IMF Gives Final Approval of PRGF Loan for
the Former Yugoslav Republic of Macedonia

The International Monetary Fund's (IMF) Executive Board has given its final approval of the three-year loan under the Poverty Reduction and Growth Facility (PGRF) for the former Yugoslav Republic of Macedonia (FYRM) in an amount equivalent to SDR 10.3 million (about US$13 million). See Press Release No. 00/63 of November 29, 2000.

The final decision by the IMF Executive Board was contingent on a decision by the World Bank Executive Board on December 14 which concluded that the interim Poverty Reduction and Strategy Paper (PRSP) provides a sound basis for development of a fully participatory PRSP and for concessional assistance by the World Bank.

Under the FYRM's three-year PRGF arrangement, the IMF Executive Board decision makes available immediately SDR 1.7 million (about US$2 million).