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This paper presents The Gambia's Requests for Disbursement Under the Rapid Credit Facility and Modification of Performance Criteria Under the Extended Credit Facility Arrangement. The immediate challenge is to contain the spread of coronavirus disease 2019 (COVID-19), strengthen medical care, implement the social distancing and other containment measures, and mitigate the economic impact of the pandemic, especially on the most vulnerable. It is important to establish appropriate criteria and reporting requirements for the use of emergency spending and ensure that COVID-related operations and outlays undergo a full independent audit to enhance transparency. In order to safeguard debt sustainability, the authorities are encouraged to seek additional grant financing for emergency spending. The Central Bank of The Gambia should continue to monitor developments in the financial sector, to ensure adequate liquidity and oversight, while avoiding a blanket weakening of supervisory standards. A strengthening of market surveillance under the existing regulations will help detect and address appropriately any weakening of banks' foreign exchange positions. Maintaining a flexible exchange rate will help absorb balance-of-payments shocks.
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Prior to the COVID crisis, Cote d'Ivoire had established a strong track record of economic policies, although domestic revenue mobilization has disappointed. The authorities reacted swiftly to the pandemic, supported by emergency financing from the IMF and other donors. They implemented a health and economic response plan combined with frontloaded capital spending, relaxing the 2020 fiscal stance by 3 1/2 ppt of GDP compared to pre-COVID projections. The authorities will start consolidating the fiscal position in 2021 while supporting the recovery, with tax measures underpinning the 2021 budget. Beyond, the authorities are committed to returning to the regional fiscal deficit norm of 3 percent of GDP by 2023. The October 2020 presidential election was accompanied by socio-political tensions.
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This paper presents São Tomé and Príncipe's Request for Disbursement Under the Rapid Credit Facility (RCF). The authorities of São Tomé and Príncipe have moved swiftly to develop a plan to address the major challenges posed by the coronavirus disease 2019 pandemic. The authorities plan to increase well-targeted health and social spending to assist the most vulnerable, support the unemployed, incentivize private businesses to retain workers, and enhance fiscal transparency and good governance. These steps would help cushion the economic impact while ensuring that public funds are spent appropriately. Prudent loan restructuring while maintaining prudential standards will help alleviate liquidity pressures and safeguard financial stability. The authorities' policies focus on immediate measures to protect against the virus, assistance to the most vulnerable, and countercyclical measures during this crisis. Public financial management will be reinforced to ensure the disbursement is used appropriately and steps will be taken to speed up the recovery next year. The IMF staff assesses that the eligibility requirements for the RCF are met and supports the authorities' request. While the country is in debt distress due to long-standing external arrears, the debt level is deemed sustainable, and there is adequate capacity to repay the IMF. The financing would help prevent a much more severe and prolonged contraction, with a substantial social impact.
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This paper takes stock of past episodes of debt restructuring and reviews the relevant literature. Based on cross-country experience from the late 1990s through 2010 of emerging markets it offers some stylized facts.
Debt relief. --- Debt.
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This paper updates the quota data base through 2008 and discusses implications for members' calculated quota shares. A subsequent staff paper will review key issues related to the realignment of quota shares and present additional illustrative simulations, for discussion by the Committee of the Whole in early July.
Debt relief. --- Debt.
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Significant progress has been made towards meeting the fund-raising targets for the PRGT, but additional resources will be needed to complete the 2009 LIC financing package. So far, fourteen members have pledged about SDR 9.8 billion in new loan resources, compared to the target of SDR 10.8 billion (including provision for a liquidity buffer to facilitate encashment). New borrowing agreements totaling SDR 7.7 billion have been signed with ten lenders. Six of these agreements provide loan resources in SDRs, and five creditors also participated in the voluntary encashment regime.
Debt relief. --- Debt.
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This paper identifies contractual reforms designed to address collective action problems in sovereign debt restructuring. Since any decisions regarding the design of contractual provisions will need to be made by the sovereign issuer and its creditors, it is recognized that the Fund's primary role will be to facilitate agreement on the design and use of these provisions.
Debt relief. --- Debt.
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South Sudan is a very fragile post-conflict country. After five years of civil conflict, the warring parties came to an agreement for power-sharing in September 2018 and formed a unity government in February 2020. However, peace remains fragile in the face of difficult humanitarian and economic conditions. Already very high levels of poverty and food insecurity have been exacerbated by severe flooding in recent months. The floods (the worst in 60 years) have killed livestock, destroyed food stocks, and damaged crops ahead of the main harvest season. South Sudan's economy has been hit hard by lower international oil prices following the COVID-19 pandemic.
Debt. --- Debt --- Social aspects.
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This paper focuses on the Islamic Republic of Mauritania's Request for Disbursement Under the Rapid Credit Facility. The economic and social impact of the pandemic is rapidly unfolding, with a contraction of output expected in 2020. The authorities have responded swiftly with measures to contain the pandemic and alleviate its fallout. Going forward, prioritizing health spending and targeted support to the most vulnerable households and sectors in the economy remains critical. The authorities are committed to full transparency and reporting of resources deployed for the emergency response, to audit crisis-mitigation spending once the crisis abates, and to publish the results. At the same time, they remain committed to the economic reform program supported by the ongoing ECF arrangement with the IMF. The program aims at using the fiscal space to increase priority spending on education, health and social protection and infrastructure, while mobilizing domestic revenues and maintaining prudent borrowing policies to preserve debt sustainability.
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