Q&A
NewQ1. What has the IMF done to help low-income countries during the coronavirus pandemic?
The IMF has acted with unprecedented speed and scale to support low-income countries during the pandemic. The Fund provided financial support to 53 of 69 eligible low-income countries in 2020 and in the first half of 2021, with about US$14 billion disbursed as zero percent interest rate loans from the Poverty Reduction and Growth Trust.
Most of this support was through the Fund’s emergency financing instruments—the Rapid Credit Facility (RCF) and Rapid Financing Instrument (RFI)—which provide immediate, one-time disbursements to countries facing urgent balance of payments needs. The Fund was able to respond to a record number of requests for financial assistance through a series of temporary access limit increases to the RCF and RFI, and temporary increases in the Poverty Reduction and Growth Trust (PRGT) overall access limits.
Factsheet: Fund Concessional Support for Low-Income Countries—Responding to the Pandemic, July 2021
This factsheet discusses the Fund’s actions since the onset of the pandemic and the new concessional financing and reform package aimed at continuing to support LICs as they recover from the crisis.
Read MoreIMF Lending
The IMF is providing emergency financial assistance and debt relief to member countries facing the economic impact of the COVID-19 pandemic. The list of countries here shows emergency financing approved by the IMF’s Executive Board.
Selected few lending programs to the Low-Income countries from various regions are shown below.
- IMF Executive Board Approves US$ 689.5 Million Arrangements Under the Extended Credit Facility and Extended Fund Facility for Cameroon. (July 29, 2021)
- IMF Executive Board Approves US$1.52 billion ECF Arrangement for the Democratic Republic of the Congo. (July 15, 2021)
- IMF Executive Board Approves a Disbursement of US$11.6 Million for St. Vincent and the Grenadines to Address the Fallout from the Volcanic Eruption. (July 1, 2021)
- IMF Executive Board Approves Extended Credit Facility Arrangement for Sudan. (June 29, 2021)
- IMF Executive Board Approves US$1 billion ECF Arrangement for Uganda. (June 28, 2021)
News/Blogs
- Putting Public Investment to Work (August 11, 2021)
- Coming Together (August 10, 2021)
- Drawing Further Apart: Widening Gaps in the Global Recovery (July 27, 2021)
- Stepping Up to Meet Low-Income Countries’ Pandemic Recovery Needs (July 26, 2021)
- The IMF Approves Policy Reforms and Funding Package to Better Support the Recovery of Low-Income Countries From the Pandemic (July 22, 2021)
- Urgent Action Needed to Address a Worsening ‘Two-Track’ Recovery (July 7, 2021)
- Seizing the Opportunity for a Pro-Growth, Post-Pandemic World (July 7, 2021)
- Stepping Up to Meet Low-Income Countries’ Pandemic Recovery Needs (July 26, 2021)
- The IMF Approves Policy Reforms and Funding Package to Better Support the Recovery of Low Income Countries From the Pandemic (July 22, 2021)
- The Policymaker’s Trilemma (May 12, 2021)
Policy Papers
- Fund Concessional Financial Support for Low-Income Countries—Responding to the Pandemic (July 22, 2021)
- Proposal For a General Allocation of Special Drawing Rights (July 12, 2021)
- Key Trends in Implementing the Fund's Transparency Policy (July 8, 2021)
- Temporary Modifications To Access Limits Under The Large Natural Disaster Window Of The RCF And Of The RFI (June 21, 2021)
- A Proposal to End the COVID-19 Pandemic (May 19, 2021)
- Private Finance for Development (May 14, 2021)
- More Policy Papers on Low-Income Issues
Research & Publications
- Intergenerational Social Mobility in Africa Since 1920 (August 6, 2021)
- An Evaluation of World Economic Outlook Growth Forecasts, 2004–17 (August 6, 2021)
- After-Effects of the COVID-19 Pandemic: Prospects for Medium-Term Economic Damage (July 30, 2021)
- Effects of COVID-19 on Regional and Gender Equality in Sub-Saharan Africa: Evidence from Nigeria and Ethiopia (June 18, 2021)
- Technological Progress, Artificial Intelligence, and Inclusive Growth (June 11, 2021)
- All Regional Economic Reports
Videos
COVID-19 and Global Imbalances
World Economic Outlook Update: Press Conference, July 2021
Speeches
- Pacific Islands Forum Economic Ministers Meeting: Remarks by Deputy Managing Director (July 13, 2021)
- Global Policies and Climate Change: Remarks by IMF Managing Director (July 11, 2021)
- UN High Level Political Forum on Sustainable-Development: Remarks by Managing Director (July 6, 2021)
- Multilateral Solutions to Global Challenges (May 19, 2021)
- Speech on the Global and Asia Economic Outlook (July 10, 2020)
- Restoring Sustainable Flows of Capital and Robust Financing for Development (July 8, 2020)
- A Joint Response for Latin America and the Caribbean to Counter the COVID-19 Crisis (June 24, 2020)
Seminars
The Infrastructure Seminar series provides a forum for leading experts to share latest insights on key policy issues related to public infrastructure.
Past Seminars Developing Economies Seminars
A flagship seminar at the Fund, the Developing Economies Seminar Series focuses on topical policy issues for developing countries and is a platform for economists to discuss and share their knowledge, with a strong policy angle.
Past Seminars FCDO/IMF Project
The IMF has partnered with the UK's Foreign, Commonwealth and Development Office (FCDO) to study critical macroeconomic policy issues in low-income countries to promote sustainable and inclusive growth in low-income countries.
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