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The International Monetary Fund says there is a need for a more ambitious strategy to tackle South Africa’s rising public debt and fiscal deficits. 'The mission recommends a consolidation effort of 1% of GDP per year over the next three years to achieve a primary surplus sufficient to lower debt to around 60%-70% in the next five to 10 years.' Read the full report. #businessday #imf #fiscalpolicy #southafrica #finance https://lnkd.in/d45qYhK7

The International Monetary Fund (IMF) approved a $7 billion bailout package for Pakistan, Package will be 37 months long in duration. The first tranche of $1.1 billion has also been approved for release, with funds expected to be transferred by September 30. The loan will carry an interest rate of less than 5%, according to the Ministry of Finance. The approval came during a meeting of the IMF Executive Board in Washington, where Pakistan's package was a key agenda item. The latest bailout, coming to Pakistan in the form of loans, follows a commitment by the government to implement reforms, including a major effort to broaden the country’s tax base. According to the statement, Pakistan will be receiving the money in the next three years if it lives up to the promises the current government has made with the Fund. These include measures to tax everyone in the county and privatise the state’s own organisations. #dailynews #dailynewspaper #dailynewsupdate #technews #technews24h #technewsdaily #technology #technologynews #technologysolutions #technology #technologynews #technologythesedays #innovation #updates #technifrim

This is disingenuous, to the point of being a total lie. The government's budget is really one big bucket. If you use money from the Gold and Foreign Exchange Contingency Reserve Account (GFECRA) to pay interest, or even pay down debt, it still frees that money up to be used on bailouts for SOEs, corruption and waste. #southafrica #debtrestructuring https://lnkd.in/dE6EgPFn

The International Monetary Fund (IMF) mission and #Moldovan authorities have reached an expert-level agreement on the policies needed to complete the sixth review of the program supported by the #Extended #Credit #Facility (ECF) and #Extended #Fund #Facility (EFF), as well as the second review under the Resilience and Sustainability Facility (RSF). As a result, Moldova will receive $148.3 million in #financial #support.

IMF and the Kenyan authorities have reached a staff-level agreement on a set of comprehensive policies and reforms needed to complete the seventh reviews of Kenya’s Extended Fund Facility (EFF) and Extended Credit Facility... #Kenya International Monetary Fund #insideAfrica

Source:- The Bloomberg Ethiopia Wins Financing Assurances Key for New IMF Loan √ China, France co-chair Ethiopia’s official creditor committee √ Assurances given to help fast-track approval of new IMF loan Ethiopia’s official creditors have granted financing assurances to the country to help fast-track approval of a new loan by the International Monetary Fund’s executive board, according to people familiar with the matter. Ethiopia Wins Financing Assurances Key for New IMF Loan https://lnkd.in/ebe7rt5z

🚀 The Democratic Republic of Congo is launching an issue of Treasury Bills and Bonds to support its economy! 💰 An initiative that promises stability, growth and development 🌍 #RDC #Finance #EconomicDevelopment 🇨🇩

IMF reaches staff-level agreement with SL on the second review The IMF team reached staff-level agreement with the Sri Lankan authorities on the second review under the economic reform program supported by a 4-year Extended Fund Facility (EFF) arrangement and concluded the 2024 Article IV Consultation discussions. Addressing the media, IMF Senior Mission Chief Peter Breuer said the staff-level agreement is subject to the approval by IMF management and the IMF Executive Board in the period ahead. The approval will depend on the implementation by the authorities of prior actions, the completion of financing assurances review, which will focus on confirming multilateral partners’ committed financing contributions, and whether adequate progress has been made with the debt restructuring to give confidence that the restructuring will be concluded in a timely manner and in line with the program’s debt targets. “Upon completion of the Executive Board review, Sri Lanka would have access to SDR 254 million (about US$337 million), bringing the total IMF financial support disbursed under the arrangement to SDR 762 million (about US$1 billion),” said Breuer. The EFF arrangement was approved by the IMF Executive Board for a total amount of SDR 2.3 billion (about US$3 billion) on March 20, 2023. Source : https://lnkd.in/gmEHzimj #IMF #FinanceInsights #FinanceNews

Pakistan is taking bold steps towards fiscal reform, spurred by the IMF's call for revisiting the National Finance Commission (NFC) award to balance fiscal resources more equitably between federal and provincial governments. Amidst discussions for a critical $1.1 billion loan, efforts to address disparities in resource allocation and responsibilities are underway, highlighting the need for consensus across diverse political landscapes. With a commitment to fiscal prudence, energy sector reform, and strategic privatization, Pakistan aims to overcome constitutional hurdles and political diversity to achieve economic stability. This journey towards fiscal discipline and efficiency is a testament to Pakistan's resolve in facing its challenges head-on, as it edges closer to securing a pivotal agreement wi#pakistanifood READ MORE ABOUT IMPORTANT UPDATES FROM PAKISTAN ON OUR WEBSITE. LINK IN BIO! https://lnkd.in/d_D-MMDx #EconomicReform #FiscalResponsibility #PakistanIMF