News Brief No. 02/33

News Brief: IMF Managing Director Welcomes Spain's PRGF Contribution

April 16, 2002

The Managing Director of the International Monetary Fund (IMF), Mr. Horst Köhler, welcomed Spain's decision to lend SDR 300 million (US$376 million) to the PRGF Trust's Loan Account, which provides financial support to the world's poorest countries.

"This commitment is an important statement of support for the Poverty Reduction and Growth Facility, which is the main vehicle for our financial assistance to low-income countries that are undertaking critical macroeconomic adjustments and reforms," Mr. Köhler stated. "With these additional resources the IMF can provide significant concessional financing to its poorest member countries."

Spain's contribution will help the IMF to meet projected financing needed to support the PRGF in the period through 2005. Ten countries have now provided SDR 4.4 billion (about US$5.5 billion) in new loan resources to the PRGF Trust.