Extended Credit Facility Arrangement Research Articles

Guinea-Bissau: Third Review Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion, and Financing Assurances Review-Press Release and Staff Report

This paper discusses Guinea–Bissau’s Third Review Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criteria (PCs), and Financing Assurances Review. Program implementation for the third review has been satisfactory. Four of five PCs, three of four indicative targets, and six of eight structural benchmarks were met. Corrective measures have been taken in the remaining areas, with several steps already completed. Economic activity has remained robust and there has been good progress in improving public financial management. Maintaining the positive economic momentum will require further strengthening of public financial management to reduce the fiscal deficit and support macroeconomic stability.

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

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

Guinea- Bissau: 2017 Article IV Consultation and Fourth Review Under the Extended Credit Facility Arrangement, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Guinea-Bissau

Guinea- Bissau: 2017 Article IV Consultation and Fourth Review Under the Extended Credit Facility Arrangement, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Guinea-Bissau

Grenada: Sixth review Under the Extended Credit Facility Arrangement and Financing Assurances Review-Press Release; and Staff Report

Grenada: Sixth review Under the Extended Credit Facility Arrangement and Financing Assurances Review-Press Release; and Staff Report

Democratic Republic of Sao Tome and Principe: Third and Fourth Reviews under the Extended Credit Facility Arrangement, Extension of the Arrangement, and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of S�o Tom� and Pr�ncipe

Democratic Republic of Sao Tome and Principe: Third and Fourth Reviews under the Extended Credit Facility Arrangement, Extension of the Arrangement, and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of S�o Tom� and Pr�ncipe

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

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

Republic of Madagascar: Second Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; and Staff Report

Republic of Madagascar: Second Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; and Staff Report

Islamic Republic of Afghanistan: 2017 Article IV Consultation and 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 the Islamic Republic of Afghanistan

Islamic Republic of Afghanistan: 2017 Article IV Consultation and 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 the Islamic Republic of Afghanistan

Central African Republic: Third Review under the Extended Credit Facility Arrangement, Requests for Waiver of Nonobservance of Performance Criterion, Modification of Performance Criteria, Augmentation of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Central African Republic

Central African Republic: Third Review under the Extended Credit Facility Arrangement, Requests for Waiver of Nonobservance of Performance Criterion, Modification of Performance Criteria, Augmentation of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for the Central African Republic

Republic of Madagascar: 2017 Article IV Consultation, First Review Under the Extended Credit Facility Arrangement, and Request for Waiver of Nonobservance of Performance Criterion, Modification of Performance Criterion and Augmentation of Access-Press Release; Staff Report; Informational Annex, Debt Sustainability Analysis, and Statement by the Executive Director for Republic of Madagascar

This 2017 Article IV Consultation highlights that economic developments in Madagascar were encouraging in 2016. Driven by public investment, increasing textile exports, and accelerating activity in agroindustry, economic growth reached 4.2 percent in 2016—the highest level since 2008. Reforms continued in revenue administration, and fiscal revenue exceeded targets. Inflation was contained at 7.0 percent at end-2016. The external position strengthened significantly, benefitting from a positive shock to vanilla export prices and strong growth in manufacturing exports. In spite of current challenges, the medium term outlook is favorable. Growth is projected to accelerate, driven by the investment scaling up, tourism, garments and other light manufacturing, mining, and productivity gains in agriculture.

Mali: Seventh Review Under the Extended Credit Facility Arrangement, and Request for Extension and Augmentation of Access-Press Release; Staff Report; and Statement by the Executive Director for Mali

Mali: Seventh Review Under the Extended Credit Facility Arrangement, and Request for Extension and Augmentation of Access-Press Release; Staff Report; and Statement by the Executive Director for Mali

Liberia: Seventh and Eighth Reviews Under the Extended Credit Facility Arrangement, and Request for Nonobservance of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Liberia

Liberia: Seventh and Eighth Reviews Under the Extended Credit Facility Arrangement, and Request for Nonobservance of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Liberia

Kyrgyz Republic: Third Review Under the Three-Year Arrangement Under the Extended Credit Facility, and Request for Modification of Performance Criteria-Press Release; Staff Report

This paper discusses the Kyrgyz Republic’s Third Review under the Three-Year Arrangement under the Extended Credit Facility (ECF) and the Request for Modification of Performance Criteria (PCs). Program conditionality has been broadly met. All end-June 2016 quantitative PCs and indicative targets have been met. All but two structural benchmarks were met. The review of subsidies was not completed on time owing to limited capacity. The authorities are requesting modification of PCs to reflect the revised macroeconomic outlook and the availability of the fourth disbursement on completion of the review. The IMF staff supports completing the third review of the authorities' program under the ECF arrangement.

