IMF Lending to Low-Income Countries

IMF Executive Board Completes Fifth Review Under the Extended Credit Facility Arrangement for the Islamic Republic of Mauritania, Approves Augmentation and US$52 Million Disbursement. The IMF’s support will provide additional resources to mitigate the pandemic’s socio-economic impact and continue with institutional reforms to foster an inclusive recovery. (September 2, 2020)

IMF Executive Board Approves an Additional US$171.9 Million Disbursement Under the RCF to Madagascar to Address the COVID-19 Pandemic. This is the second emergency disbursement since the onset of the pandemic and will help finance the country’s urgent balance of payments and fiscal needs. It follows the Executive Board’s approval of the disbursement of US$ 165.99 million on April 3, 2020 (see IMF Press Release No. 20/133). (July 30, 2020)

IMF Executive Board Approves a US$363.6 Million Disbursement to Papua New Guinea to Address the COVID-19 Pandemic. Papua New Guinea is facing headwinds at a time when its economy is already fragile and has limited fiscal space. The COVID-19 pandemic is expected to have a significant negative impact on domestic economic activity and growth. The fall in global prices for some of its major exports is posing additional challenges. These developments have led to a sharp fall in export revenues and an urgent balance of payments financing need. IMF support, through the Rapid Credit Facility, would help meet immediate financing needs and should catalyze financial support from development partners. (June 9, 2020)

IMF Executive Board Approves US$143 Million Disbursement to Sierra Leone to Address the COVID-19 Pandemic. The COVID-19 pandemic is severely impacting Sierra Leone’s economy. A sharp contraction in external demand, and vital steps to contain the spread of the virus, are disrupting domestic activity and important mineral exports. IMF Emergency financing under the Rapid Credit Facility will help meet this financing gap and create room for pandemic-related spending. (June 3, 2020)

IMF Executive Board Approves a US$732 Million Disbursement to Bangladesh to Address the COVID-19 Pandemic. Bangladesh’s economy has been severely impacted by the COVID-19 pandemic with weaker domestic demand and a sharp decline in exports and remittances. This program will help finance the health, social protection and macroeconomic stabilization measures, meet the urgent balance-of-payments and fiscal needs arising from the COVID-19 outbreak, and catalyze additional support from the international community. (May 29, 2020)

IMF Executive Board Approves a Disbursement of US$16 Million for St. Vincent and the Grenadines to Address the COVID-19 Pandemic. The pandemic has hit St. Vincent and the Grenadines hard. Tourism receipts have dried up, as tourism arrivals have come to a complete halt. IMF support will help cover some of these needs and allow the government to ease the impact on the population including increased spending and health and social protection. (May 20, 2020)

The Executive Board of the IMF approved US$ 121.1 million in emergency assistance to the Kyrgyz Republic. This is the second IMF emergency loan under the RFI/RCF for the Kyrgyz Republic since the outbreak of the pandemic. This additional disbursement brings the total IMF emergency loan to the Kyrgyz Republic to address the COVID-19 pandemic to US$ 242.0 million. The IMF emergency support addresses the urgent balance of payments need, shores up confidence, and catalyzes donor support. (May 8, 2020)

IMF Executive Board Approves a US$214 Million Disbursement to Nepal to Address the COVID-19 Pandemic. The IMF Executive Board approved the disbursement of US$214 million in emergency financing under the Rapid Credit Facility to help Nepal address urgent balance of payments needs created by COVID-19, which is having a severe impact on remittances, tourism, and domestic activity, and will substantially weaken Nepal’s GDP growth, balance of payments, and fiscal position. (May 6, 2020)

IMF Executive Board Approves US$65.6 Million in Disbursements to Dominica, Grenada, and St. Lucia to Address COVID-19 Pandemic. The Executive Board of the IMF approved disbursements to Dominica, Grenada, and St. Lucia following their requests under the Rapid Credit Facility (RCF) mechanism, with a combined SDR 48 million (US$65.6 million), to help cover their balance of payment needs stemming from the outbreak of the COVID-19 pandemic. IMF financing will also facilitate essential health-related expenditures and income support to ease the impact of COVID-19 on the population. (April 28, 2020)

IMF Executive Board Approves a US$28.9 Million Disbursement to the Republic of Maldives to Address the COVID-19 Pandemic. The pandemic is inflicting significant damage, especially on tourism activity, and is expected to result in substantial weakening of the Maldives’ GDP growth, balance of payments and the fiscal position. The IMF’s financial assistance will help to cover the financing gap, supporting fiscal rebalancing and the implementation of the authorities’ anti-crisis plan. (April 22, 2020)

IMF Executive Board Approves a US$38 Million Disbursement to the Central African Republic to Address the COVID-19 Pandemic To address the urgent balance-of-payments needs, the IMF approved US$38 million emergency assistance for the Central African Republic under the Rapid Credit Facility. The country will also benefit from IMF debt service relief under the Catastrophe Containment and Relief Trust. (April 20, 2020)

IMF Executive Board Approves a US$28.9 Million Disbursement to the Republic of Maldives to Address the COVID-19 Pandemic (April 22, 2020)
IMF Executive Board Approves a US$38 Million Disbursement to the Central African Republic to Address the COVID-19 Pandemic (April 22, 2020)
IMF Executive Board Approves US$2.9 Billion ECF and EFF Arrangements for Ethiopia (December 20, 2019)
IMF Executive Board Approves US$213.6 Million ECF Arrangement for Liberia (December 11, 2019)
IMF Assistance to the Low-Income Countries to Address the COVID-19 Pandemic (April – June, 2020)