IMF Gives Final Approval of PRGF Loan for Malawi

The Executive Board of the International Monetary Fund (IMF) has given its final approval of the three-year loan under the Poverty Reduction and Growth Facility (PRGF) for Malawi in an amount equivalent to SDR 45.11 million (about US$58 million-see Press Release No. 00/79).

The final decision by the IMF Executive Board was contingent on a decision by the World Bank Executive Board on December 21, 2000 which concluded that the interim Poverty Reduction Strategy Paper (PRSP) provides a sound basis for development of a fully participatory PRSP and for concessional assistance by the World Bank.

Under Malawi's three-year PRGF arrangement, the IMF Executive Board decision makes available immediately SDR 6.44 million (about US$8 million).