IMF Lending to Low-Income Countries
| 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. |
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Selected few lending programs to the Low-Income countries from various regions are shown below: |
| Guinea Bissau: The IMF Executive Board approved a new thirty-six-month arrangement under the ECF, in an amount of SDR 28.4 million (about US$ 38.4 million), to help securing debt sustainability while supporting the economic recovery, improving governance and reducing the risk of corruption, and creating fiscal space to sustain inclusive growth. (January 30, 2023) |
| Malawi: IMF Reaches Staff-Level Agreement with Malawi on RCF through the Food Shock Window and Program Monitoring with Board Involvement : Malawi is the first LIC to receive up to about US$88.3 million in emergency financing through new Food Shock Window under the RCF. This will help Malawi address urgent needs related to the global food crisis. Program Monitoring will support the government’s economic reforms to restore macroeconomic stability. (October 21, 2022) |
| Zambia: IMF Executive Board Approves New ECF Arrangement for Zambia: The IMF Board approves SDR 978.2 million (about US$1.3 billion) 38-month ECF arrangement for Zambia to help restore macroeconomic stability and foster higher, more resilient, and more inclusive growth. (August, 31, 2022) |
| Tanzania: IMF Executive Board Approves a 40-month, US$ 1,046.4 million ECF Arrangement for Tanzania : The 40-month ECF financing package of SDR 795.58 million (about US$1,046.4 million) will assist the economic recovery and address the spillovers from Russia’s invasion of Ukraine, help preserve macroeconomic stability, and support structural reforms toward sustainable and inclusive growth. (July 18, 2022) |
| Tonga: IMF Executive Board Approves a US$9.03 Million Disbursement :The IMF Executive Board approved the disbursement of US$9.03 million in emergency financing to help Tonga meet its urgent balance of payments needs for reconstruction and social protection following the double shock of from the Hunga Tonga–Hunga Haʻapai (HTHH) volcanic eruption and the first local outbreak of COVID-19 at the start of 2022. (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 : IMF arrangements under the EFF and ECF for Benin (US$638 million) are to help address pressing financing needs, support the country’s National Development Plan centered on achieving Sustainable Development Goals (SDGs), and catalyze donor support. (July 8, 2022) |
| Cabo Verde: IMF Executive Board Approves US$60 Million Extended Credit Facility Arrangement :The three-year ECF arrangement will help mitigate the lingering impact of the COVID-19 pandemic and the spillover effects of the war in Ukraine; reduce the fiscal deficit and preserve debt sustainability; protect vulnerable groups; and support a reform agenda that leads to higher and more inclusive growth. (June 15, 2022) |
| Mozambique: IMF Executive Board Concludes 2022 Article IV Consultation and Approves US$456 Million Extended Credit Facility Arrangement (ECF). The three-year arrangement will help support the economic recovery and policies to reduce public debt and financing vulnerabilities, creating space for priority investments in human capital, climate adaptation and infrastructure. (May 9, 2022) |
| Republic of Congo: IMF Executive Board Approves New US$455 Million Extended Credit Facility Arrangement: A 36-month arrangement under the Extended Credit Facility (ECF) is to help the country maintain macroeconomic stability and support economic recovery in the context of the pandemic, including by catalyzing financial support from official donors. (January 21, 2022) |
| Nepal: IMF Executive Board Approves US$395.9 Million ECF Arrangement. The Executive Board approved a 38-month arrangement under the Extended Credit Facility (ECF) The arrangement will assist the authorities’ Covid-19 response in mitigating the pandemic’s impact on health and economic activity, protect vulnerable groups, preserve macroeconomic and financial stability, will help fill financing gaps and will catalyze additional financing from development partners. (January 12, 2022) |
| Moldova: IMF Executive Board Approves Requests for Arrangements Under Extended Fund Facility and Extended Credit Facility. The approval of IMF-supported programs under the EFF and ECF enables the disbursement about US$79.8 million. Total envisaged disbursements under Moldova’s 40-month arrangements would amount to about US$558.3 million (SDR 400.0 million). These will enable to sustain the post-pandemic recovery; address pressing developmental needs and strengthen Moldova’s governance and institutional frameworks. ( December 21, 2021) |
