The International Monetary Fund is a 189-member country organization that seeks to promote international monetary cooperation, ensure financial stability, ease trade between nations, encourage high employment and sustainable economic growth, and lessen poverty worldwide.
As a result, one of the primary responsibilities of this organization is to aid in the alleviation of economic stress in any of its member countries, particularly those in extreme straits. They accomplish this by disbursing loans and revising monetary policy.
Many struggling African nations have benefited from this role since the organization's establishment, and the last few months have been no exception. African nations that have requested the IMF’s help are either being assessed by the global lender or have had their requests approved.
Below are 5 African countries which have received loans from the IMF since March, and the details of their arrangement with the financial institution.
Cameroon: The International Monetary Fund (IMF) Executive Board on the 8th of March, 2023, completed the third review of the three-year arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) with Cameroon, which were approved on July 29, 2021 for SDR 483 million (approximately US$689.5 million, or 175 percent of quota). This would enable the release of SDR 55.2 million (about US$73 million), increasing the total amount disbursed under the agreements to SDR 317.4 million (approximately US$420 million).
Côte d’Ivoire: On May 24, 2023, the International Monetary Fund (IMF) Executive Board approved 40-month arrangements for Côte d'Ivoire under the Extended Fund Facility (EFF) and the Extended Credit Facility (ECF) in the amount of SDR 2,601.6 million (equivalent to 400 percent of quota or approximately US$3.5 billion).
Ghana: On May 17th, 2023, the International Monetary Fund (IMF) Executive Board authorized a 36-month arrangement under the Extended Credit Facility (ECF) in the amount of SDR 2.242 billion (about US$3 billion, or 304 percent of quota). The Executive Board's resolution would allow for an immediate payout to Ghana in the amount of SDR 451.4 million (about US$600 million).
Central African Republic: The International Monetary Fund (IMF) Executive Board, on April 27, 2023, authorized a 38-month Extended Credit Facility (ECF) agreement with the Central African Republic for SDR 141.68 million (about US$191.4 million). The Executive Board's resolution allows for an immediate release of SDR 11.3 million (about US$15.2 million).
South Sudan: The International Monetary Fund (IMF) Executive Board approved a disbursement of SDR 86.1 million (approximately US$114.8 million) under the Food Shock Window of the Rapid Credit Facility (RCF) on March 1, 2023, to assist South Sudan with the urgent balance of payment needs resulting from heightened food insecurity.