IMF update on Ghana, Ethiopia & Zambia

The International Monetary Fund (IMF) recently provided updates on its programs across the African continent, specifically focusing on Zambia, Ghana, Mali, and Ethiopia. Julie Kozack, the IMF's Communications Director, highlighted the progress made in each country and the ongoing efforts to support their economic stabilization and growth. In Zambia, significant strides have been made in implementing reforms, with a focus on fiscal responsibility and social spending. The IMF team commended Zambia's efforts but emphasized the need for continued reform to ensure macroeconomic stability, fiscal and debt sustainability, and addressing the consequences of the drought. Discussions are ongoing virtually to assess the economic impact of the drought and agree on policies to support the completion of the program amidst challenging financing conditions. Moving on to Ethiopia, the IMF has been in discussions with the authorities to provide support for their economic program. Substantial progress has been made towards establishing the IMF's assistance, with ongoing virtual discussions to finalize the details. Similarly, Ghana has seen positive developments, with staff-level agreement reached for the second review of the program. This agreement is expected to grant Ghana access to around $360 million, supporting the country's economic stabilization efforts. Growth projections are being revised upwards, inflation is decreasing, and fiscal and external positions are improving. In Cote d'Ivoire, the IMF and authorities reached agreements on the second review of the EFF ECF program and the first review of the RSF. These agreements, totaling $3.5 billion and $1.3 billion respectively, aim to support macroeconomic stability, economic transformation, and climate resilience efforts outlined in the national development plan. The IMF's focus on these countries reflects its commitment to assisting in strengthening their economies and fostering sustainable growth. As discussions continue and agreements are finalized, the IMF stands ready to support the authorities in achieving their economic goals and overcoming challenges. In a statement regarding the progress in these countries, Kozack emphasized, 'The authorities' strong policy and reform efforts under the program are bearing fruit, and signs of economic stabilization are emerging.' The IMF's continued involvement and support are crucial in helping these nations navigate through economic challenges and pave the way for a more stable and prosperous future.