| Chad: IMF Executive Board Approves New Extended Credit Facility ECF Arrangement.This 36-month arrangement under the ECF, in an amount equivalent to SDR 392.56 million (about US$570.75 million or 280 percent of quota), will help meet Chad’s large balance-of-payments and budgetary needs, including by catalyzing financial support from official donors. (December 10, 2021) |
| Niger: IMF Executive Board Approves US$275.8 Million ECF Arrangement. The arrangement supports the authorities’ reform agenda aimed at strengthening the macroeconomic framework while creating fiscal space for basic infrastructure and social spending to foster inclusive and resilient growth. The arrangement is expected to catalyze additional bilateral and multilateral financial support. (December 8, 2021) |
| IMF Executive Board Approves US$372.4 Million Rapid Credit Facility Disbursement to Tanzania to Address the COVID-19 Pandemic. The RCF disbursement will help address Tanzania’s urgent balance of payment needs arising from the COVID-19 pandemic and will provide Tanzania with concessional resources needed to mitigate the severe socio-economic impact of the pandemic. It should also help catalyze support from development partners. (November 13, 2021) |
| IMF Executive Board Approves a US$76 Million Disbursement under the Rapid Credit Facility to Burundi to Address the COVID-19 Pandemic. This emergency financial assistance will support the implementation of Burundi’s COVID-19 response plan and contribute to financing the country’s urgent balance of payment and fiscal needs stemming from the pandemic. (October 25, 2021) |
| IMF Executive Board Approves US$567.25 Million in Emergency Support to Tanzania to Address the COVID-19 Pandemic. The disbursement under the RCF and purchase under the RFI will help finance the interventions needed to mitigate the severe socio-economic impacts of the pandemic and help catalyze support from development partners. (September 7, 2021) |
| IMF Executive Board Approves US$ 689.5 Million Arrangements Under the Extended Credit Facility and Extended Fund Facility for Cameroon. The ECF/EFF-supported program aims to support the authorities’ efforts to achieve a rapid post-COVID-19 recovery, restore the country’s fiscal and external sustainability and unlock inclusive and private sector-driven growth. (July 29, 2021) |
| IMF Executive Board Approves US$1.52 billion ECF Arrangement for the Democratic Republic of the Congo. The three-year financing package will support an ambitious structural reform agenda aimed at promoting sustainable economic growth by stepping up domestic revenue mobilization, strengthening governance, and reinforcing monetary policy. (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. The RCF will help cover its balance of payment and fiscal needs stemming from the explosive eruption of the La Soufrière volcano that began on April 9, 2021. Fund financing is expected to help catalyze additional donor support. The authorities remain committed to ensuring transparency and good governance in the use of humanitarian and crisis-related spending. (July 1, 2021) |
| IMF Executive Board Approves Extended Credit Facility Arrangement for Sudan. The three-year financing package will support the implementation of the authorities’ transformational reforms that will focus on a continued strengthening of public finances and the social safety net, improvements in governance to foster private sector-led growth, increasing central bank independence and putting in place a framework for effective monetary policy. (June 29, 2021) |
| IMF Executive Board Approves US$1 billion ECF Arrangement for Uganda. The program will support the short-term response to the COVID-19 crisis and help reforms focusing on creating fiscal space for priority social spending, preserving debt sustainability, strengthening governance, and enhancing the monetary and financial sector framework. (June 28, 2021) |
| IMF Executive Board Approves US$2.34 Billion ECF and EFF Arrangements for Kenya. The three-year financing package will support the next phase of the authorities’ COVID-19 response and their plan to reduce debt vulnerabilities while safeguarding resources to protect vulnerable groups. The program will also advance the broader reform and governance agenda, including by addressing weaknesses in some state-owned enterprises (SOEs) and strengthening transparency and accountability through the anticorruption framework. (April 2, 2021) |
| IMF Executive Board Approves US$ 174.2 Million Emergency Assistance for South Sudan to Address the COVID-19 Pandemic. This is the second IMF financial assistance to South Sudan since it joined the IMF in 2012. The disbursement will help finance South Sudan’s urgent balance of payments needs and provide critical fiscal space to maintain poverty-reducing and growth-enhancing spending. (March 30, 2021) |
