News Brief: IMF Gives Final Approval of Third Annual PRGF Loan for Rwanda
December 28, 2000
The Executive Board of the International Monetary Fund (IMF) has given its final approval of the third annual loan under the Poverty Reduction and Growth Facility (PRGF) for Rwanda in an amount equivalent to SDR 28.56 million (about US$37 million--see Press Release No 00/83).
The final decision by the IMF Executive Board was contingent on a decision by the World Bank Executive Board on December 22, 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 the Rwanda's third annual arrangement under the PRGF, the IMF Executive Board decision makes available immediately SDR 9.52 million (about US$12 million).