{"id":54601,"date":"2023-12-25T21:50:05","date_gmt":"2023-12-25T21:50:05","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals"},"modified":"2023-12-25T22:04:18","modified_gmt":"2023-12-25T22:04:18","slug":"imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals","title":{"rendered":"IMF relieves East Africa\u2019s indebted states with $1.9 billion financing deals"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>The International Monetary Fund (IMF) board has approved the payment of $620.65 million in budgetary support for Rwanda, Tanzania, and the Democratic Republic of Congo (DRC) as part of the $1.92 billion financing commitments which the Washington-based institution agreed with six East African nations in the past six months.<\/p>\n

The deals have come as a relief for the six countries (the others are Somalia, Burundi, and Kenya), which are saddled with debts, a situation made worse by falling revenue collections, declining forex reserves, and depreciating currencies.<\/p>\n

The IMF funding, which is pegged on the implementation of key socioeconomic and governance reforms by the recipient countries, is aimed at helping them deal with the persistent budget deficits and shore up the flagging foreign exchange reserve positions.<\/p>\n

In the past two weeks, the fund\u2019s board approved the disbursement of $150.5 million, $268.05 million, and $ 202.1 million for Tanzania, Rwanda, and the DRC respectively.<\/p>\n

For Tanzania, the funding is part of the $1.04 billion Extended Credit Facility (ECF) that was approved by the IMF board in July 2022. The approval of Dodoma\u2019s funding followed the completion of the programme\u2019s second review, bringing Tanzania\u2019s total access under the arrangement to $455.3 million.<\/p>\n

The IMF mooted the 40-month financing package to help bolster Tanzania\u2019s economic recovery, address the spillover effects from Russia\u2019s invasion of Ukraine, help preserve macroeconomic stability, and support structural reforms toward sustainable and inclusive growth, drawing on the government\u2019s priorities.<\/p>\n

Structural reform \u201cMost end-June 2023 quantitative performance criteria and indicative targets were met,\u201d the IMF said in a statement on December 13. Read: IMF board okays $150.5m budgetary support for Tanzania<\/p>\n

\u201cThe authorities\u2019 structural reform agenda is progressing well, with all end-June 2023 structural benchmarks completed on time, reflecting their commitment to the reform agenda.\u201d<\/p>\n

For Rwanda, the IMF Board, on December 14, approved a new 14-month credit facility arrangement worth $268.05 million, out of which Kigali can access $138.84 million immediately.<\/p>\n

The agreement falls under the fund\u2019s stand-by credit facility (SCF) and resilience and sustainability facility (RSF). The Board\u2019s decisions allowed for an immediate disbursement equivalent to $49.49 million under the RSF, and $89.35 million under the SCF.<\/p>\n

The fund noted that Rwanda\u2019s economic growth remained robust, but macroeconomic imbalances have intensified, adding that policy space to advance developmental objectives has been constrained by diminished policy buffers repeated droughts, and the severe floods in May 2023.<\/p>\n

On the same day (December 14), the IMF Board completed the fifth review under the ECF arrangement with the DRC, allowing for an immediate disbursement of $202.1 million towards international reserves, to continue building buffers.<\/p>\n

This came soon after IMF and the Somalia authorities reached an agreement on key economic and financial policy reforms which saw Mogadishu get a huge debt relief and an additional $100 million financing under a three-year Extended Credit Facility (ECF) arrangement.<\/p>\n