| IMF Executive Board Approves US$50 million Disbursement to Sierra Leone to Address the Continuing Impact of the COVID 19 Pandemic. Emergency financing from the IMF under the Rapid Credit Facility will help meet urgent external and fiscal financing needs in 2021, and ensure that the authorities can maintain their response and recovery efforts. In line with their National Development Plan priorities, they continue to strengthen governance, including transparently reporting on their COVID-19 response, and publishing details of large emergency‑related procurement contracts. ( March 15, 2021) |
| IMF Executive Board Approves a US$9.95 Million Disbursement to Tonga. The IMF Executive Board approved the disbursement of US$9.95 million in emergency financing to help Tonga meet its urgent balance of payments and fiscal needs arising due to economic and healthcare support necessary to cope with the pandemic. (January 25, 2021) |
| IMF Executive Board Approves a SDR 258.4 Million Disbursement under the Rapid Credit Facility and Purchase under the Rapid Financing Instrument to Myanmar to Address the COVID-19 Pandemic. The IMF assistance, equivalent to about US$350 million under the Rapid Credit Facility (RCF) and the Rapid Financing Instrument (RFI), will aid Myanmar’s COVID-19 policy measures aimed at minimizing the pandemic’s economic and social impact while supporting the vulnerable. (January 13, 2021) |
| IMF Executive Board Approves a US$ 177.96 Million in Emergency Assistance for Benin to Address the COVID-19 Pandemic. This second IMF emergency assistance since the outbreak of the pandemic will finance the scaling up of the health and economic relief, shore up confidence, and help catalyze donor support. To ensure that the financing provided is spent as intended in addressing the crisis, the authorities have committed to further enhancing the transparency of the procurement process. (December 21, 2020) |
| IMF Executive Board Approves US$52.3 Million Disbursement to South Sudan to Address the COVID-19 Pandemic. The disbursement will help finance South Sudan’s urgent balance of payments needs, contain the fiscal impact of the shock and will provide critical fiscal space to maintain poverty-reducing and growth-enhancing spending. This is the first lending operation with South Sudan since it joined the Fund in 2012. (November 11, 2020) |
| IMF Executive Board Approves A US$370 Million Extended Credit Facility Arrangement to Support the Islamic Republic of Afghanistan. The 42-month arrangement under the Extended Credit Facility (ECF) aims to support Afghanistan’s recovery from the Covid-19 pandemic, anchor economic reforms, and catalyze donor financing. Structural reforms will focus on mobilizing domestic revenue, improving the quality of public spending and public financial management, bolstering the financial sector, and strengthening the anti-corruption regime. (November 6, 2020) |
| IMF Executive Board Approves a US$ 156 million New Disbursement for Cameroon to Address the impact of the COVID-19 Pandemic. This is the second emergency disbursement to the country since the onset of the COVID-19 pandemic, bringing total IMF emergency support since the outbreak of the pandemic to SDR 276 million (about US$ 382 million, 100 percent of quota). The new emergency disbursement will help Cameroon meet its urgent balance of payments and fiscal needs to mitigate the impact of the pandemic. (October 21, 2020) |
| IMF Executive Board Approves an Additional US$101.96 Million Disbursement under the Rapid Credit Facility for Malawi to Address the COVID-19 Pandemic. IMF financing under this second RCF will help fill part of the external financing gap and catalyze other concessional financing. The authorities have committed to transparency and accountability to ensure that the RCF resources are used appropriately and for their intended purpose. (October 2, 2020) |
| IMF Executive Board Completes Fifth Review Under the Extended Credit Facility Arrangement for the Islamic Republic of Mauritania, Approves Augmentation and US$52 Million Disbursement. The IMF’s support will provide additional resources to mitigate the pandemic’s socio-economic impact and continue with institutional reforms to foster an inclusive recovery. (September 2, 2020) |
| IMF Executive Board Approves an Additional US$171.9 Million Disbursement Under the RCF to Madagascar to Address the COVID-19 Pandemic. This is the second emergency disbursement since the onset of the pandemic and will help finance the country’s urgent balance of payments and fiscal needs. It follows the Executive Board’s approval of the disbursement of US$ 165.99 million on April 3, 2020 (see IMF Press Release No. 20/133). (July 30, 2020) |
| IMF Executive Board Approves a US$363.6 Million Disbursement to Papua New Guinea to Address the COVID-19 Pandemic. Papua New Guinea is facing headwinds at a time when its economy is already fragile and has limited fiscal space. The COVID-19 pandemic is expected to have a significant negative impact on domestic economic activity and growth. The fall in global prices for some of its major exports is posing additional challenges. These developments have led to a sharp fall in export revenues and an urgent balance of payments financing need. IMF support, through the Rapid Credit Facility, would help meet immediate financing needs and should catalyze financial support from development partners. (June 9, 2020) |
