News Brief No. 99/25

News Brief: IMF Managing Director Welcomes Italy's Additional ESAF Contribution

June 7, 1999

IMF Managing Director Welcomes Italy's Additional ESAF Contribution

International Monetary Fund (IMF) Managing Director Michel Camdessus welcomed Italy's intention to lend an additional SDR 250 million (about US$334 million) to the ESAF Trust's Loan Account, which provides financial support to some of the world's poorest countries.

"The Trust's Loan Account is the backbone of the Enhanced Structural Adjustment Facility (ESAF) and our efforts to provide assistance on concessional terms to low-income countries undertaking important macroeconomic adjustment and structural reforms," Camdessus said.

"We have been approaching members to provide loan resources to the current ESAF and have received positive indications from some countries. Today, I warmly welcome the decision of the Italian authorities to meet this request, and I hope other members will step forward to support this effort to create the basis for high and sustainable growth in the low-income nations," he said.