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IMF Approves $112M Credit For Ethiopia

The Executive Board of the International Monetary Fund (IMF) approved a three year arrangement for Ethiopia under the Poverty Reduction and Growth Facility (PRGF) effective March 20, 2001, for SDR $87 million (about USD $112 million) to support the government's 2000-2003 economic program.

According to the press release by IMF, the first trench under the PRGF arrangement in amount equivalent to SDR $17.4 million (about USD $22 million) was made available for disbursement immediately after Board approval. The central reforms under the program will focus on public finances and financial sector. The most important reforms under the program will be the reorientation of spending from defense toward poverty alleviation, and maintaining a durable peace.

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