West African Monetary Institute to receive $8 million from African Development Fund to support enhanced banking identification and financial sector...

The Board of Directors of the African Development Fund has approved $8 million in funding toward the establishment of a digitally interoperable unique bank identification system and harmonised customer identification framework for The Gambia, Guinea, Liberia and Sierra Leone.

Serbia: Staff Concluding Statement of the First Review Under the Stand-By Arrangement and the 2023 Article IV Mission

The Serbian economy has shown resilience in the face of strong headwinds. Over the past year or so, sharply higher food and energy prices, shortfalls in domestic electricity production, regional drought conditions, weak trading partner growth and tightening global financial conditions have posed major challenges to the Serbian economy. Real GDP growth was 2.3 percent in 2022 and, for this year, growth is projected to be around 2 percent as tight macroeconomic policies and weak trading partner growth weigh on activity. But the 2022 fiscal outcome was stronger than expected, as were the current account balance and reserve outcomes. And, reflecting ongoing reforms, growth is expected to recover to 3 percent in 2024, and to return to potential of about 4 percent over the medium term.

IMF Reaches Staff-Level Agreement with Benin on the Second Review under the Extended Fund Facility and the Extended Credit Facility Arrangements

“The Beninese economy is gaining strength. The authorities’ balanced policy response to external shocks, supported by frontloaded financing under the EEF/ECF, has boosted business confidence. Economic activity is estimated to have expanded by 6.3 percent in 2022, buoyed by construction and good harvest. While the outlook is favorable, supported by the expansion of the special economic zone and the modernization of the Port of Cotonou, geoeconomic fragmentation poses an important risk, with the protracted war in Ukraine and the challenging regional security situation straining external accounts and threatening food security.

IMF Staff and Paraguayan Authorities Reach Staff-Level Agreement on the First Review of the Policy Coordination Instrument (PCI)

The fiscal consolidation path remains on track. Quantitative targets and reform targets were broadly met. The mission held cordial and constructive discussions with the authorities about the economic outlook and the reform agenda going forward.

IMF Reaches Staff-Level Agreement on the First Review of the Extended Credit Facility and Conducts Discussions on the 2023 Article IV Consultation with Zambia

• Zambia will have access to about US$188 million in financing once the review is approved by IMF Management and formally completed by the IMF Executive Board. To remove any hurdles to the timely completion of the review, Zambia needs official creditors to move forward and reach agreement on a debt treatment in line with the financing assurances they provided in July 2022.

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