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

“Tanzania’s economic recovery from the impact of the pandemic is continuing despite headwinds from the global economic environment. While some sectors, including mining, tourism, and other services, showed signs of recovery in 2022, growth for the year is estimated to have reached 4.7 percent, reflecting the impact of global economic conditions, and the effects of a shortfall in rainfall on electricity production and agriculture. Despite price subsidies provided by the government on fuel and fertilizer, inflation peaked at 4.9 percent (year-on-year) in January (from 4.0 percent a year earlier), approaching the Bank of Tanzania’s (BoT) 5 percent upper band. With inflation rising, the BoT has stepped up its repo operations to mop up excess liquidity.

IMF Executive Board Discusses Elements of Effective Policies for Crypto Assets

Efforts to put in place effective policies for crypto assets have become a key policy priority for authorities, amid the failure of various exchanges and other actors within the crypto ecosystem, as well as the collapse of certain crypto assets. Doing nothing is untenable as crypto assets may continue to evolve despite the current downturn.

IMF Executive Board Concludes 2022 Article IV Consultation with Angola

Angola’s economy continued to recover from the COVID-19 pandemic in 2022, supported by higher oil prices, improved oil production, and resilient non-oil activity. Non-oil growth was broad-based despite a challenging external environment. Growth is estimated at 3.5 percent for 2023. Headline inflation declined significantly to 13.8 percent y/y at end-December 2022, driven by lower global food prices, a stronger kwanza, and previous efforts by the central bank to tighten monetary policy.

Asian Development Fund 12 and 13

ONGOING EVALUATION. The Independent Evaluation Department (IED) assesses the performance of ADF operations every 4 years and provides lessons and recommendations for improving its development effectiveness and informing the next replenishment. The previous evaluation focused on ADF XI and 12 operations (2013–2018) and support for Strategy 2020. 

The purpose of this evaluation is to examine the performance of Asian Development Fund (ADF) 12 and 13 concessional resources; and inform negotiations for ADF 14. The evaluation will focus on the allocation, use, and performance of ADB concessional assistance for ADF developing member countries (DMCs), primarily ADF grants in the 10 ADF grant-only countries and 3 ADF blend countries. It will draw from the ADF 13 midterm review (self-evaluation) and validate and update its findings on the thematic pool, disaster response facility (DRF+), pilot private sector window (PSW), and support for Afghanistan. The evaluation will examine the performance-based allocation (PBA) framework, the economic vulnerability premium (EVP) for small island developing states (SIDS), and the novel financing arrangement in Afghanistan. Lastly, given the introduction and prominence of ADF in the FCAS and SIDS Approach (FSA), the evaluation will assess the initial progress made since its adoption in 2021, and pay attention to the monitoring and evaluation systems to confirm that they provide timely evidence on ADF results.

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