Press Release: IMF Executive Board Extends the Three-year Poverty Reduction and Growth Facility Arrangement for Burundi

September 20, 2007

Press Release No. 07/199

The Executive Board of the International Monetary Fund today approved a request for a further extension of a three-year Poverty Reduction and Growth Facility (PRGF) arrangement for Burundi until the maximum allowable date of January 22, 2008 to provide sufficient time to complete the sixth and final review under the arrangement. The Executive Board's decision was taken on a lapse of time basis.1

The PRGF arrangement, originally approved on January 23, 2004 in an amount equivalent to SDR 69.30 (about US$107 million), was previously extended to September 30, 2007 in July 2006.

1 The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.

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