## ppea2022015

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**Canonical URL:** [ppea2022015](https://www.imf.org/-/media/files/publications/pp/2022/english/ppea2022015.pdf)

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---

### REPERCUSSIONS—WAR THREATENS THE GLOBAL RECOVERY
- Russia’s invasion of Ukraine has placed another crisis on top of the pandemic, producing a massive setback to the global economy and a new complex set of challenges for policymakers.
- The recovery was losing momentum before the war, partly due to Omicron-related disruptions.
- In January, the IMF cut its global growth forecast to 4.4 percent for 2022.
- Since then, the outlook has deteriorated further; the IMF has downgraded global growth projections twice: first due to pandemic-related disruptions and new COVID-19 variants, and now to reflect the repercussions of Russia’s invasion of Ukraine and related sanctions.
- Rapidly rising energy, food, and other commodity prices, compounded by supply chain disruptions, are increasing inflationary pressures and posing energy and food security risks.
- Emerging markets are likely to confront more volatile financial markets and capital flows.
- Countries directly affected by the war through trade, tourism, financial linkages, and refugee flows face additional challenges, exacerbating vulnerabilities and balance of payments pressures at a time of rising interest rates and record-high debt levels.
- Food insecurity is now a major concern; higher food and energy prices are hurting lower-income households globally and increasing hunger.

### RESPONSE—SHIFTING GEARS TOWARD CRISIS MANAGEMENT
- Policymakers must balance shoring up the recovery and containing inflation; supporting the vulnerable and rebuilding fiscal buffers; maintaining financial stability; and preserving social cohesion amid pronounced uncertainty and pandemic risks.
- To prevent a food security crisis, it is vital to keep trade open and refrain from restrictive practices.
- Many emerging market and developing economies will need to navigate risks from possible capital flow reversals and rising debt pressures.

- Monetary policy:
  - Renewed inflationary shocks from the war require continued attention to inflation control while safeguarding the recovery.
  - Where direct effects of the war are moderate, inflationary pressures are broad based, and labor markets are tightening, the rate-hiking cycle should continue.
  - In countries where adverse effects from the war are larger and inflation continues to rise, the pace of policy tightening should be carefully calibrated while maintaining credibility of inflation-targeting frameworks.
  - Major central banks need to anticipate risks from their tightening cycles, which could have severe consequences for vulnerable economies.
  - A well-communicated, data-dependent approach is essential to safeguard credibility and minimize market volatility and spillovers.

- Fiscal policy:
  - Governments face pressures from slower growth, inflation, hosting refugees, and rising social tensions, against record-high debt levels and rising interest rates.
  - The need for consolidation should not prevent prioritizing well-targeted support for the vulnerable.
  - Countries without fiscal space facing heightened spending pressures will need to raise additional revenues and reallocate expenditures.
  - Credible medium-term fiscal frameworks are essential to safeguard debt sustainability.

- Financial sector and other policies:
  - Use judiciously to maintain financial stability and prevent further buildup of vulnerabilities.
  - Preserve banking system soundness and strengthen supervision of nonbank financial institutions.
  - Flexible exchange rates remain a buffer; foreign exchange intervention may be needed in disorderly conditions.
  - Capital flow management measures on outflows may be used if disruptive outflows lead to (imminent) crisis circumstances.

- Pandemic efforts:
  - Reinforce funding and equitable access to a comprehensive COVID-19 toolkit with enhanced in-country delivery.
  - Transition policies toward pandemic preparedness and global risk mitigation for infectious diseases more broadly.

