Support for LICs
Questions and Answers:
Q1. 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$14 billion disbursed as zero percent interest rate loans from the Poverty Reduction and Growth Trust.
Most of this support was through the Fund’s emergency financing instruments—the Rapid Credit Facility (RCF) and Rapid Financing Instrument (RFI)—which provide immediate, one-time disbursements to countries facing urgent balance of payments needs. The Fund was able to respond to a record number of requests for financial assistance through a series of temporary access limit increases to the RCF and RFI, and temporary increases in the Poverty Reduction and Growth Trust (PRGT) overall access limits.
Factsheet: Fund Concessional Support for Low-Income Countries—Responding to the Pandemic, July 2021
Read MoreIMF Lending
The IMF is providing emergency financial assistance and debt relief to member countries facing the economic impact of the COVID-19 pandemic. The list of countries here shows emergency financing approved by the IMF’s Executive Board.
Selected few lending programs to the Low-Income countries from various regions are shown below.
- Malawi: IMF Reaches Staff-Level Agreement with Malawi on RCF through the Food Shock Window and Program Monitoring with Board Involvement (October 21, 2022)
- Zambia: IMF Executive Board Approves New ECF Arrangement for Zambia (August 31, 2022)
- Tanzania: IMF Executive Board Approves a 40-month, US$ 1,046.4 million ECF Arrangement for Tanzania. (July 18, 2022)
- Tonga: IMF Executive Board Approves a US$9.03 Million Disbursement . (July 18, 2022)
- Benin: IMF Executive Board Approves US$638 million Extended Fund Facility and Extended Credit Facility for Benin and Concludes 2022 Article IV Consultation (July 8, 2022)
News/Blogs
- Africa's Inflation Among Region's Most Urgent Challenges (October 20, 2022)
- How Countries Should Respond to the Strong Dollar (October 14, 2022)
- Fiscal Policy Can Help People Rebound from Cost-of-Living Crisis (October 12, 2022)
- Further Delaying Climate Policies Will Hurt Economic Growth (October 5, 2022)
- Global Food Crisis Demands Support for People, Open Trade, Bigger Local Harvests (September 30, 2022)
- Africa Food Prices Are Soaring Amid High Import Reliance (September 27, 2022)
- Establishment of the Resilience and Sustainability Trust (August 18, 2022)
Policy Papers
- The Act Now, Act Together for A More Resilient World: Managing Director’s Global Policy Agenda, Annual Meetings 2022 (October 13, 2022)
- Proposal for a Food Shock Window under the Rapid Financing Instrument and Rapid Credit Facility (October 5, 2022)
- Staff Guidance Note on the Sovereign Risk and Debt Sustainability Framework for Market Access Countries (August 8, 2022)
- IMF Strategy Toward Mainstreaming Gender (July 28, 2022)
- Poverty Reduction and Growth Trust—Guidance Note on New Enhanced Safeguards for Debt Sustainability and Capacity to Repay (June 3, 2022)
- Making Debt Work For Development and Macroeconomic Stability (April 26, 2022)
- More Policy Papers on Low-Income Issues
Research & Publications
- Private Savings and Covid-19 in Sub-Saharan Africa (September 9, 2022)
- Waiting for Godot? The Case Climate Change Adaptation and Mitigation in Small Island States (September 9, 2022)
- Debt-for-Climate Swaps: Analysis, Design, and Implementation (August 12, 2022)
- Economic Growth After Debt Surges (July 29, 2022)
- Staple Food Prices in Sub-Saharan Africa: An Empirical Assessment (July 8, 2022)
- All Regional Economic Reports
Videos
Mounting Challenges, Decisive Times-REO for the Middle East and North Africa (November 2, 2022)
Living on the Edge: IMF Outlook for sub-Saharan Africa Nairobi Launch (October 25, 2022)
Act Now, Act Together: Annual Meetings Press Conference (October 13, 2022)
Policies for People: Inclusive Choices Under Tight Budgets (October 12, 2022)
Debt Restructuring: Why Too Little and Too Late (October 11, 2022)
Gambling on Development: Why Some Countries Win and Others Lose (September 12, 2022)
Aid for Trade Global Review 2022 - High Level Agency Aid for Trade Focus Session (July 27, 2022)
World Economic Outlook Update, July 2022 (July 26, 2022)
More Videos
Speeches
- The IMF's Role in a More Shock-Prone World (October 14, 2022)
- Navigating A More Fragile World (October 6, 2022)
- Michel Camdessus Central Banking Lecture: Managing Director's Opening Remarks (September 14, 2022)
- How Will the Pandemic and War Shape Future Monetary Policy (August 26, 2022)
- Managing Director's Remarks at the Leaders’ Dialogue on Adaptation Action in Africa (July 7, 2022)
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.
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.
Learn More