{"id":460280,"date":"2011-07-13T13:57:16","date_gmt":"2011-07-13T13:57:16","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/07\/13\/imf-executive-board-approves-u-s-129-million-disbursement-to-nation-under-the-rapid-credit-facility\/"},"modified":"2011-07-13T13:57:16","modified_gmt":"2011-07-13T13:57:16","slug":"imf-executive-board-approves-u-s-129-million-disbursement-to-nation-under-the-rapid-credit-facility","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/07\/13\/imf-executive-board-approves-u-s-129-million-disbursement-to-nation-under-the-rapid-credit-facility\/","title":{"rendered":"IMF Executive Board Approves U.S.$129 Million Disbursement to Nation Under the Rapid Credit Facility"},"content":{"rendered":"
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International Monetary Fund<\/a> (Washington,\u00a0DC)<\/p>\n

11 July 2011<\/p>\n

\n

press release<\/p>\n

The Executive Board of the International Monetary Fund (IMF) today approved a disbursement in an amount equivalent to SDR 81.3 million (about US$129.2 million) for C\u00f4te d\u2019Ivoire under the Rapid Credit Facility (RCF)1 to support the country\u2019s economic recovery program following a damaging political crisis. The disbursement, representing 25 percent of the country\u2019s quota in the Fund, is available immediately.<\/p>\n

The Executive Board also noted the authorities\u2019 cancellation of the arrangement under the Extended Credit Facility (ECF), which was approved in 2009 for the equivalent of SDR 373.98 million (about US$565.7 million; see Press Release No. 09\/96). That arrangement went off track during the country\u2019s political crisis after disbursements equivalent to SDR 230.892 million (about US$345.4 million; see Press Release 10\/284). The authorities have expressed their intention to request a new arrangement under the ECF later in 2011 once they are in a position to formulate a medium-term economic program. This could open the way for the renewal of interim debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative, under which C\u00f4te d\u2019Ivoire reached its decision point in April 2009 (see Press Release No. 09\/104).<\/p>\n

C\u00f4te d\u2019Ivoire experienced months of political turmoil and violence after a presidential run-off in November 2010. The crisis virtually paralyzed economic activity, leading to a sharp contraction in 2011, tentatively projected at 6-7 percent of gross domestic product. The crisis also led to severe budget and balance-of-payments deficits.<\/p>\n

Following the Executive Board\u2019s discussion of C\u00f4te d\u2019Ivoire, Mr. Naoyuki Shinohara, Deputy Managing Director and Acting Chair, made the following statement:<\/p>\n

\u201cThe prolonged post-election conflict has had serious consequences for C\u00f4te d\u2019Ivoire\u2019s economy. The authorities\u2019 2011 program appropriately reflects short-term priorities of restoring law and order and the operations of the public administration, as well as promoting economic recovery and meeting social needs.<\/p>\n

\u201cThe authorities\u2019 fiscal program for 2011 is realistic but is subject to important uncertainties. Expenditures are expected to rise significantly, while revenues will depend on the speed of the economic recovery. It will be necessary to prioritize expenditures in line with available resources and seek grant and concessional external financing. The authorities are appropriately working toward a cooperative resolution of C\u00f4te d\u2019Ivoire\u2019s debt service arrears with external creditors.<\/p>\n

\u201cThe banking sector suffered serious damage as a result of the conflict. It will be critical to normalize banking operations as quickly as possible to provide sufficient credit to support economic recovery.<\/p>\n

\u201cThe authorities will need more time to formulate their medium-term economic program, but it will be crucial to resume structural reforms as soon as possible to make progress toward the HIPC Initiative completion point. Key reform areas include the energy and cocoa sectors.<\/p>\n

\u201cInaccurate data on nonconcessional external borrowing provided for the second review under the ECF resulted in a noncomplying disbursement. The Board decided to waive the nonobservance of the performance criterion in light of the corrective measures taken by the authorities.\u201d<\/p>\n

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\nIMF Executive Board Approves U.S.$129 Million Disbursement to Nation Under the Rapid Credit Facility<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

International Monetary Fund (Washington,\u00a0DC) 11 July 2011 press release The Executive Board of the International Monetary Fund (IMF) today approved a disbursement in an amount equivalent to SDR 81.3 million (about US$129.2 million) for C\u00f4te d\u2019Ivoire under the Rapid Credit Facility (RCF)1 to support the country\u2019s economic recovery program following a damaging political crisis. The disbursement, representing 25 percent of the country\u2019s quota in the Fund, is available immediately<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-460280","post","type-post","status-publish","format-standard"],"yoast_head":"\nIMF Executive Board Approves U.S.$129 Million Disbursement to Nation Under the Rapid Credit Facility - 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\/07\/13\/imf-executive-board-approves-u-s-129-million-disbursement-to-nation-under-the-rapid-credit-facility\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"IMF Executive Board Approves U.S.$129 Million Disbursement to Nation Under the Rapid Credit Facility - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"International Monetary Fund (Washington,\u00a0DC) 11 July 2011 press release The Executive Board of the International Monetary Fund (IMF) today approved a disbursement in an amount equivalent to SDR 81.3 million (about US$129.2 million) for C\u00f4te d\u2019Ivoire under the Rapid Credit Facility (RCF)1 to support the country\u2019s economic recovery program following a damaging political crisis. 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