News Brief: IMF Gives Final Approval of the Completion of the First and Second Reviews under the Second Annual PRGF Arrangement for Nicaragua
December 28, 2000
The Executive Board of the International Monetary Fund (IMF) has decided that the completion of the first and the second reviews under Nicaragua's second annual arrangement under the Poverty Reduction and Growth Facility (PRGF) became effective (see News Brief No. 00/120).
Under the PRGF arrangement, the disbursement of the second and third loans to Nicaragua in an amount equivalent to SDR 20.18 million (about US$26.1 million) were available immediately upon the final decision of the IMF Executive Board.
The 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) submitted by Nicaragua 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.