- IMF operational response:
  - Increase provision of financing, real-time advice, and capacity development, with tailored approaches and intensive policy dialogue.
  - Surveillance:
    - provide granular, contingent advice;
    - strengthen multilateral surveillance and analysis of global spillovers from the war;
    - prioritize analytical work on inflation, financial and corporate sector vulnerabilities, fiscal adjustment, and scarring from the pandemic;
    - follow up on governance commitments in emergency financing and review implementation of the 2018 Framework for Enhanced Fund Engagement on Governance.
  - Lending:
    - stand ready to deploy lending and precautionary facilities to help members address balance of payments needs, including from energy and food security challenges and potential capital flow reversals;
    - assess toolkit and policies for current circumstances;
    - tailor conditionality to country needs;
    - customize support for fragile and conflict-affected states (FCS) and enhance collaboration with partners including the World Bank and the United Nations, in line with the FCS strategy.
  - Concessional financing:
    - sharply higher demand will require securing additional pledges, including by re-channeling SDRs, to close the gap in loan and subsidy resources for the Poverty Reduction and Growth Trust (PRGT) and replenish the Catastrophe Containment and Relief Trust (CCRT).
  - Resilience and Sustainability Trust (RST):
    - rely on members’ support to operationalize the RST to provide affordable longer-maturity financing to vulnerable members for macro-critical risks such as climate change and pandemic preparedness.
  - Debt:
    - implement the new debt sustainability framework for market-access countries and advance the Multipronged Approach to address debt vulnerabilities and debt transparency;
    - work with the World Bank and others to strengthen G20 Common Framework implementation;
    - encourage private creditor participation and explore options to improve debt restructuring processes.
  - Capacity Development (CD):
    - further integrate CD with programs and surveillance, focusing on country-tailored CD;
    - step up work on medium-term frameworks;
    - increase CD on climate change and enhancing cyber regulation and supervision;
    - adopt blended delivery and expand field presence in coordination with partners.

### RESILIENCE—ACHIEVING A TRANSFORMATIONAL AND INCLUSIVE RECOVERY
- The international community must pursue transformational reforms to address climate change, reduce inequality, and manage digitalization’s opportunities and risks.

- Climate:
  - Resolute action by all countries is required to reduce global emissions and achieve the Paris Agreement objectives.
  - Rising energy prices and security concerns highlight the vulnerability of the global energy system and the need to manage the green transition carefully.
  - Near term: many countries need to help vulnerable households manage rising energy prices.
  - As price pressures abate: accelerate implementation of carbon pricing or equivalent measures as core mitigation strategy, complemented by measures for a just transition, green public investments, transition and adaptation measures, technology transfers, and financing for low-income developing countries.
  - IMF actions:
    - scale up coverage of climate-related, macro-critical issues in Article IV consultations, Financial Sector Assessment Programs, and Climate Macroeconomic Assessments;
    - complement with the new G20 Data Gaps Initiative prioritizing climate-change data;
    - use the RST to support mitigation, adaptation, and transition reforms.

- Inequality:
  - The pandemic exacerbated preexisting inequalities within and across countries.
  - Food and nutrition insecurity and war spillovers could amplify wealth and social disparities, exacerbate social tensions, and set back progress.
  - Policy recommendations: lower tariffs and fewer barriers to trade to ease supply bottlenecks; remedial policies for education losses and reskilling to address pandemic-induced scarring.
  - IMF actions: implement strategy on social spending and finalize a gender strategy to integrate these issues, where macro-critical, into analysis and advice.

- Digitalization:
  - Rapid proliferation of digital money creates opportunities and risks to financial stability and potentially to the international monetary system (IMS).
  - Geopolitical developments may accelerate adoption of cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs).
  - Need enhanced legal and regulatory frameworks for crypto assets and strengthened coordination among central banks on CBDC design and interoperability.
  - IMF actions: deepen expertise on crypto assets and CBDCs to develop principles guiding policies and foster global cooperation to mitigate risks.

### GLOBAL COOPERATION AND THE FUND’S ROLE
- The challenges—from the pandemic and war spillovers to climate change and digitalization—are global and require coordinated policy actions and support from the IMF and international community.
- Risks of fragmentation of the global economy and multilateral system have increased, threatening the international monetary system and exacerbating divergences in economic prospects and pandemic scarring.
- The IMF’s near universal membership provides a platform for countries to strive together; maintaining a reliable global financial safety net with the Fund at its center is critical.
- Progress toward governance reform and a timely and successful conclusion of the 16th General Review of Quotas is crucial to ensure a strong, quota-based, and adequately resourced Fund.

