News Brief: IMF Gives Final Approval of Review of the Second Loan under the Third Annual PRGF Arrangement for Guinea
December 27, 2000
The Executive Board of the International Monetary Fund (IMF) has given its final approval of the review of the second loan under the third annual arrangement under the Poverty Reduction and Growth Facility (PRGF) for Guinea in an amount equivalent to SDR 7.9 million (about US$ 10.5 million—see News Brief No. 00/121 of December 20, 2000).
The final decision by the IMF Executive Board was contingent on a decision by the World Bank Executive Board on December 22, which concluded that the interim Poverty Reduction Strategy Paper (PRSP) submitted by Guinea provides a sound basis for development of a fully participatory PRSP, for reaching the Decision Point under the enhanced HIPC Initiative and for concessional assistance by the World Bank.