IMF Executive Board Completes Third Review of PRGF Arrangement with Burkina Faso and Approves US$6 Million DisbursementPress Release No. 08/329
December 17, 2008
The Executive Board of the International Monetary Fund (IMF) has completed the third review of Burkina Faso's economic performance under the three-year, SDR 15.05 million (about US$22.4 million) Poverty Reduction and Growth Facility (PRGF) arrangement. The Board's decision was taken on a lapse of time basis1.
The completion of the review enables the release of an amount equivalent to SDR 4.01 million (about US$6 million), which will bring the total disbursements to Burkina Faso under the PRGF arrangement to SDR 12.04 million (about US$17.9 million).
The PRGF arrangement for Burkina Faso was approved on April 23, 2007 (see Press Release No. 07/77) to support the government's economic reform program for 2007-10. On January 9, 2008, an SDR 9.03 million (about US$13.5 million) increase in access was approved to help address the impact of higher oil prices and the adverse shock to the cotton sector (see Press Release No. 08/04).
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.