News Brief: IMF Gives Final Approval of PRGF Loan for the Former Yugoslav Republic of Macedonia

December 15, 2000

The International Monetary Fund's (IMF) Executive Board has given its final approval of the three-year loan under the Poverty Reduction and Growth Facility (PGRF) for the former Yugoslav Republic of Macedonia (FYRM) in an amount equivalent to SDR 10.3 million (about US$13 million). See Press Release No. 00/63 of November 29, 2000.

The final decision by the IMF Executive Board was contingent on a decision by the World Bank Executive Board on December 14 which concluded that the interim Poverty Reduction and Strategy Paper (PRSP) provides a sound basis for development of a fully participatory PRSP and for concessional assistance by the World Bank.

Under the FYRM's three-year PRGF arrangement, the IMF Executive Board decision makes available immediately SDR 1.7 million (about US$2 million).


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