Support for LICs
Questions and Answers:
Q1. What has the IMF done to help low-income countries during the coronavirus pandemic?
The IMF has acted with unprecedented speed and scale to support low-income countries during the pandemic. The Fund provided financial support to 53 of 69 eligible low-income countries in 2020 and in the first half of 2021, with about US$14 billion disbursed as zero percent interest rate loans from the Poverty Reduction and Growth Trust.
Most of this support was through the Fund’s emergency financing instruments—the Rapid Credit Facility (RCF) and Rapid Financing Instrument (RFI)—which provide immediate, one-time disbursements to countries facing urgent balance of payments needs. The Fund was able to respond to a record number of requests for financial assistance through a series of temporary access limit increases to the RCF and RFI, and temporary increases in the Poverty Reduction and Growth Trust (PRGT) overall access limits.
Factsheet: Fund Concessional Support for Low-Income Countries—Responding to the Pandemic, July 2021
Read MoreIMF Lending
The IMF is providing emergency financial assistance and debt relief to member countries facing the economic impact of the COVID-19 pandemic. The list of countries here shows emergency financing approved by the IMF’s Executive Board.
Selected few lending programs to the Low-Income countries from various regions are shown below.
- Tanzania: IMF Executive Board Approves a 40-month, US$ 1,046.4 million ECF Arrangement for Tanzania. (July 18, 2022)
- Tonga: IMF Executive Board Approves a US$9.03 Million Disbursement . (July 18, 2022)
- Benin: IMF Executive Board Approves US$638 million Extended Fund Facility and Extended Credit Facility for Benin and Concludes 2022 Article IV Consultation (July 8, 2022)
- Cabo Verde: IMF Executive Board Approves US$60 Million Extended Credit Facility Arrangement ( June 15, 2022)
- Mozambique: IMF Executive Board Concludes 2022 Article IV Consultation and Approves US$456 Million Extended Credit Facility Arrangement (ECF). (May 9, 2022)
News/Blogs
- Public Sector Must Play Major Role in Catalyzing Private Climate Finance (August 18, 2022)
- Establishment of the Resilience and Sustainability Trust (August 18, 2022)
- Chart of the Week : Central Banks Hike Interest Rates in Sync to Tame Inflation Pressures (August 10, 2022)
- Global Economic Growth Slows Amid Gloomy and More Uncertain Outlook (July 26, 2022)
- Sub-Saharan Africa Reveals Lessons for Governance (June 23, 2022)
- More African Central Banks Are Exploring Digital Currencies (June 23, 2022)
- Conference on the Promotion of Good Governance and Fight against Corruption (June 15, 2022)
Policy Papers
- IMF Strategy Toward Mainstreaming Gender (July 28, 2022)
- Poverty Reduction and Growth Trust—Guidance Note on New Enhanced Safeguards for Debt Sustainability and Capacity to Repay (June 3, 2022)
- Making Debt Work For Development and Macroeconomic Stability (April 26, 2022)
- 2022 Review of Adequacy of Poverty Reduction and Growth Trust Finances (April 21, 2022)
- The Managing Director’s Global Policy Agenda, Spring Meetings 2022 (April 20, 2022)
- Proposal To Establish A Resilience and Sustainability Trust (April 18, 2022)
- More Policy Papers on Low-Income Issues
Research & Publications
- Economic Growth After Debt Surges (July 29, 2022)
- Staple Food Prices in Sub-Saharan Africa: An Empirical Assessment (July 8, 2022)
- Income Convergence or Divergence in the Aftermath of the COVID-19 Shock? (June 17, 2022)
- Fiscal Decentralization Improves Social Outcomes When Countries Have Good Governance (June 3, 2022)
- Seven Finance & Trade Lessons from COVID-19 for Future Pandemics (May 20, 2022)
- All Regional Economic Reports
Videos
Aid for Trade Global Review 2022 - High Level Agency Aid for Trade Focus Session (July 27, 2022)
World Economic Outlook Update, July 2022 (July 26, 2022)
High-Level Conference on the Promotion of Good Governance and Fight Against Corruption (June 13, 2022)
Fragility, Conflict, and Macroeconomic Policy in a Shock-Prone World-The Fund’s FCS Strategy (June 7, 2022)
Climate-Related Financial Risks and Green Finance in Asia and the Pacific (June 1, 2022)
IMF Videos - How African Countries Can Navigate the Turbulent Global Economy (May 18, 2022)
Regional Economic Outlook for Sub-Saharan Africa (April 28, 2022)
IMF's Resilience and Sustainability Trust (RST) (April 19, 2022)
IMF Videos - World Economic Outlook, (April 19, 2022)
Shoring Up Debt Sustainability (April 6, 2022)
Speeches
- Managing Director's Remarks at the Leaders’ Dialogue on Adaptation Action in Africa (July 7, 2022)
- The Return of Macroeconomic Imbalances: Adapting to Life on the Edge (June 27, 2022)
- Governance and Accountability in Africa: Progress and Road Ahead (June 13, 2022)
- Confronting Fragmentation: How to Modernize the International Payment System (May 10, 2022)
- Inequality and Macro Policy (April 28, 2022)
Seminars
The Infrastructure Seminar series provides a forum for leading experts to share latest insights on key policy issues related to public infrastructure.
Past Seminars
Developing Economies Seminars
A flagship seminar at the Fund, the Developing Economies Seminar Series focuses on topical policy issues for developing countries.
FCDO/IMF Project
The IMF has partnered with the UK's Foreign, Commonwealth and Development Office (FCDO) to study critical macroeconomic policy issues in low-income countries to promote sustainable and inclusive growth in low-income countries.
Learn More