Posted by: africanpressorganization | 16 March 2011

IMF Executive Board Completes Fifth Review Under ECF Arrangement with Burundi, Extends Arrangement, and Approves US$10.4 Million Disbursement

 


 

 

 

IMF Executive Board Completes Fifth Review Under ECF Arrangement with Burundi, Extends Arrangement, and Approves US$10.4 Million Disbursement

 

 

BUJUMBURA, Burundi, March 16, 2011/African Press Organization (APO)/ — The Executive Board of the International Monetary Fund (IMF) has completed the fifth review of Burundi’s economic performance under the Extended Credit Facility (ECF) arrangement and extended the ECF arrangement to August 31, 2011.[1] The decision enables the authorities to draw an additional amount equivalent to SDR 6.6 million (about US$10.4 million), bringing total disbursements under the arrangement to an amount equivalent to SDR 39.6 million (about US$62.3 million). The Board’s decision was taken on a lapse of time basis.[2]

 

In a difficult post-conflict environment, performance under the ECF-supported program was broadly satisfactory. Burundi met all of its quantitative performance criteria and structural reforms are moving ahead. Most monetary and fiscal reforms have progressed well, and steady progress has been made in implementing key structural reforms.

 

The three-year ECF arrangement with Burundi was originally approved on July 7, 2008 (see Press Release No. 08/167) for an amount equivalent to SDR 46.2 million (about US$75.6 million).

 

ECF-supported programs are based on country-owned poverty reduction strategies adopted in a participatory process involving civil society and development partners and articulated in the Poverty Reduction Strategy Paper. This is intended to ensure that ECF-supported programs are consistent with a comprehensive framework for macroeconomic, structural, and social policies to foster growth and reduce poverty.


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