The Executive Board of the International Monetary Fund (IMF) today approved a new three-year arrangement for a total amount of SDR 27.09 million (about US$ 41.6 million , or 45 percent of quota) under the Extended Credit Facility (ECF) for Burkina Faso . The approval enables an immediate disbursement equivalent to SDR 2.55 million (about US$ 3.9 million ). The Board's decision was taken on a lapse of time basis.1 Building on the success of the authorities' program supported by the Extended Credit Facility arrangement that expired on December 23, 2013 , the successor program will continue to support the authorities' efforts towards fiscal sustainability, macroeconomic stability and a broader distribution of the dividends of high growth. The Executive Board discussed Burkina Faso's request for the successor three-year arrangement under the ECF at its meeting of December 16, 2013 (See Press Release No. 13/517), when it completed the seventh and final review of Burkina Faso's economic performance under the ECF arrangement approved in June 2010 . 1 The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.
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