{"id":430103,"date":"2011-05-25T14:36:04","date_gmt":"2011-05-25T14:36:04","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/25\/imf-executive-board-completes-second-review-under-the-ecf-arrangement-with-nation-and-approves-u-s-3-85-million-disbursement\/"},"modified":"2011-05-25T14:36:04","modified_gmt":"2011-05-25T14:36:04","slug":"imf-executive-board-completes-second-review-under-the-ecf-arrangement-with-nation-and-approves-u-s-3-85-million-disbursement","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/25\/imf-executive-board-completes-second-review-under-the-ecf-arrangement-with-nation-and-approves-u-s-3-85-million-disbursement\/","title":{"rendered":"IMF Executive Board Completes Second Review Under the ECF Arrangement with Nation and Approves U.S.$3.85 Million Disbursement"},"content":{"rendered":"
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International Monetary Fund<\/a> (Washington,\u00a0DC)<\/p>\n

25 May 2011<\/p>\n

\n

press release<\/p>\n

The Executive Board of the International Monetary Fund (IMF) has completed the second review of Guinea-Bissau\u2019s economic performance under a three-year Extended Credit Facility (ECF) arrangement.1 The Board’s decision, which was taken on a lapse-of-time basis,2 enables the authorities to draw an additional SDR 2.414 million (about US$3.85 million), bringing total disbursements under the arrangement to an amount equivalent to SDR 12.709 million (about US$20.27 million).<\/p>\n

Satisfactory policy implementation continues in the Fund-supported program under challenging conditions. The authorities have met all performance criteria through end-December 2010 and all structural reforms for the second review.<\/p>\n

Sound macroeconomic policies, strengthened institutions, and debt relief have stabilized the economy and supported confidence building. While medium-term growth prospects are bright, huge developmental challenges remain. It is critical that the government maintain the reform momentum and continue to build on the satisfactory performance under the ECF.<\/p>\n

The three-year ECF arrangement for Guinea-Bissau was approved on May 7, 2010 (see Press Release No. 10\/185) in an amount equivalent to SDR 22.365 million (about US$33.3 million, or 157.5 percent of the country\u2019s quota in the Fund). On December 16, 2010 the Executive Boards of the IMF and the World Bank\u2019s International Development Association decided to support US$1.2 billion in debt relief for Guinea-Bissau under the Heavily Indebted Poor Countries (HIPC) Enhanced Initiative and the Multilateral Debt Relief Initiative (MDRI\u2014see Press Release No. 10\/498).<\/p>\n

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\nIMF Executive Board Completes Second Review Under the ECF Arrangement with Nation and Approves U.S.$3.85 Million Disbursement<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

International Monetary Fund (Washington,\u00a0DC) 25 May 2011 press release The Executive Board of the International Monetary Fund (IMF) has completed the second review of Guinea-Bissau\u2019s economic performance under a three-year Extended Credit Facility (ECF) arrangement.1 The Board’s decision, which was taken on a lapse-of-time basis,2 enables the authorities to draw an additional SDR 2.414 million (about US$3.85 million), bringing total disbursements under the arrangement to an amount equivalent to SDR 12.709 million (about US$20.27 million). Satisfactory policy implementation continues in the Fund-supported program under challenging conditions. The authorities have met all performance criteria through end-December 2010 and all structural reforms for the second review<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-430103","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\nIMF Executive Board Completes Second Review Under the ECF Arrangement with Nation and Approves U.S.$3.85 Million Disbursement - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/05\/25\/imf-executive-board-completes-second-review-under-the-ecf-arrangement-with-nation-and-approves-u-s-3-85-million-disbursement\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"IMF Executive Board Completes Second Review Under the ECF Arrangement with Nation and Approves U.S.$3.85 Million Disbursement - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"International Monetary Fund (Washington,\u00a0DC) 25 May 2011 press release The Executive Board of the International Monetary Fund (IMF) has completed the second review of Guinea-Bissau\u2019s economic performance under a three-year Extended Credit Facility (ECF) arrangement.1 The Board's decision, which was taken on a lapse-of-time basis,2 enables the authorities to draw an additional SDR 2.414 million (about US$3.85 million), bringing total disbursements under the arrangement to an amount equivalent to SDR 12.709 million (about US$20.27 million). 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