Press Release: IMF's Executive Board Completes Fourth Review Under Haiti’s ECF Arrangement and Approves US$7.4 Million Disbursement
July 20, 2012Press Release No. 12/269
July 20, 2012
The Executive Board of the International Monetary Fund (IMF) completed the fourth review of Haiti’s performance under the Extended Credit Facility (ECF) arrangement on July 20, 2012. The Board's decision was taken on a lapse of time basis1. Completion of the review will enable an immediate disbursement of SDR 4.914 million (about US$7.4 million), bringing total disbursements under the program to date to SDR 31.122 million (about US$46.9 million).
Haiti’s ECF arrangement was approved on July 21, 2010 (see Press Release No. 10/299) together with the full relief on the country’s outstanding debt to the Fund of about SDR 178 million (equivalent to US$268 million). The debt relief, financed by the Post-Catastrophe Debt Relief (PCDR) Trust Fund and IMF financing are part of a broad international strategy to support Haiti’s longer-term economic reconstruction plans, following the devastating earthquake of January 12, 2010.
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.