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Imf Reaches Staff Level Agreement

“We are pleased to announce that the IMF team has reached a staff-level agreement with the Armenian authorities for the conclusion of the second revision as part of their three-year SBA-supported economic reform programme. The agreement is subject to approval by the IMF`s Board of Directors, which is due to review the review in mid-May. Staff will also recommend an increase in IMF financial assistance to Armenia of SDR 128.80 million (approximately $175 million), which, with the intention of the authorities to accumulate accumulated purchase rights under the SBA, would provide SDR 206 million (approximately $280 million) to be paid immediately after the Board meeting. Such an increase is justified in the context of the urgent need for balance-of-payments financing resulting from the consequences of the spread of the COVID 19 virus. This credit is budgeted to support the authorities` efforts to meet urgent medical and socio-economic needs during the peak of the virus epidemic, in order to obtain the benefits of the economic potential and the integration of the gains that Armenia has made in recent years. Washington, DC: An International Monetary Fund (IMF) staff team led by Christoph A. Klingen had a virtual mission from September 9 to 29, 2020 to discuss the sixth revision of the program, supported by the Extended Credit Facility (ECF). Niger`s programme was approved by the IMF`s Executive Board on 23 January 2017 (see press release 17/18). Washington, DC: An International Monetary Fund (IMF) staff team, led by Allison Holland, spoke with Somali authorities during a virtual mission from September 12 to 22, 2020, on the first revision of Somalia`s economic reform program, supported by an agreement on an Expanded Credit Facility (ECF). “The COVID 19 pandemic has had a significant impact on Barbados” economy, with a double-digit contraction in activity in 2020. Tourism virtually stopped between March and June 2020: the airlift rapidly decreased, most hotels closed and occupancy in establishments that remained open decreased.

In early July, the island cautiously began to reopen the economy to international tourists after authorities virtually stopped local transmission of the disease. However, the number of tourist arrivals remains only a fraction of the normal level. “The IMF team and the Egyptian authorities have reached a staff-level agreement on the first revision of Egypt`s economic programme, supported by the IMF`s $5.2 billion preparation agreement (press release). The agreement is subject to IMF Board approval in the coming weeks. After authorization, an additional SDR 1.16 billion (approximately $1.6 billion) will be made available to Egypt. “The Nigerian authorities and the IMF mission have reached agreement on a political framework, subject to the agreement of IMF leaders and the Board of Directors.