Our updated tracker seeks to identify countries that have requested IMF financial support, under its different guises, in order to help them deal with the impact of Covid-19. We do not claim it is exhaustive, but hope it provides a useful guide to investors on the current state of play. It is based on information that has been reported by the IMF itself, various media or national governments. We aim to produce regular updates.
The IMF Managing Director Kristalina Georgieva said on 15 April in her opening remarks to the IMF/WB Spring Meetings that 102 countries had requested emergency financing from the Fund so far and that the Board will have approved half of these requests by the end of this month. With demand running at 102 countries, that's over half (54%) of the Fund's 189 members. Emergency financing disbursements have now been approved for 30 countries.
Our tracker captures 46 countries that we know of so far that have either sought, or are seeking, emergency help or have made drawings under their existing arrangements, or are seeking new ones (this is up by 15 from our last update). Since our last update on Friday 17 April, we identify 13 countries that have had emergency financing facilities approved, including Bolivia, Bosnia, Cote d'Ivoire and Paraguay, taking the total number of countries now to 30, and the total amount disbursed under them to US$8.6bn. In addition, Benin reached staff level agreement on the sixth and final review of its existing ECF arrangement, which would also provide US$103.5mn in additional financing.
Media reports this week also suggest that South Africa had approached the IMF for financial support. We assume this is not for a formal programme, to which there appears to be a lot of domestic resistance, but for emergency financing, presumably under the RFI (100% of quota would amount to a US$4.2bn disbursement).