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...

The Rwandan economy continues its robust growth, notwithstanding the challenging external environment, repeated shocks, and ongoing fiscal consolidation. Headline inflation decelerated sharply in recent months owing to appropriately tight monetary policy stance and favorable developments in food...

On December 18, 2023, the explosion of a major fuel import and storage facility led to fuel shortages and new urgent financing needs. The blast caused 25 deaths and 457 injured as well as widespread fuel shortages, affecting transportation and economic activity. The relatively strong mining...

The signs of economic stabilization are strengthening, with gradual disinflation underway and external pressures easing further since the first review on the back of improved fiscal balances. However, the outlook remains challenging, with downside risks remaining exceptionally high

Over the last decade, Nigeria's growth has just about kept up with population dynamics. Poverty has increased, and food insecurity is rising. The government is constrained by low domestic revenue mobilization. Governance problems remain pervasive. The external environment-cost of...

The Moroccan economy once again showed resilience to negative shocks in 2023, as economic activity accelerated, inflation slowed, and the current account deficit narrowed despite headwinds from water scarcity (which caused a severe loss of jobs in the agricultural sector), the September 2023...

The IMF Executive Board approved a 46-month USD 3 billion Extended Fund Facility (EFF) arrangement for Egypt in December 2022. The EFF-supported program aims to safeguard economic stability, restore buffers, and pave the way for inclusive and private sector-led growth. Following policy...

Economic recovery continues to gain strength following a rapid decline in inflation, favorable agriculture and robust industrial and services activity. Fiscal financing and foreign portfolio flows are facing headwinds amid tight global financial conditions and the passage of the...

Cameroon's economic recovery has continued against a backdrop of domestic security pressures, increased regional spillover risks, and continuing global economic uncertainties. Inflation remains high although decelerating, and while Cameroon is the largest CEMAC economy with ample economic...

This paper presents Ghana's 2023 Article IV Consultation, First Review under the Extended Credit Facility Arrangement under the Extended Credit Facility, Request for Modification of Performance Criteria, and Financing Assurances Review. Ghana's performance under the program has been strong. All...