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IMF approves credit

    JOHANNESBURG

    The IMF on Friday approved the release of a further US $41 million disbursement to Madagascar under the three-year Poverty Reduction and Growth Facility (PRGF) programme, the IMF said in a statement.

    The IMF said US $141 million will be disbursed under the PRGF programme following the completion of its mid-term review of Madagascar’s economic performance. It added that the Malagasy authorities had requested that the credit arrangement be augmented by another US $32 million to cover the additional financing gap caused by the floods which hit the country in February.

    “The completion of this review under the PRGF enables the release of a further US $41 million disbursement, which brings total disbursements under the augmented programme to US $95 million,” the IMF said.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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