Press Release: IMF Executive Board Completes First Review of Paraguay's Stand-By Arrangement
September 29, 2006Press Release No. 06/208
The Executive Board of the International Monetary Fund completed today the first review of Paraguay's economic performance under a 27-month, SDR 65 million (about US$97 million) Stand-By Arrangement, initially approved on May 31, 2006 (see Press Release No. 06/117).
Completion of this review, which was undertaken on a lapse of time basis,1 makes an amount of SDR 31 million (about US$46 million) immediately available. The authorities continue to treat the arrangement as precautionary.
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.