News Brief No. 00/123

News Brief: IMF Gives Final Approval of PRGF Loan for Niger

December 27, 2000

The Executive Board of the International Monetary Fund (IMF) has given its final approval of the three-year loan under the Poverty Reduction and Growth Facility (PRGF) for Niger in an amount equivalent to SDR 59.20 million (about US$76 million-see Press Release No. 00/69 of December 14, 2000).

The final decision by the IMF Executive Board was contingent on a decision by the World Bank Executive Board on December 20 which concluded that the interim Poverty Reduction Strategy Paper (PRSP) provides a sound basis for development of a fully participatory PRSP and for concessional assistance by the World Bank.

Under the Niger's three-year arrangement, the IMF Executive Board decision makes available immediately SDR 8.46 million (about US$11 million).