Burkina Faso: Seventh Review Under the Extended Credit Facility Arrangement-Press Release and Staff Report

This paper discusses Burkina Faso’s Seventh Review Under the Extended Credit Facility (ECF) Arrangement. Economic growth rose to almost 6 percent in 2016, driven by increases in cotton and gold production, following two years of relatively subdued economic performance related to the political transition. Program performance continues to be satisfactory, with all quantitative performance criteria and structural benchmarks met for the seventh and final review; two indicative targets were missed by small margins. Based on the authorities’ program performance and assurances going forward, the IMF staff recommends the completion of the seventh and final review under the ECF arrangement.

Mali

This paper discusses Mali’s Sixth Review Under the Extended Credit Facility Arrangement and Request for Modification of a Performance Criterion. Economic activity in Mali remains robust, aided both by higher public investment and accommodative monetary conditions. Inflation remains subdued, helped by favorable weather conditions and low global inflation. The external position has weakened, reflecting strong domestic demand growth, but is expected to strengthen in the near term as terms of trade improve and demand growth slows down. The near-term outlook remains positive but is subject to downside risks, stemming mainly from the fragile security conditions.

Chad

This paper discusses Chad’s Third and Fourth Reviews Under the Extended Credit Facility (ECF) arrangement, and Requests for Waivers of Nonobservance of Performance Criteria (PCs), Augmentation of Access, Extension of the Current Arrangement, and Rephasing of Disbursements. The authorities in Chad have implemented substantial fiscal adjustment to balance the budget and contain the accumulation of arrears. Nonetheless, liquidity conditions remain very tight, and social tensions have risen recently owing to the large cuts in current spending. IMF staff supports the completion of the third and fourth reviews under the ECF arrangement, the waivers of nonobservance of PCs on the nonaccumulation of domestic arrears and nonaccumulation of external arrears.

Guinea

This paper discusses Guinea’s Eighth and Final Review Under the Extended Credit Facility (ECF) Arrangement and Financing Assurances Review, and Request for Extension of the Current Arrangement. Guinea’s medium-term economic prospects are good. Growth is projected to average 5 percent during 2017–20, on the back of higher investments in the mining sector, increases in food production, and better electricity services. The recovery in the agricultural sector will allow the growth rebound to be shared by larger segments of the population, but the sector remains vulnerable to weather-related supply shocks. The IMF staff supports the completion of the eighth review under the ECF arrangement and financing assurances review.

Ghana: Second Review Under the Extended Credit Facility Arrangement and Request for Waiver for Nonobservance of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Ghana

Ghana: Second Review Under the Extended Credit Facility Arrangement and Request for Waiver for Nonobservance of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Ghana

Liberia: Fifth and Sixth Reviews Under the Extended Credit Facility Arrangement, Request for Waivers of Nonobservance of Performance Criteria, Augmentation of Access, and Extension of the Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Liberia

This paper discusses Liberia’s Fifth and Sixth Reviews Under the Extended Credit Facility (ECF) Arrangement, Request for Waivers of Nonobservance of Performance Criteria, Augmentation of Access, and Extension of the Arrangement. Two end-December 2015 and three end-June performance criteria were missed. Two out of nine structural benchmarks for the fifth review were met, while three were completed late. Three out of five structural benchmarks for the sixth review were met. The IMF staff supports the completion of the fifth and sixth reviews and the authorities’ requests for waivers of nonobservance of performance criteria, augmentation of ECF access, and extension of the ECF arrangement.

Malawi: Seventh and Eighth Reviews Under the Extended Credit Facility Arrangement and Request for Waivers for NonObservance of Performance Criteria, Extension of the Arrangement, Augmentation of Access, Modification of Performance Criterion, and Rephasing of Disbursements-Press Release; Staff Report; and Statement by the Executive Director for Malawi

Malawi: Seventh and Eighth Reviews Under the Extended Credit Facility Arrangement and Request for Waivers for NonObservance of Performance Criteria, Extension of the Arrangement, Augmentation of Access, Modification of Performance Criterion, and Rephasing of Disbursements-Press Release; Staff Report; and Statement by the Executive Director for Malawi