### IMF HIGHLIGHTS AND FINANCIAL DATA (AS REPORTED)
- TOTAL LENDING COMMITMENTS = SDR 2 17.9 1 BILLION
- 4.7 million  visitors to flagship publications, blogs, F&D, and Country Focus web pages
- IMF EXTERNAL SECTOR REPORT 20
- Publications on New Areas of Work*:
  - 14  Climate change
  - 7  Gender and Inclusion
  - 14  Digital
- 62  Article IV consultations
- 4  Financial System Stability Assessments
- Note: As of March 31, 2022; FCL=Flexible Credit Line; PLL=Precautionary and Liquidity Line; RCF=Rapid Credit Facility; RFI=Rapid Financing Instrument; * includes both new programs and augmentation of existing programs.

*Source: ppea2022015 - Section 1*

### Pandemic Financial Assistance and Relief
- $216  billion approved for 92 countries in total financial assistance since the pandemic
- 56 of which have a Poverty Reduction and Growth Trust (PRGT) facility
- 25 countries approved for debt service relief from the fifth tranche of the Catastrophe Containment and Relief Trust (CCRT)
- 7 FCS

### Direct Capacity Development (CD) Delivery in FY22
- 1,436 virtual technical assistance visits to 159 countries
- 61% to FCS, LICs, and small states

### IMF Online Learning and Microlearning via YouTube
- IMF Online Learning (as of January 2022):
  - 12 8 ,14 2 active users
- Microlearning via YouTube (as of March 2022):
  - 207 videos
  - 199 countries
  - 9,200 subscribers
  - 5 languages
  - 626,400 views

### PRGT and CCRT Fundraising
- Heading present in source; no additional numeric detail provided beyond items listed above

### General Resources Account (GRA) — Financial Arrangements (current program size and outstanding credit)
- Total Current Arrangements: 123.02
  - o/w Undrawn Balance (A): 103.98
- Total Outstanding Credit (B): 53.22
- Total Outstanding Credit for Members without Current Arrangements (C): 41.98
- Upper Credit Tranche (UCT): 28.91
  - o/w Egypt 11.9 6
  - o/w Ukraine 6.55
  - o/w Angola 3.21
- Rapid Financing Instrument (RFI): 13.07
  - o/w South Africa 3.05
  - o/w Nigeria 2.45
  - o/w Egypt 2.04
- TOTAL GRA COMMITMENTS (A)+(B)+(C): 19 9.17

Members with current arrangements (selected entries; program size / outstanding credit):
- Stand-By Arrangements (SBA)
  - Armenia 0.31 0.35
  - Senegal 0.30 0.39
- Extended Fund Facility (EFF)
  - Argentina 31.91 33.73
  - Barbados 0.32 0.31
  - Cameroon 0.32 0 .14
  - Costa Rica 1. 24 0.78
  - Ecuador 4.62 4.89
  - Equatorial Guinea 0.21 0.08
  - Ethiopia 0.75 0.39
  - Gabon 0.39 0.67
  - Jordan 1.07 1.09
  - Kenya 1. 25 0.47
  - Moldova 0.27 0.24
  - Pakistan 4.27 5.40
  - Seychelles 0.07 0.08
  - Suriname 0.47 0.08
- Flexible Credit Line (FCL)
  - Chile 17. 4 4-
  - Colombia 12. 27 3.75
  - Mexico 35.65-
  - Peru 8.01-
- Precautionary and Liquidity Line (PLL)
  - Panama 1.88 0.38
- Total Current Arrangements (repeated): 123.02
- Total Outstanding Credit (repeated): 53.22

Notes on GRA figures:
- Numbers may not add up due to rounding.
- Includes outstanding credit under expired arrangements and outright disbursements.
- Available balance not yet drawn under current arrangements.
- Includes only outstanding credit for members with current arrangements.

