News Brief No. 02/27

News Brief: IMF Gives Final Approval of PRGF Arrangement for Côte d'Ivoire

April 2, 2002

The Executive Board of the International Monetary Fund (IMF) has given its final approval of the three-year arrangement under the Poverty Reduction and Growth Facility (PRGF) for Côte d'Ivoire for SDR 292.68 million (about US$366 million) to support the government's economic program (see Press Release No. 02/15).

The final decision by the IMF Executive Board was contingent on a decision by the Executive Board of the World Bank on March 28, 2002. That decision concluded that Côte d'Ivoire's Interim Poverty Reduction Strategy Paper (I-PRSP) provides a sound basis for World Bank concessional assistance.

This decision will enable the immediate release of the first loan under the PRGF arrangement of SDR 58.54 million (about US$73 million).