KEY ISSUES Context and outlook. Mozambique’s macroeconomic outlook remains favorable and the PSI-supported program is broadly on track. All assessment criteria were met and most indicative targets, but there was some slippage on structural reforms. Economic growth is robust and inflation...

Rwanda has responded to lower aid by tightening policies and drawing on its foreign reserves to cushion the impact on the economy. Economic activity has been resilient despite lower aid inflows. The agreed framework for the FY2013/14 budget is in line with Policy Support Instrument (PSI)...

The CEMAC’s economy lost some momentum in 2023 and the external position deteriorated somewhat, while inflation cooled but remained high. Updated statistics revealed a much more deteriorated fiscal situation than originally estimated. The near-term outlook is one of continued recovery, with...

Zambia faces a severe drought that has significantly impacted agriculture and electricity generation and affected a substantial share of the population, leading the President to declare it a national disaster emergency and plan a revision of the 2024 Budget. Despite these challenges, the...

This paper focuses on Republic of Mozambique's Third Review under the Three-Year Arrangement under the Extended Credit Facility (ECF), Requests for Modification of the Monetary Policy Consultation Clause, Waiver of Nonobservance of Quantitative Performance Criterion, and Financing Assurances...

This paper highlights Zambia's Second Review under the Arrangement under the Extended Credit Facility, Requests for a Waiver of Nonobservance of a Quantitative Performance Criterion, Modifications of the Monetary Policy Consultation Clause and of Quantitative Performance Criteria, and Financing...

This paper highlights Republic of Mozambique's Second Review under the Three-Year Arrangement under the Extended Credit Facility (ECF), Requests for Modification of The Monetary Policy Consultation Clause, Waivers of Nonobservance for Quantitative Performance Criteria, and Financing Assurances...

This paper highlights Central African Economic and Monetary Community's (CEMAC) common policies in support of member countries reform programs. CEMAC benefited from favorable hydrocarbon prices in 2022. Economic recovery firmed up and the external position strengthened, with external reserves...

The economic recovery is strengthening, as a successful vaccination campaign and recovery from COVID-related restrictions dominate headwinds from the worsening international economic environment. Growth is projected at 3.8 percent this year, rising to 5 percent in 2023 as the first liquefied...

This paper discusses Central African Economic and Monetary Community's (CEMAC) Common Policies in Support of Member Countries Reform Programs. CEMAC ended 2021 in a fragile external position, with gross reserves at only 2.7 months of prospective imports and net foreign assets at their lowest...