货币基金组织执行根据ECF安排完成第五次审查批准向多哥拨款3460万美元

2019年10月25日货币基金组织执局行根据ECF安排完成第五次审查，批准向多哥拨款3 460万美元。扩大信贷安排在大多数地区支持下项目按计划实施：

多哥的经济增长预计将在2019年加速至5.3%，中期内将徘徊在5.5%左右。货币基金组织欢迎当局"决心执行财政整顿和减少债务。2019年10月25日，国际货币基金组织（货币基金组织）执行局在一个由扩展信贷机构（ECF）安排支持的方案下完成了对多哥经济绩效的第五次审查。[1]审查完成后，能够支付2,700万美元（约3,460万美元），将该安排下的付款总额达到1.02亿特别提款权（约2,780万美元）。2017年5月5日批准了多哥的3年SDR176.16亿特别提款权(约242.4亿美元，占多哥配额的120%)(见第17/151号新闻稿)。该方案旨在大幅减少总体财政赤字，以确保长期债务和外部可持续性；通过有针对性的社会支出和可持续供资的基础设施支出重新调整包容性增长政策；解决了两个公共银行的财务弱点。预计到2019年，经济增长将加快到5.3%，在中期徘徊在5%左右。自2017年以来，多哥遵守了西非经货联盟的赤字标准；总财政赤字预计到2019年国内生产总值的2.9%，到2020年国内生产总值的1.9%。债务已经下降，预计到2020年将下降到GDP的70%以下。有关债务重组和相关担保的讨论正在进行之中，有待作出决定。执行局讨论后，副管理主任兼代理主席MitsuhiroFurusawa先生作了如下发言：“多哥在ECF支持的项目下的表现得到了广泛的满意。经济复苏似乎正在进行，结构改革正在进行，财政整顿仍在继续。然而，存在与全球经济环境、区域安全条件以及选举周期对国内经济活动的潜在影响有关的下行风险。"当局仍然决心继续进行财政整顿和减债。鉴于债务水平较高，收入调动努力和支出优先次序应继续下去，同时解决社会支出持续不足的问题，以提高经济包容性和减少贫穷。如果当局考虑实施债务重组行动，则应减少公共债务的净现值，应制定保障措施，以应对任何相关风险。“必须透明地解决两个公共银行的弱点。”这两个银行的成功私有化将保障财政稳定，将成本降至国家预算。还应监测更广泛的金融部门的发展情况，并应根据需要采取纠正行动，包括在高不良贷款方面。“结构性改革正在进行税收政策、税收管理和公共支出管理。在改善商业环境方面也取得了重大进展，预期将促进国内和外国私人投资。必须加强反洗钱/打击恐怖主义机制框架，充分执行最近通过的关于治理和反腐败的法律框架，并确保相关机构充分运作。

October 25，2019

On October 25, 2019, the Executive Board of the International Monetary Fund (IMF) completed the fifth review of Togo’s economic performance under a program supported by an Extended Credit Facility (ECF) arrangement.The completion of the review enables the disbursement of SDR 25.17 million, bringing total disbursements under the arrangement to SDR 151.02 million .Togo’s three-year arrangement for SDR 176.16 million , was approved on May 5, 2017 . The program aims to reduce the overall fiscal deficit substantially to ensure long-term debt and external sustainability; refocus policies on inclusive growth through targeted social spending and sustainably-financed infrastructure spending; and resolve the financial weaknesses in the two public banks.Economic growth is projected to accelerate to 5.3 percent in 2019 and to hover around 5½ percent over the medium term. Togo has complied with the WAEMU deficit criteria since 2017; the overall fiscal deficit is projected at 2.9 percent of GDP in 2019 and 1.9 percent of GDP in 2020. Debt has declined and is expected to fall below 70 percent of GDP from 2020. Discussions on the debt reprofiling operation and the related guarantees are underway and awaiting decisions.Following the Executive Board discussion, Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair, made the following statement:“Togo’s performance under the ECF-supported program has been broadly satisfactory. The economic recovery seems to be taking hold, structural reforms are progressing, and the fiscal consolidation continues. Nonetheless, there are downside risks related to the global economic environment, regional security conditions, and the potential impact of the electoral cycle on domestic economic activity.“The authorities remain determined to pursue fiscal consolidation and debt reduction. Given high debt levels, revenue mobilization efforts and spending prioritization should continue, while addressing the persistent underperformance on social spending to enhance economic inclusiveness and to reduce poverty. In case the authorities consider conducting the debt reprofiling operation, it should lead to a reduction of the NPV of public debt, and safeguard measures should be put in place to address any related risks.“It is important to address the weaknesses in the two public banks transparently. A successful privatization of these two banks would safeguard financial stability and minimize costs to the State budget. Broader financial sector developments should also be monitored, and corrective actions should be taken as needed, including in terms of the high non-performing loans.“Structural reforms are progressing on tax policy, revenue administration, and public expenditure management. Significant progress has also been made in the improvement of the business environment, which is expected to boost domestic and foreign private investment. It is essential to strengthen the AML/CFT framework, fully implement the recently adopted legal framework on governance and anti-corruption and ensure that the related institutions become fully operational.