For Burundi, the IMF board on July 17, 2023, approved a 38-month arrangement under the ECF with access of SDR 200.2 million (or $261.7 million). In November, the IMF staff reached an agreement with Kenya, for an expanded $938 million financing. The funding, which still requires IMF board approval in January, would result in the fund granting Kenya immediate access to around $682 million<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. The International Monetary Fund (IMF) board has approved the payment of $620.65 million in budgetary support for Rwanda, Tanzania, and the Democratic Republic of Congo (DRC) as part of the $1.92 billion financing commitments which the Washington-based institution agreed with six East African nations in the past six months. The deals have […]<\/p>\n","protected":false},"author":84,"featured_media":54599,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,12],"tags":[234,235,233],"class_list":["post-54601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-policy","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nIMF relieves East Africa\u2019s indebted states with $1.9 billion financing deals - Zambia<\/title>\n<meta name=\"description\" content=\"The International Monetary Fund (IMF) board has approved the payment of $620.65 million in budgetary support for Rwanda, ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF relieves East Africa\u2019s indebted states with $1.9 billion financing deals\" \/>\n<meta property=\"og:description\" content=\"The International Monetary Fund (IMF) board has approved the payment of $620.65 million in budgetary support for Rwanda, ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-25T21:50:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-25T22:04:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2023\/12\/sm_1703529156.744826.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"IMF relieves East Africa\u2019s indebted states with $1.9 billion financing deals\",\"datePublished\":\"2023-12-25T21:50:05+00:00\",\"dateModified\":\"2023-12-25T22:04:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals\"},\"wordCount\":542,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2023\/12\/sm_1703529156.744826.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"head lines\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals\",\"name\":\"IMF relieves East Africa\u2019s indebted states with $1.9 billion financing deals - Zambia\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2023\/12\/sm_1703529156.744826.jpg\",\"datePublished\":\"2023-12-25T21:50:05+00:00\",\"dateModified\":\"2023-12-25T22:04:18+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"The International Monetary Fund (IMF) board has approved the payment of $620.65 million in budgetary support for Rwanda, ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2023\/12\/sm_1703529156.744826.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2023\/12\/sm_1703529156.744826.jpg\",\"width\":1600,\"height\":900,\"caption\":\"IMF relieves East Africa\u2019s indebted states with $1.9 billion financing deals\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/zambia\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"IMF relieves East Africa\u2019s indebted states with $1.9 billion financing deals\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#website\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/\",\"name\":\"Zambia\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/zambia\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"IMF relieves East Africa\u2019s indebted states with $1.9 billion financing deals - Zambia","description":"The International Monetary Fund (IMF) board has approved the payment of $620.65 million in budgetary support for Rwanda, ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals","og_locale":"en_US","og_type":"article","og_title":"IMF relieves East Africa\u2019s indebted states with $1.9 billion financing deals","og_description":"The International Monetary Fund (IMF) board has approved the payment of $620.65 million in budgetary support for Rwanda, ...","og_url":"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals","og_site_name":"Zambia","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2023-12-25T21:50:05+00:00","article_modified_time":"2023-12-25T22:04:18+00:00","og_image":[{"width":1600,"height":900,"url":"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2023\/12\/sm_1703529156.744826.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"IMF relieves East Africa\u2019s indebted states with $1.9 billion financing deals","datePublished":"2023-12-25T21:50:05+00:00","dateModified":"2023-12-25T22:04:18+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals"},"wordCount":542,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2023\/12\/sm_1703529156.744826.jpg","keywords":["Africa Press","Africa Press-Zambia","Zambia"],"articleSection":["all news","head lines","policy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals","url":"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals","name":"IMF relieves East Africa\u2019s indebted states with $1.9 billion financing deals - Zambia","isPartOf":{"@id":"https:\/\/www.africa-press.net\/zambia\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2023\/12\/sm_1703529156.744826.jpg","datePublished":"2023-12-25T21:50:05+00:00","dateModified":"2023-12-25T22:04:18+00:00","author":{"@id":"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"The International Monetary Fund (IMF) board has approved the payment of $620.65 million in budgetary support for Rwanda, ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals#primaryimage","url":"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2023\/12\/sm_1703529156.744826.jpg","contentUrl":"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2023\/12\/sm_1703529156.744826.jpg","width":1600,"height":900,"caption":"IMF relieves East Africa\u2019s indebted states with $1.9 billion financing deals"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/zambia\/all-news\/imf-relieves-east-africas-indebted-states-with-1-9-billion-financing-deals#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/zambia\/"},{"@type":"ListItem","position":2,"name":"IMF relieves East Africa\u2019s indebted states with $1.9 billion financing deals"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/zambia\/#website","url":"https:\/\/www.africa-press.net\/zambia\/","name":"Zambia","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/zambia\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/posts\/54601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/comments?post=54601"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/posts\/54601\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/media\/54599"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/media?parent=54601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/categories?post=54601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/zambia\/wp-json\/wp\/v2\/tags?post=54601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}