IMF Gives Final Approval of Second Annual PRGF Loan for the Central African Republic

The Executive Board of the International Monetary Fund (IMF) has given its final approval of the second annual loan under the Poverty Reduction and Growth Facility (PRGF) arrangement for the Central African Republic for SDR 20.0 million (about US$26 million).

The final decision by the IMF Executive Board was contingent on a decision by the Executive Board of the World Bank on January 18, 2001. That decision 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 Central African Republic's second annual PRGF arrangement (see Press Release No. 01/2), the IMF decision makes available immediately SDR 8.0 million (about US$10 million).