Haiti - Economy : IMF approves $7,4 million of additional credit to Haiti
Yesterday Friday, the Executive Board of the International Monetary Fund (IMF) completed the fourth review of Haiti’s performance under the Extended Credit Facility (ECF) arrangement on July 20, 2012.
The Board's decision was taken on a "lapse of time basis (1)". Completion of the review will enable an immediate disbursement of about US$7.4 million, bringing total disbursements under the program to date to about US$46.9 million.
Haiti's ECF arrangement was approved on July 21, 2010 together with the full relief on the country’s outstanding debt to the Fund, equivalent to US$268 million.
The debt relief, financed by the PCDR Trust Fund and IMF financing are part of a broad international strategy to support Haiti’s longer-term economic reconstruction plans, following the earthquake of January 12, 2010.
(1)The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.
