What:

Open Day for Sao Tomé and Principe Civil Society Organizations

Who:

The African Development Bank has signed a €362,000 grant agreement with Hadejia Jama'are Komadugu Yobe Basin-Trust Fund to prepare additional studies under the second phase of developing a strategic plan for managing water resources in the Komadugu-Yobe Basin in northern Nigeria.

This year's World Water Day theme is “accelerating change to solve the water and sanitation crisis”. What does this theme mean to you?

The African Development Bank and the Bank for Trade and Industry (BCI) of Mauritania have signed a $485,000 technical assistance agreement for the Affirmative Finance Action for Women in Africa (AFAWA) program which aims at promoting women's access to finance in Africa.

Country Report No. 2023/119

Country Report No. 2023/115

An International Monetary Fund (IMF) team led by Papa N’Diaye visited South Africa on March 1-17 to hold meetings with the economic authorities and other counterparts from the public and private sectors for the 2023 Article IV annual consultation. Discussions focused on policies to ensure macro-financial stability and the far-reaching reforms needed to durably lift potential growth, create jobs, reduce poverty and inequality, and facilitate the transition to a greener economy.

The reopening of borders and strong public infrastructure investment are paving the way for a faster recovery. GDP growth is expected to rise to 3.5 percent in 2023. Agricultural production, remittance inflows, and strong recovery in trading partners will support the economic activity. High energy and global commodity prices are pushing up headline inflation and widening the current account deficit, but core inflation remains subdued for now. Fiscal policy is expected to remain expansionary in the near term as the implementation of externally financed infrastructure projects accelerates. Monetary policy remains appropriately on hold amid weak private credit growth and negative output gap. The Economic Citizenship Program (ECP) is facing significant challenges, with important implications for revenue collection and governance. The financial and operational challenges of Air Vanuatu are worsening and affecting the economy in general, particularly the tourism sector. The banking sector weathered the pandemic well. However, elevated non-performing loans (NPLs), particularly for households, remain a concern.

The Executive Board of the International Monetary Fund (IMF) today approved 38-month arrangements under the Extended Credit Facility and Extended Fund Facility for Papua New Guinea (PNG) in the amount of SDR684.3 million (equivalent to US$918 million). The program seeks to protect the vulnerable and foster inclusive growth. The reforms will focus on strengthening debt sustainability, alleviating foreign exchange (FX) shortages, and enhancing governance and operationalizing the anti-corruption framework.

Lebanon is at a particularly difficult juncture. For over three years, it has been facing an unprecedented crisis, with severe economic dislocation, a dramatic depreciation of the Lebanese lira and triple-digit inflation that have had a staggering impact on people’s lives and livelihoods. Unemployment and emigration have increased sharply, and poverty is at historically high levels. The provision of basic services like electricity, public health, and public education have been severely disrupted, and essential social support programs and public investment have collapsed. More broadly, capacity in public administration has been critically weakened. Banks are unable to extend credit to the economy and bank deposits are mostly inaccessible to customers. The presence of a large number of refugees exacerbates Lebanon’s challenges.