IMF Executive Board Concludes Third Review Under the Extended Credit Facility and Extended Fund Facility Arrangements for the Republic of Moldova

Moldova’s economy contracted sharply in 2022, reflecting spillovers from the war; a modest recovery is expected in 2023. Inflation remains high but continues to decline rapidly. Fiscal policies are focusing on mitigating the impacts of the overlapping crises and supporting economic recovery. Risks to the energy sector have abated for now, reflecting authorities’ prudent use of contingency plans. Nevertheless, the outlook remains subject to extreme uncertainty, primarily due to risks of further escalation of the war. Moldova’s program implementation remains strong despite this challenging environment, notably with recent completion of important reforms, which can help promote the integrity, capacity, and independence of key anti-corruption institutions and enhance enforcement of the anti-corruption legal framework.

IMF Executive Board Concludes Review of Colombia’s Performance Under the Flexible Credit Line Arrangement

The current two-year FCL arrangement for Colombia was approved by the IMF’s Executive Board on April 29, 2022 (see Press Release No. 22/135) in an amount equivalent to SDR 7.1557 billion (about US$9.8 billion). The Colombian authorities stated their intention to continue treating the FCL arrangement as precautionary.

African Development Bank, European Union, and France invest $300 million in Tanzania’s Hydropower Project

The government of Tanzania, the African Development Bank, and the French Development Agency (AFD) have signed agreements for two development project loans worth $300 million. The funds will finance the construction of the 87.8-megawatt Kakono Hydropower Plant located in Kagera region in the northern part of...

Africa Knowledge Exchange shares perspectives on protecting forests, fostering climate resilience and empowering communities

In March 2023, the Climate Investment Funds (CIF), the Government of Côte d’Ivoire, and the African Development Bank Group held a four-day event to share knowledge from 15 years of the Fund’s interventions in Africa. The event focused on experiences from the Forest Investment Program and the Pilot Program for...

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