基金组织工作人员将于2019年结束对加纳的第四条协商访问

 2019年10月24日基金组织工作人员将于2019年结束对加纳的第四条协商访问。

 访问结束时发布的新闻稿包括国际货币基金组织工作人员小组在访问一国后传达初步调查结果的声明。本声明中表达的意见是货币基金组织工作人员的意见，不一定代表货币基金组织执行理事会的意见。根据该特派团的初步调查结果，工作人员将编写一份报告，但须经管理层批准，提交货币基金组织执行局讨论和决定。·宏观经济前景仍然良好，得到了整体审慎经济政策、强劲的采掘业活动和更安全的银行体系的支持。·在2020年选举的筹备过程中保持财政纪律对于维护2017年以来的宏观经济增长至关重要。如果价格或汇率压力出现，·收紧货币政策可能变得必要。由Carlo Sdralevich率领的一个国际货币基金组织(基金组织)小组访问了阿克拉，于2019年9月30日至10月11日期间在华盛顿特区货币基金组织和世界银行年会期间结束了关于2019年第四条磋商的讨论。小组与副总统巴乌米亚、财政部长奥福里-阿塔、加纳银行行长阿迪森、其他政府高级官员、议会财务委员会、私营部门代表、工会和民间社会组织进行了建设性和坦率的讨论。Sdralevich先生发表了以下声明：ODS："加纳的宏观经济前景仍然是有利的，这在采掘工业和更安全的银行体系中受到强有力的活动的支持。预计2019年实际GDP增长约为7%。9月消费者价格指数(CPI)为7.6%，略低于8%的目标。自2019年初以来，电子数据交换已经贬值了约10%。加纳的国际储备预计将在2019年创下新高，主要是通过改善贸易平衡和外部借款来支持。在2020年选举之前，对前景的主要风险仍然是政策放松。"在成功完成与货币基金组织的方案之后，当局"政策仍然是审慎的，并保持了宏观经济的稳定。然而，执行2019年预算是一项挑战，原因是预期收入低于预期收入，在一些政府旗舰项目上增加支出，而非预期的安保支出反映了萨赫勒地区出现的安全挑战。此外，能源部门长期遭受的损失已蔓延到预算，加上金融部门清理费用，导致公共债务的增加，预计年底将达到63%左右。但是，政府承诺按照《财政责任法》，将预算赤字（不包括金融部门重组和能源成本）保持在国内生产总值的5%以下，并保持主要盈余。"“在2020年预算筹备工作正在进行中，特派团强调需要采取适当紧缩的预算来限制筹资需要，遏制债务积累，支持外部职位。这可能需要支出和收入措施。imf团队建议在预算之外避免支出和融资业务，以提高预算的可信度和透明度。在中期，提高国内收入仍然是创建财政空间和支持财政可持续性的一个优先事项。当局还应推进能源部门恢复计划的实施，以限制能源部门的或有负债。"货币政策立场似乎是适当的,但它应继续对通货膨胀风险保持警惕。如果通货膨胀或汇率压力出现，紧缩可能是必要的。中央银行的重点是建设进入2020年的外部缓冲区是一个值得欢迎的发展。“加纳银行很好地推进了储蓄和贷款和融资房屋的子部门的清理工作，另一个重要的方面是金融部门的广泛改革。剩余的本地国有银行的资本重组和不良贷款的减少将是提高私营部门信贷和支持非采掘活动增长的关键。新的存款保险计划，不断强化监管和监管制度，此外，金融稳定委员会的工作也是朝着正确方向迈出的一步。展望未来，强有力的执行和深化的问责制仍然至关重要，以防止金融部门的弱点再度发生。特派团分析了强劲和持续的经济增长的前景，包括加纳在援助议程之外设想的长期增长目标和结构改革，以及金融部门对经济活动的贡献。基金组织小组在"2018年加强治理参与框架"的框架下，还讨论了财政和金融部门的治理，包括在反洗钱和打击资助恐怖主义领域，以及最近在建立反腐败机构方面取得的进展。