### Poverty Reduction and Growth Trust (PRGT) — Financial Arrangements (current program size and outstanding credit)
- Total Current Arrangements: 6.87
  - o/w Undrawn Balance (D): 3.87
- Total Outstanding Credit (E): 8.03
- Total Outstanding Credit for Members without Current Arrangements (F): 6.84
- Upper Credit Tranche (UCT): 3.03
  - o/w Ghana 0 . 61
  - o/w Côte d'Ivoire 0.47
  - o/w Bangladesh 0.28
- Rapid Credit Facility (RCF): 3.81
  - o/w Ghana 0 .74
  - o/w Tanzania 0.40
  - o/w Mozambique 0.31
- TOTAL PRGT COMMITMENTS (D)+(E)+(F): 18 .74

Members with current arrangements (selected entries; program size / outstanding credit):
- Extended Credit Facility (ECF)
  - Afghanistan, Islamic Republic of 0.26 0.38
  - Cameroon 0 .16 0.77
  - Central African Republic 0.08 0.21
  - Chad 0.39 0.47
  - Congo, Democratic Republic of 1.07 0.84
  - Congo, Republic of 0.32 0 .10
  - Gambia, The 0.06 0.07
  - Kenya 0.41 0.83
  - Liberia 0 .16 0.20
  - Madagascar 0.22 0.63
  - Mali 0 .14 0.41
  - Moldova 0 .13 0 .12
  - Nepal 0.28 0.26
  - Niger 0.20 0.30
  - São Tomé and Príncipe 0.01 0.02
  - Sierra Leone 0 .12 0.39
  - Somalia 0.25 0.22
  - Sudan 1.73 0.99
  - Uganda 0.72 0.63
- Standby Credit Facility
  - Senegal 0 .15 0 .19
- Total Current Arrangements (repeated): 6.87
- Total Outstanding Credit (repeated): 8.03

### Outstanding Credit and Commitments
- Figures reported as of March 31, 2022, in billions of SDRs

*Source: THE MANAGING DIRECTOR’S GLOBAL POLICY AGENDA*

### Section 1

### THE MANAGING DIRECTOR’S

### REPERCUSSIONS—WAR THREATENS THE GLOBAL RECOVERY
- Russia’s invasion of Ukraine has placed another crisis on top of the pandemic, producing a massive setback to the global economy and a new complex set of challenges for policymakers.
- The recovery was losing momentum before the war, partly due to Omicron-related disruptions.
- In January, the IMF cut its global growth forecast to 4.4 percent for 2022.
- Since then, the outlook has deteriorated further; the IMF has downgraded global growth projections twice: first due to pandemic-related disruptions and new COVID-19 variants, and now to reflect the repercussions of Russia’s invasion of Ukraine and related sanctions.
- Rapidly rising energy, food, and other commodity prices, compounded by supply chain disruptions, are increasing inflationary pressures and posing energy and food security risks.
- Emerging markets are likely to confront more volatile financial markets and capital flows.
- Countries directly affected by the war through trade, tourism, financial linkages, and refugee flows face additional challenges, exacerbating vulnerabilities and balance of payments pressures at a time of rising interest rates and record-high debt levels.
- Food insecurity is now a major concern; higher food and energy prices are hurting lower-income households globally and increasing hunger.

