The Executive Board of the
The Executive Board noted the authorities' cancellation of the Extended Credit Facility (ECF) arrangement for C.A.R.that was approved on
The RCF provides rapid concessional financial assistance with limited conditionality to low-income countries with an urgent balance of payments need. In this context, the economic policies of a member receiving RCF financing are expected to address the underlying balance of payments difficulties and support policy objectives including macroeconomic stability and poverty reduction. Financing under the RCF carries zero interest, has a grace period of 5 ½ years, and a final maturity of 10 years. The Fund reviews the level of interest rates for all concessional facilities every two years.
Following the Executive Board's discussion of the
"The political and security crisis that followed the seizing of power by a rebel coalition in
"With support under the Fund's Rapid Credit Facility, the transition authorities aim to implement macroeconomic policies and structural reforms to restore macroeconomic stability, rebuild basic state functions, improve domestic revenue mobilization, return to normal budgetary procedures, clear domestic arrears, and ensure regular payments of salaries and pensions to civil servants. Transparent management of public resources including external support, better prioritization of spending, and improving treasury management will be critical for the success of the program. Preserving debt sustainability will also be important.
"The Fund will continue to play a key role in coordinating international efforts in the provision of much needed financial support and technical assistance to rebuild key financial functions of the government."
Most Popular Stories
- Congress Passes Law Promoting Transparency Reconstruction of Haiti
- UFC Fight Night Sees Robbie Lawler Win Unanimous Decision
- Desktop, Laptop Setups Still King
- Four DC Comics Properties Brought to TV Get Comic-Con Event
- 'Guardians of the Galaxy ' Sequel Slated for 2017
- Plan to Simplify 2015 Health Renewals May Backfire
- Shania Twain's Vegas residency ending after 110 shows
- Execs Help Entrepreneurs, Get Chevy Volts
- Google Confirms $1B Acquisition of Twitch.tv
- Demand for Fair Trade Brings Big Opportunity, Clear Conscience