October 24，2019

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.An International Monetary Fund (IMF) team, led by Carlo Sdralevich, visited Accra September 30-October 11, 2019 to conduct discussions on the 2019 Article IV Consultation, which was concluded in Washington, D.C. on the occasion of the 2019 IMF and World Bank Annual Meetings. The team held constructive and candid discussions with Vice President Bawumia, Finance Minister Ofori-Atta, Bank of Ghana Governor Addison, other senior government officials, Finance Committee of Parliament, private sector representatives, labor unions, and civil society organizations.Mr. Sdralevich issued the following statement:ods.“Ghana’s macroeconomic outlook remains favorable, supported by strong activity in the extractive industry and a safer banking system. Real GDP growth is projected at around 7 percent in 2019. September consumer price inflation, at 7.6 percent in the rebased CPI series, is just below the 8 percent target. The cedi has depreciated by about 10 percent from the beginning of 2019. Bank of Ghana’s international reserves are projected to record a build-up in 2019, supported mainly by an improving trade balance and external borrowing. The primary risk to the outlook remains policy relaxation in the run-up to the 2020 elections.“After the successful completion of the program with the IMF, the authorities’ policies have remained prudent and maintained macroeconomic stability. Nevertheless, implementation of the 2019 budget has been challenging, owing to lower than expected revenues, frontloading of spending on some government flagship programs, and unexpected security outlays reflecting emerging security challenges from the Sahel region. In addition, longstanding losses in the energy sector have spilled over to the budget and, together with the cost of the financial sector cleanup, have contributed to the rise of public debt, projected at about 63 percent by year end. But, the government is committed to keeping the budget deficit below 5 percent of GDP as well as a primary surplus, in line with the Fiscal Responsibility Act.“While 2020 budget preparations are ongoing, the mission underlined the need to adopt an appropriately tight budget to limit financing needs, contain debt build-up, and support the external position. This will likely require both spending and revenue measures. The IMF team recommended avoiding spending and financing operations outside the budget to enhance budget credibility and transparency. In the medium term, raising domestic revenues remains a priority to create fiscal space and buttress fiscal sustainability. The authorities should also forge ahead with the implementation of the Energy Sector Recovery Plan to limit contingent liabilities in the energy sector.“The monetary policy stance appears appropriate, but it should continue to remain vigilant to inflationary risks. Tightening may become necessary should inflationary or exchange rate pressures emerge. The central bank’s focus on building external buffers going into 2020 is a welcome development.“The Bank of Ghana is well advanced in the clean-up of the savings and loans and finance house sub-sectors, another important piece in the extensive reform of the financial sector. The recapitalization of the remaining locally-owned banks and the reduction of the overhang of nonperforming loans will be key to boosting credit to the private sector and to buttress growth in non-extractive activities. The new deposit insurance scheme, the ongoing strengthening of regulatory and supervisory regimes, and the work of the Financial Stability Council are also steps in the right direction. Going forward, both robust implementation and deepened accountability remain critical to prevent a recurrence of weaknesses in the financial sector.“The mission analyzed prospects for strong and sustained economic growth, including long-term growth targets and structural transformation envisaged under the Ghana Beyond Aid agenda, and the contribution of the financial sector to economic activity. Under the Fund’s 2018 Framework for Enhanced Engagement on Governance, the IMF team also discussed governance in the fiscal and financial sectors, including in the areas of Anti-Money Laundering and Combating the Financing of Terrorism, and recent progress in the establishment of anti-corruption institutions.“The IMF team would like to thank the Ghanaian authorities for their hospitality and wish them every success in their ongoing efforts to raise economic growth and improve liveliho.”

