## Press Release: IMF Welcomes the Philippines' Decision to Repay Early its Outstanding Obligations to the IMF

_IMF News, December 28, 2006_

## Source details

**Canonical URL:** [Press Release: IMF Welcomes the Philippines' Decision to Repay Early its Outstanding Obligations to the IMF](https://www.imf.org/en/news/articles/2015/09/14/01/49/pr06302)

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## Bibliographic details
- Published: December 28, 2006

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### Early Repayment announcement
- On December 28, 2006, the Philippines announced it will repay early its outstanding financial obligations to the International Monetary Fund (IMF), amounting to SDR 146.3 million (about US$219.9 million).
- The payment is expected to be made before the end of 2006.
- This repayment will trigger the country's exit from its post-program monitoring (PPM) with the IMF, which was scheduled to end in April 2007.

### IMF assessment and statements
- Mr. Takatoshi Kato, the Acting Managing Director of the IMF, welcomed the early repayment and commended the Philippine authorities on recent significant progress in strengthening the country's fiscal and external positions.
- Key quoted assessments:
  - "The Philippines' ability to repay the Fund early reflects a stronger balance of payments position, achieved through impressive fiscal reforms that have substantially reduced the fiscal deficit and debt."
  - "We are encouraged by the Philippine authorities' resolve to address remaining policy challenges, including the need to reduce the public debt further. We look forward to a continued close relationship and dialogue with the Philippine authorities as they tackle these challenges."

### Program background and repayment schedule
- The outstanding obligations were incurred under the Extended Fund Facility (EFF) arrangement during 1994-98.
- The last arrangement was a Stand-By Arrangement approved end-March 1998 (see Press Release No. 98/9) in the amount of SDR 1.02 billion (about US$1.53 billion), of which an amount of SDR 783.2 million (about US$1.18 billion) was drawn down.
- Under the original repayment schedule, the final repayment of outstanding obligations would have taken place in March 2008.

*Source: Press Release No. 06/302 (December 28, 2006), IMF — https://www.imf.org/en/news/articles/2015/09/14/01/49/pr06302*

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## References

- [Philippines and the IMF](http://www.imf.org/external/country/PHL/index.htm)
- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [Press Release No. 98/9](https://www.imf.org/external/np/sec/pr/1998/pr9809.htm)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr06302_