobservance of Performance Criteria, Modification of Performance Criteria, and Financing Assurances Review

Guinea-Bissau: Fourth and Fifth Reviews Under the Extended Credit Facility Arrangement and Requests for Rephasing of Access, Waiver of Nonobservance of Performance Criteria, Modification of Performance Criteria, and Financing Assurances Review

Republic of Congo

"Volume 2023 (2023): Issue 089 (Feb 2023): Republic of Congo: Second Review under the Three-year Extended Credit Facility Arrangement, Requests for Modification and Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo" published on 15 Feb 2023 by International Monetary Fund.

Republic of Madagascar

"Volume 2022 (2022): Issue 316 (Sep 2022): Republic of Madagascar: Second Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar" published on 23 Sep 2022 by International Monetary Fund.

Democratic Republic of São Tomé

"Volume 2022 (2022): Issue 306 (Sep 2022): Democratic Republic of São Tomé: Fifth Review Under the Extended Credit Facility Arrangement, Request for Waiver of Nonobservance of Performance Criterion and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of São Tomé" published on 20 Sep 2022 by International Monetary Fund.

Somalia

"Volume 2022 (2022): Issue 228 (Jul 2022): Somalia: Second and Third Reviews Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criterion, Modification of Performance Criteria, Interim Assistance and Rephasing of Access and Extension of the Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Somalia" published on 19 Jul 2022 by International Monetary Fund.

Democratic Republic of the Congo

"Volume 2022 (2022): Issue 210 (Jul 2022): Democratic Republic of the Congo: Staff Report for the 2022 Article IV Consultation, Second Review Under the Extended Credit Facility Arrangement, Request for Modifications of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report, and Statement by the Executive Director for the Democratic Republic of the Congo" published on 05 Jul 2022 by International Monetary Fund.

Republic of Congo

"Volume 2022 (2022): Issue 226 (Jul 2022): Republic of Congo: First Review under the Three-year Extended Credit Facility Arrangement, Requests for Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo" published on 18 Jul 2022 by International Monetary Fund.

The Gambia

"Volume 2022 (2022): Issue 195 (Jun 2022): The Gambia: Fourth Review under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance and Modification of a Performance Criterion, and Financing Assurances Review - Press Release; Staff Report; and Statement by the Executive Director for The Gambia" published on 27 Jun 2022 by International Monetary Fund.

Somalia: Request for an Extension of the Arrangement Under the Extended Credit Facility-Press Release; and Staff Report

In the attached letter, the Somali authorities request an extension of the date on which the arrangement under the Extended Credit Facility (ECF) will automatically expire unless a review is completed to August 17, 2022. On March 25, 2020, the Executive Board approved Somalia’s HIPC Initiative Decision Point1 and a three-year arrangement under the ECF.2 The first review under the ECF arrangement was completed by the Executive Board on November 18, 2020.3 However, as no review has been completed since then, the ECF arrangement is set to automatically expire on May 17, 2022, in line with the rule on automatic expiration of ECF arrangements if no review has been completed for 18 months. Under Fund policy, the Board may decide to delay the automatic expiry of the arrangement by up to three months if staff and the authorities appear close to reaching understandings on targets and measures to put the ECF-supported program back on track.

Democratic Republic of São Tomé and Príncipe: Staff Report for 2022 Article IV Consultation; Fourth Review Under the Extended Credit Facility Arrangement, Request for Waivers for Nonobservance of Performance Criteria, Modification of Performance Criteria and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for São Tomé and Príncipe

São Tomé and Príncipe has maintained macroeconomic stability, despite many challenges. The COVID-19 pandemic exacerbated long-standing socio-economic vulnerabilities, which were further compounded by persistent energy shortages and damages from the floods in end-2021. Growth declined in 2021 with power outages, while a targeted expansion of the cash transfer and food support programs provided needed relief to the most vulnerable. Strong grant financing remains critical for mitigating the impact of the pandemic. Vaccinations are proceeding, although the new COVID-19 variants pose risks for protracting the impact of the pandemic and require renewed actions to mitigate those risks. Parliamentary elections are expected in October 2022.

Uganda: 2021 Article IV Consultation and First Review under the Extended Credit Facility Arrangement and Requests for Modifications of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Uganda

"Volume 2022 (2022): Issue 077 (Mar 2022): Uganda: 2021 Article IV Consultation and First Review under the Extended Credit Facility Arrangement and Requests for Modifications of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Uganda" published on 15 Mar 2022 by International Monetary Fund.