| IMF Executive Board Approves US$143 Million Disbursement to Sierra Leone to Address the COVID-19 Pandemic. The COVID-19 pandemic is severely impacting Sierra Leone’s economy. A sharp contraction in external demand, and vital steps to contain the spread of the virus, are disrupting domestic activity and important mineral exports. IMF Emergency financing under the Rapid Credit Facility will help meet this financing gap and create room for pandemic-related spending. (June 3, 2020) |
| IMF Executive Board Approves a US$732 Million Disbursement to Bangladesh to Address the COVID-19 Pandemic. Bangladesh’s economy has been severely impacted by the COVID-19 pandemic with weaker domestic demand and a sharp decline in exports and remittances. This program will help finance the health, social protection and macroeconomic stabilization measures, meet the urgent balance-of-payments and fiscal needs arising from the COVID-19 outbreak, and catalyze additional support from the international community. (May 29, 2020) |
| IMF Executive Board Approves a Disbursement of US$16 Million for St. Vincent and the Grenadines to Address the COVID-19 Pandemic. The pandemic has hit St. Vincent and the Grenadines hard. Tourism receipts have dried up, as tourism arrivals have come to a complete halt. IMF support will help cover some of these needs and allow the government to ease the impact on the population including increased spending and health and social protection. (May 20, 2020) |
| The Executive Board of the IMF approved US$ 121.1 million in emergency assistance to the Kyrgyz Republic. This is the second IMF emergency loan under the RFI/RCF for the Kyrgyz Republic since the outbreak of the pandemic. This additional disbursement brings the total IMF emergency loan to the Kyrgyz Republic to address the COVID-19 pandemic to US$ 242.0 million. The IMF emergency support addresses the urgent balance of payments need, shores up confidence, and catalyzes donor support. (May 8, 2020) |
| IMF Executive Board Approves a US$214 Million Disbursement to Nepal to Address the COVID-19 Pandemic. The IMF Executive Board approved the disbursement of US$214 million in emergency financing under the Rapid Credit Facility to help Nepal address urgent balance of payments needs created by COVID-19, which is having a severe impact on remittances, tourism, and domestic activity, and will substantially weaken Nepal’s GDP growth, balance of payments, and fiscal position. (May 6, 2020) |
| IMF Executive Board Approves US$65.6 Million in Disbursements to Dominica, Grenada, and St. Lucia to Address COVID-19 Pandemic. The Executive Board of the IMF approved disbursements to Dominica, Grenada, and St. Lucia following their requests under the Rapid Credit Facility (RCF) mechanism, with a combined SDR 48 million (US$65.6 million), to help cover their balance of payment needs stemming from the outbreak of the COVID-19 pandemic. IMF financing will also facilitate essential health-related expenditures and income support to ease the impact of COVID-19 on the population. (April 28, 2020) |
| IMF Executive Board Approves a US$28.9 Million Disbursement to the Republic of Maldives to Address the COVID-19 Pandemic. The pandemic is inflicting significant damage, especially on tourism activity, and is expected to result in substantial weakening of the Maldives’ GDP growth, balance of payments and the fiscal position. The IMF’s financial assistance will help to cover the financing gap, supporting fiscal rebalancing and the implementation of the authorities’ anti-crisis plan. (April 22, 2020) |
| IMF Executive Board Approves a US$38 Million Disbursement to the Central African Republic to Address the COVID-19 Pandemic To address the urgent balance-of-payments needs, the IMF approved US$38 million emergency assistance for the Central African Republic under the Rapid Credit Facility. The country will also benefit from IMF debt service relief under the Catastrophe Containment and Relief Trust. (April 20, 2020) |
| IMF Executive Board Approves a US$28.9 Million Disbursement to the Republic of Maldives to Address the COVID-19 Pandemic (April 22, 2020) |
| IMF Executive Board Approves a US$38 Million Disbursement to the Central African Republic to Address the COVID-19 Pandemic (April 22, 2020) |
| IMF Executive Board Approves US$2.9 Billion ECF and EFF Arrangements for Ethiopia (December 20, 2019) |
| IMF Executive Board Approves US$213.6 Million ECF Arrangement for Liberia (December 11, 2019) |
| IMF Assistance to the Low-Income Countries to Address the COVID-19 Pandemic (April – June, 2020) |