### RESPONSE—SHIFTING GEARS TOWARD CRISIS MANAGEMENT
- Policymakers must balance shoring up the recovery and containing inflation; supporting the vulnerable and rebuilding fiscal buffers; maintaining financial stability; and preserving social cohesion amid pronounced uncertainty and pandemic risks.
- To prevent a food security crisis, it is vital to keep trade open and refrain from restrictive practices.
- Many emerging market and developing economies will need to navigate risks from possible capital flow reversals and rising debt pressures.
- Monetary policy:
  - Renewed inflationary shocks from the war require continued attention to inflation control while safeguarding the recovery.
  - Where direct effects of the war are moderate, inflationary pressures are broad based, and labor markets are tightening, the rate-hiking cycle should continue.
  - In countries where adverse effects from the war are larger and inflation continues to rise, the pace of policy tightening should be carefully calibrated while maintaining credibility of inflation-targeting frameworks.
  - Major central banks need to anticipate risks from their tightening cycles, which could have severe consequences for vulnerable economies.
  - A well-communicated, data-dependent approach is essential to safeguard credibility and minimize market volatility and spillovers.
- Fiscal policy:
  - Governments face pressures from slower growth, inflation, hosting refugees, and rising social tensions, against record-high debt levels and rising interest rates.
  - The need for consolidation should not prevent prioritizing well-targeted support for the vulnerable.
  - Countries without fiscal space facing heightened spending pressures will need to raise additional revenues and reallocate expenditures.
  - Credible medium-term fiscal frameworks are essential to safeguard debt sustainability.
- Financial sector and other policies:
  - Use judiciously to maintain financial stability and prevent further buildup of vulnerabilities.
  - Preserve banking system soundness and strengthen supervision of nonbank financial institutions.
  - Flexible exchange rates remain a buffer; foreign exchange intervention may be needed in disorderly conditions.
  - Capital flow management measures on outflows may be used if disruptive outflows lead to (imminent) crisis circumstances.
- Pandemic efforts:
  - Reinforce funding and equitable access to a comprehensive COVID-19 toolkit with enhanced in-country delivery.
  - Transition policies toward pandemic preparedness and global risk mitigation for infectious diseases more broadly.
- IMF operational response:
  - Increase provision of financing, real-time advice, and capacity development, with tailored approaches and intensive policy dialogue.
  - Surveillance: provide granular, contingent advice; strengthen multilateral surveillance and analysis of global spillovers from the war; prioritize analytical work on inflation, financial and corporate sector vulnerabilities, fiscal adjustment, and scarring from the pandemic; follow up on governance commitments in emergency financing and review implementation of the 2018 Framework for Enhanced Fund Engagement on Governance.
  - Lending: stand ready to deploy lending and precautionary facilities to help members address balance of payments needs, including from energy and food security challenges and potential capital flow reversals; assess toolkit and policies for current circumstances; tailor conditionality to country needs; customize support for fragile and conflict-affected states (FCS) and enhance collaboration with partners including the World Bank and the United Nations, in line with the FCS strategy.
  - Concessional financing: sharply higher demand will require securing additional pledges, including by re-channeling SDRs, to close the gap in loan and subsidy resources for the Poverty Reduction and Growth Trust (PRGT) and replenish the Catastrophe Containment and Relief Trust (CCRT).
  - Resilience and Sustainability Trust (RST): rely on members’ support to operationalize the RST to provide affordable longer-maturity financing to vulnerable members for macro-critical risks such as climate change and pandemic preparedness.
  - Debt: implement the new debt sustainability framework for market-access countries and advance the Multipronged Approach to address debt vulnerabilities and debt transparency; work with the World Bank and others to strengthen G20 Common Framework implementation; encourage private creditor participation and explore options to improve debt restructuring processes.
  - Capacity Development (CD): further integrate CD with programs and surveillance, focusing on country-tailored CD; step up work on medium-term frameworks; increase CD on climate change and enhancing cyber regulation and supervision; adopt blended delivery and expand field presence in coordination with partners.