Democratic Republic of the Congo: First Review under the Extended Credit Facility Arrangement, Request for Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of the Congo

After a third wave over the summer, COVID-19 cases are declining but vaccination has stalled. Economic activity has improved on the back of strengthened external demand, allowing for a stronger-than-envisaged buildup in international reserves. Inflation and the exchange rate have stabilized. Near-term challenges arise from uncertainty related to the pandemic and the gradual global economic recovery supporting high commodity prices.

The Gambia: Article IV Consultation, Third Review under the Extended Credit Facility Arrangement, Request for Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for The Gambia

"Volume 2021 (2021): Issue 265 (Dec 2021): The Gambia: Article IV Consultation, Third Review under the Extended Credit Facility Arrangement, Request for Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for The Gambia" published on 10 Dec 2021 by International Monetary Fund.

Liberia: Third Review under the Extended Credit Facility Arrangement and Request for Waivers of Nonobservance of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Liberia

"Volume 2021 (2021): Issue 264 (Dec 2021): Liberia: Third Review under the Extended Credit Facility Arrangement and Request for Waivers of Nonobservance of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Liberia" published on 10 Dec 2021 by International Monetary Fund.

Democratic Republic of São Tomé and Príncipe: Third Review Under the Extended Credit Facility Arrangement and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director

Democratic Republic of São Tomé and Príncipe: Third Review Under the Extended Credit Facility Arrangement and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director

Democratic Republic of São Tomé and Príncipe: Third Review Under the Extended Credit Facility Arrangement and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director

"Volume 2021 (2021): Issue 202 (Sep 2021): Democratic Republic of São Tomé and Príncipe: Third Review Under the Extended Credit Facility Arrangement and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director" published on 08 Sep 2021 by International Monetary Fund.

Sierra Leone: Third and Fourth Reviews Under the Extended Credit Facility Arrangement, Requests for Extension and Rephasing of the Arrangement, Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Sierra Leone

Following two emergency Rapid Credit Facility disbursements in June 2020 and March 2021 to assist in addressing the impact of the COVID-19 pandemic, the Sierra Leonean authorities are committed to resuming the program supported by the Extended Credit Facility arrangement. The program is an important policy anchor for the authorities, and its main objectives—revenue mobilization, safeguarding financial stability, and addressing external vulnerabilities—remain valid. While an economic recovery is underway, driven by the mining sector, risks to the outlook are considerable and, the risk of debt distress is high but remains sustainable. This is predicated on the authorities’ ambitious fiscal adjustment and continued reliance on concessional financing and grants. External vulnerabilities are expected to persist over the medium term.

Islamic Republic of Afghanistan: First Review Under the Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Islamic Republic of Afghanistan

Afghanistan is confronting the Covid-19 pandemic and its socioeconomic fallout amid rising insecurity. Supported by donors, the authorities boosted health and social spending to cushion the pandemic’s impact on the vulnerable. Policy measures kept the output contraction to 2 percent in 2020, but poverty rose and the fiscal deficit widened. Political uncertainty has risen as the peace talks between the government and Taliban stalled and the U.S., NATO, and allies announced the withdrawal of their troops by September. In a strong sign of support for Afghanistan’s development and reforms, donors pledged some US$12 billion civilian grants over 2021–24 at the Geneva conference in November 2020.

Mali

"Volume 2021 (2021): Issue 067 (Mar 2021): Mali: Second and Third Reviews Under the Extended Credit Facility Arrangement. Requests for Waivers of Nonobservance of Performance Criteria and Modification of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Mali" published on 30 Mar 2021 by International Monetary Fund.

Central African Republic

This paper presents Central African Republic’s Request for Disbursement Under the Rapid Credit Facility. The implementation of the policies and structural reforms to which the authorities committed under the Extended Credit Facility (ECF) arrangement adopted in December remains key to ensuring macroeconomic stability and debt sustainability and restoring sustained inclusive growth. Additional external support, preferably in the form of grants, is also urgently required to meet C.A.R.’s elevated financing needs and ease the financial burden of the pandemic. These are also essential to the authorities’ efforts to restore peace and prosperity in the country. The authorities intend to allow the fiscal deficit to increase to accommodate most of the fiscal impact of the pandemic, which will comprise a significant shortfall in revenue and additional outlays as part of the response plan. While they intend to streamline nonpriority expenditures, this accommodative stance will allow them to continue meeting pressing social, infrastructure, and security spending needs. The authorities have also reiterated their intention to pursue the policies and structural reforms to which they committed under the ECF arrangement approved last December.