The total value of loans extended in 2016 by the Fund to its borrowing member countries amounted to approximately AAD 104.12 million, equivalent to USD 420 million, representing a total of 4 loans granted to Mauritania, Jordan and Egypt.
The compensatory loan extended to Mauritania amounted to AAD 12.34 million (about USD 50.0 million) to support balance of payments overall deficit resulting from deteriorating export receipts of Mauritania due to a weakened global demand and lower global prices of the main exports of Mauritania.
The automatic loan extended to Jordan amounted to AAD 9.96 million (about USD 40.0 million) to support balance of payments overall deficit and shore up foreign reserve position so that the government may have an appropriate space for adopting policies that would accelerate economic growth.
The compensatory loan extended to Egypt amounted to AAD 81.82 million (about USD 330.0 million) to tackle emergencies that caused balance of payments overall deficit to increase, on the backdrop of deteriorating export receipts during the fiscal year 2015-2016.
Adding up the loans contracted by the Fund to member countries in 2016 to the balance of loans extended since the beginning of the Fund’s lending activities in 1978, the total amount of loans extended by the Fund to its members until the end of 2016 is AAD 2.1 billion, equivalent to USD 8.4 billion. The total number of loans reached 177 loans, benefiting 14 member countries.
Conventional loans provided by the Fund; i.e., Automatic, Ordinary, Compensatory and Extended loans, were at the top of facilities granted by the Fund since the beginning of its lending activities in 1978 through end-2016, representing 64.8 percent of the total loans extended throughout this period. The structural Adjustment Facility extended to support reforms in the financial, banking and public finance sectors came second with 30.4 percent. The Trade Facility accounted for 3.2 percent, followed by the Oil Facility with 1.6 percent.
As of the end 2016, developments in lending activities during the year resulted in an increase in the balance of loans, including unwithdrawn parts of loans already contracted, to AAD 571 million, equivalent to USD 2.3 billion, representing 82 percent of resources available for lending, compared to AAD 529 million at the end of 2015, equivalent to USD 2.2 billion, representing 67 percent of resources available for lending.