### RESILIENCE—ACHIEVING A TRANSFORMATIONAL AND INCLUSIVE RECOVERY
- The international community must pursue transformational reforms to address climate change, reduce inequality, and manage digitalization’s opportunities and risks.
- Climate:
  - Resolute action by all countries is required to reduce global emissions and achieve the Paris Agreement objectives.
  - Rising energy prices and security concerns highlight the vulnerability of the global energy system and the need to manage the green transition carefully.
  - Near term: many countries need to help vulnerable households manage rising energy prices.
  - As price pressures abate: accelerate implementation of carbon pricing or equivalent measures as core mitigation strategy, complemented by measures for a just transition, green public investments, transition and adaptation measures, technology transfers, and financing for low-income developing countries.
  - IMF actions: scale up coverage of climate-related, macro-critical issues in Article IV consultations, Financial Sector Assessment Programs, and Climate Macroeconomic Assessments; complement with the new G20 Data Gaps Initiative prioritizing climate-change data; use the RST to support mitigation, adaptation, and transition reforms.
- Inequality:
  - The pandemic exacerbated preexisting inequalities within and across countries.
  - Food and nutrition insecurity and war spillovers could amplify wealth and social disparities, exacerbate social tensions, and set back progress.
  - Policy recommendations: lower tariffs and fewer barriers to trade to ease supply bottlenecks; remedial policies for education losses and reskilling to address pandemic-induced scarring.
  - IMF actions: implement strategy on social spending and finalize a gender strategy to integrate these issues, where macro-critical, into analysis and advice.
- Digitalization:
  - Rapid proliferation of digital money creates opportunities and risks to financial stability and potentially to the international monetary system (IMS).
  - Geopolitical developments may accelerate adoption of cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs).
  - Need enhanced legal and regulatory frameworks for crypto assets and strengthened coordination among central banks on CBDC design and interoperability.
  - IMF actions: deepen expertise on crypto assets and CBDCs to develop principles guiding policies and foster global cooperation to mitigate risks.

### GLOBAL COOPERATION AND THE FUND’S ROLE
- The challenges—from the pandemic and war spillovers to climate change and digitalization—are global and require coordinated policy actions and support from the IMF and international community.
- Risks of fragmentation of the global economy and multilateral system have increased, threatening the international monetary system and exacerbating divergences in economic prospects and pandemic scarring.
- The IMF’s near universal membership provides a platform for countries to strive together; maintaining a reliable global financial safety net with the Fund at its center is critical.
- Progress toward governance reform and a timely and successful conclusion of the 16th General Review of Quotas is crucial to ensure a strong, quota-based, and adequately resourced Fund.

### IMF HIGHLIGHTS AND FINANCIAL DATA (AS REPORTED)
- TOTAL LENDING COMMITMENTS = SDR 2 17.9 1 BILLION
- Note: Since October 2021; FCS=fragile and conflict-affected states; * includes working papers, policy papers, departmental papers, and staff notes.
- 4.7 million  visitors to flagship publications, blogs, F&D, and Country Focus web pages
- IMF EXTERNAL SECTOR REPORT 20
- Publications on New Areas of Work*:
  - 14  Climate change
  - 7  Gender and Inclusion
  - 14  Digital
- 62  Article IV consultations
- 4  Financial System Stability Assessments
- Note: As of March 31, 2022; FCL=Flexible Credit Line; PLL=Precautionary and Liquidity Line; RCF=Rapid Credit Facility; RFI=Rapid Financing Instrument; * includes both new programs and augmentation of existing programs.

*Source: ppea2022015 - Section 1*

### Section 2

### Section 2

### Pandemic Financial Assistance and Relief
- $216  billion approved for 92 countries in total financial assistance since the pandemic
- 56 of which have a Poverty Reduction and Growth Trust (PRGT) facility
- 25 countries approved for debt service relief from the fifth tranche of the Catastrophe Containment and Relief Trust (CCRT)
- 7 FCS

### Direct Capacity Development (CD) Delivery in FY22
- 1,436 virtual technical assistance visits to 159 countries
- 61% to FCS, LICs, and small states

### IMF Online Learning and Microlearning via YouTube
- IMF Online Learning (as of January 2022):
  - 12 8 ,14 2 active users
- Microlearning via YouTube (as of March 2022):
  - 207 videos
  - 199 countries
  - 9,200 subscribers
  - 5 languages
  - 626,400 views

### PRGT and CCRT Fundraising
- (Heading present in source; no additional numeric detail provided beyond items listed above)

