The Executive Board of the
An IMF statement received by PANA in
It mentioned that the ECF is the IMF s main tool for medium-term financial support to low-income countries, mentioning that financing under the ECF at present carried a zero per cent interest rate, with a grace period of 5½ years, and a maturity of 10 years.
It said that the approval brought the total disbursements under the arrangement to an amount equivalent to SDR 74.28 million (about
The IMF stated: "In completing the reviews, the Board granted waivers for the non-observance of the continuous performance criterion on new non-concessional external debt with a maturity of more than one year."
The statement recalled that the ECF arrangement for
It said that
It said that the programme performance was satisfactory and most criteria were met except for the ceiling on non-concessional borrowing.
"Thanks to prudent fiscal policy, macroeconomic performance remains satisfactory and progress has been achieved in structural reforms and the implementation of the new approach to customs reform is moving ahead well despite some delays.
"Sound policies have created fiscal space for scaling up investment to create favourable conditions for sustainable long-term growth. To preserve the authorities achievements under this ECF arrangement, rising investment has to be accompanied by further progress in public financial management and integrated into a medium-term framework anchored in debt sustainability."
The statement said besides, the government had initiated reforms to strengthen the efficiency of investment spending, adding that government's efforts to enhance the business environment were starting to show some results, but broad-based reforms would be necessary to improve productivity.
Most Popular Stories
- Criminal Investigation Opened Into James Foley's Death
- Investors Betting on ECB Stimulus Measures
- Jennifer Lopez Would Marry Again
- Hackers Get Homeland Security Employee Records
- Apple Stock Bounces Back Big Time
- 'Mythbusters' Build Team Gets the Boot
- Mo'Ne Davis a Big Winner Despite Loss
- Advocacy Group Calls for Chrysler Probe
- DHS Warns Retailers About Malware in Cash Registers
- Florida Judge Rules in Favor of GOP Voter Map