IMF与赤道几内亚就延长基金贷款下的三年财务协议达成了工作人员级别协议

 2019年10月21日IMF与赤道几内亚就延长基金贷款下的三年财务协议达成了工作人员级别协议。

 访问结束时发布的新闻稿包括国际货币基金组织工作人员小组在访问一国后传达初步调查结果的声明。本声明中表达的意见是货币基金组织工作人员的意见，不一定代表货币基金组织执行理事会的意见。根据该特派团的初步调查结果，工作人员将编写一份报告，但须经管理层批准，提交货币基金组织执行局讨论和决定。国际货币基金组织赤道非州当局和国际货币基金组织的一个团队就扩大基金安排下的三年安排达成了员工级别的协议。经济计划旨在加强宏观经济和金融稳定，促进经济多样化和改善治理，目的是促进可持续和包容性经济增长。国际货币基金组织(Imf)执行董事会预计将在12月审议赤道几内亚政府对EFF安排的要求。由Lisandro brego领导的imf团队于2019年10月15-20日在华盛顿特区会见了赤道几内亚政府的一个官方代表团，继续讨论一个为期三年的融资计划(第19/357号新闻稿)，讨论于9月在马拉博开始。在讨论结束时，brego先生今天在华盛顿特区发表了以下声明：“国际货币基金组织团队和赤道州当局就一项为期三年的融资安排达成了一项员工级协议，该协议将在EFF框架下得到支持。”新的安排将以最近完成的工作人员监督方案(新闻稿第19/357号)的成就为基础。“eff计划的首要目标是支持经济活动的恢复，促进可持续和包容性的经济增长。该计划旨在加强宏观经济和金融稳定，促进经济多样化，促进良好的治理和透明度，支持反腐败斗争。同时，该计划旨在增加财政空间，以改善社会保护，包括减轻宏观经济调整对低收入群体的影响，促进人力资本的发展，融资安排将促进经济政策和全面改革的实施，增强投资者的信心，催化其他多边机构的资源，为CEMAC战略做出贡献。“在未来数星期内，当局会继续推行一套商定的措施，然后再将三年安排提交国际货币基金组织执行委员会审议。”同时，货币基金组织小组将编写一份报告，支持赤道几内亚提出的向理事会提交这一安排的请求，预计理事会将在12月审议该经济方案。“货币基金组织工作人员小组感谢赤道州当局的密切合作以及非常建设性和富有成果的讨论。”监测组会见了财政、经济和规划部部长塞萨尔·姆巴·阿博戈先生、财政部国务秘书米拉格罗萨·奥博诺·安格女士和其他高级政府官员。

October 21，2019

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.

· The Equatoguinean authorities and an IMF team reached staff-level agreement on a three-year arrangement under the Extended Fund Facility (EFF).

· The economic program aims at strengthening macroeconomic and financial stability, fostering economic diversification and improving governance, with the goal of promoting sustainable and inclusive economic growth.

· The Equatorial Guinea government’s request for an EFF arrangement is expected to be considered by the IMF Executive Board in December.

An IMF team led by Lisandro Ábrego met in Washington D.C. with an official delegation from the government of Equatorial Guinea during October 15-20, 2019 to continue discussions, started in Malabo in September, on a three-year financing program. At the end of the discussions, Mr. Ábrego, issued the following statement in Washington D.C. today:
“The IMF team and the Equatoguinean authorities have reached a staff-level agreement on a three-year financing arrangement that would be supported under the EFF. The new arrangement will build on the achievements of the recently concluded staff-monitored program . 
“The EFF program’s overarching goals are to support the recovery of economic activity and foster sustainable and inclusive economic growth. The program seeks to strengthen macroeconomic and financial stability, promote economic diversification, foster good governance and transparency and support the fight against corruption. At the same time, the program aims at increasing the fiscal space to improve social protection, including mitigating the effects of macroeconomic adjustment on low-income groups, and promote human capital development. The financing arrangement would facilitate economic policy and overall reform implementation, bolster investor confidence, catalyze resources from other multilateral institutions, and contribute to the CEMAC strategy.
“Over the coming weeks the authorities will continue to work on implementing an agreed set of measures before the three-year arrangement is brought for consideration to the IMF Executive Board. At the same time, the IMF team will prepare a report supporting Equatorial Guinea’s request for the arrangement for submission to the Board, which is expected to consider the economic program in December.
“The IMF staff team wishes to thank the Equatoguinean authorities for the close collaboration and very constructive and fruitful discussions.”
The team met with the Minister of Finance, Economy and Planning, Mr. César Mba Abogo; the Secretary of State for the Treasury, Ms. Milagrosa Obono Angue; and other senior government officials.