### General Resources Account (GRA) — Financial Arrangements (current program size and outstanding credit)
- Total Current Arrangements: 123.02
  - o/w Undrawn Balance (A): 103.98
- Total Outstanding Credit (B): 53.22
- Total Outstanding Credit for Members without Current Arrangements (C): 41.98
- Upper Credit Tranche (UCT): 28.91
  - o/w Egypt 11.9 6
  - o/w Ukraine 6.55
  - o/w Angola 3.21
- Rapid Financing Instrument (RFI): 13.07
  - o/w South Africa 3.05
  - o/w Nigeria 2.45
  - o/w Egypt 2.04
- TOTAL GRA COMMITMENTS (A)+(B)+(C): 19 9.17

Members with current arrangements (selected entries; program size / outstanding credit):
- Stand-By Arrangements (SBA)
  - Armenia 0.31 0.35
  - Senegal 0.30 0.39
- Extended Fund Facility (EFF)
  - Argentina 31.91 33.73
  - Barbados 0.32 0.31
  - Cameroon 0.32 0 .14
  - Costa Rica 1. 24 0.78
  - Ecuador 4.62 4.89
  - Equatorial Guinea 0.21 0.08
  - Ethiopia 0.75 0.39
  - Gabon 0.39 0.67
  - Jordan 1.07 1.09
  - Kenya 1. 25 0.47
  - Moldova 0.27 0.24
  - Pakistan 4.27 5.40
  - Seychelles 0.07 0.08
  - Suriname 0.47 0.08
- Flexible Credit Line (FCL)
  - Chile 17. 4 4-
  - Colombia 12. 27 3.75
  - Mexico 35.65-
  - Peru 8.01-
- Precautionary and Liquidity Line (PLL)
  - Panama 1.88 0.38
- Total Current Arrangements (repeated): 123.02
- Total Outstanding Credit (repeated): 53.22

Notes on GRA figures:
- Numbers may not add up due to rounding.
- Includes outstanding credit under expired arrangements and outright disbursements.
- Available balance not yet drawn under current arrangements.
- Includes only outstanding credit for members with current arrangements.

### Poverty Reduction and Growth Trust (PRGT) — Financial Arrangements (current program size and outstanding credit)
- Total Current Arrangements: 6.87
  - o/w Undrawn Balance (D): 3.87
- Total Outstanding Credit (E): 8.03
- Total Outstanding Credit for Members without Current Arrangements (F): 6.84
- Upper Credit Tranche (UCT): 3.03
  - o/w Ghana 0 . 61
  - o/w Côte d'Ivoire 0.47
  - o/w Bangladesh 0.28
- Rapid Credit Facility (RCF): 3.81
  - o/w Ghana 0 .74
  - o/w Tanzania 0.40
  - o/w Mozambique 0.31
- TOTAL PRGT COMMITMENTS (D)+(E)+(F): 18 .74

Members with current arrangements (selected entries; program size / outstanding credit):
- Extended Credit Facility (ECF)
  - Afghanistan, Islamic Republic of 0.26 0.38
  - Cameroon 0 .16 0.77
  - Central African Republic 0.08 0.21
  - Chad 0.39 0.47
  - Congo, Democratic Republic of 1.07 0.84
  - Congo, Republic of 0.32 0 .10
  - Gambia, The 0.06 0.07
  - Kenya 0.41 0.83
  - Liberia 0 .16 0.20
  - Madagascar 0.22 0.63
  - Mali 0 .14 0.41
  - Moldova 0 .13 0 .12
  - Nepal 0.28 0.26
  - Niger 0.20 0.30
  - São Tomé and Príncipe 0.01 0.02
  - Sierra Leone 0 .12 0.39
  - Somalia 0.25 0.22
  - Sudan 1.73 0.99
  - Uganda 0.72 0.63
- Standby Credit Facility
  - Senegal 0 .15 0 .19
- Total Current Arrangements (repeated): 6.87
- Total Outstanding Credit (repeated): 8.03

### Outstanding Credit and Commitments
- Figures reported as of March 31, 2022, in billions of SDRs

*Source: THE MANAGING DIRECTOR’S GLOBAL POLICY AGENDA*

---


_Source: https://www.imf.org/-/media/files/publications/pp/2022/english/ppea2022015.pdf_