Press Release: IMF Executive Board Approved Additional Interim Assistance Request Under the Enhanced HIPC Initiative for Côte d'Ivoire
March 31, 2010Press Release No. 10/128
March 31, 2010
The Executive Board of the International Monetary Fund (IMF) granted additional interim assistance under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative in an amount equivalent to SDR 5.0 million (about $7.6 million) for the period April 2010 through March 2011 on a lapse of time basis.1
On March 31,, 2009, the Executive Board approved Côte d’Ivoire’s HIPC Initiative decision point and on March 27, 2009 a three-year arrangement under the Extended Credit Facility (ECF)2 (see Press Releases No.09/104 and 09/96). The Board also approved interim assistance in the amount of SDR 5.0 million for the period April 2009–March 2010. The first ECF review was completed on November 18, 2009 (see Press Release No. 09/416) and performance under the ECF-supported program has been broadly satisfactory. Côte d’Ivoire is making good progress on debt rescheduling.
Interim assistance under the enhanced HIPC Initiative is debt relief granted on its debt service falling due between the HIPC decision and completion points. Once it reaches the HIPC completion point, a country is allowed to receive the full debt relief committed at decision point.
1 The Executive Board takes decisions under its lapse of time procedure when the Board agrees that a proposal can be considered without convening formal discussions.
2 The arrangement was initially approved under the Poverty Reduction and Growth Facility (PRGF) but, as of January 7, 2010, all arrangements under the PRGF were renamed arrangements under the Extended Credit Facility.