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23 Dec 2008

The International Monetary Fund is releasing nearly USD25 million following economic reviews of three African countries. The Central African Republic and Niger have a three-year agreement with the fund, while Sierra Leone’s arrangement with IMF spans four years. (“IMF Executive Board Completes Third Review Under the PRGF Arrangement for the Central African Republic and Approves U…

23 Dec 2008

Ukraine can access another USD500 million in World Bank loan to carry out economic reforms. “The measures taken by the government under the (development policy loan) series are important signals of Ukraine’s commitment to economic reform at a time of severe economic difficulties,” according to Martin Raiser, World Bank country director for Ukraine, Belarus and Moldova. “But clear…

23 Dec 2008

The Inter-American Development Bank’s Multilateral Investment Fund committed USD20 million to boost the resources of the Emergency Liquidity Facility for the Latin American and Caribbean microfinance institutions. “This financing is particularly timely because it will provide ELF additional resources to deal with the potential fallout from the global credit crisis,” MIF principal…

23 Dec 2008

The World Bank and International Monetary Fund added Ivory Coast to their list of countries that could receive aid under the Heavity Indebted Poor Countries Initiative. To receive assistance, the country needs to reach the so-called “decision point” by satisfying several conditions set by the the two global lenders. These conditions include satisfactory economic performance, deve…

23 Dec 2008

The International Monetary Fund is ready to provide USD800 million to El Salvador. It said the government considers the loan as a precautionary measure and does not intend to tap the funding. The fund expects its board to approve the loan in mid-January. (“IMF reaches USD800 mln loan deal with El Salvador” - Thomson Reuters, Dec. 22, 2008) …

23 Dec 2008

Australia pledged 144 million pesos (USD3 million) to help fight malaria in the Philippines. “Australia supports the efforts of the Philippine Government to eliminate malaria in the Philippines by 2020,” Australian Ambassador Rod Smith said. “Malaria continues to place a significant economic, social and health burden on communities and local government units in the Philippines. T…

23 Dec 2008

The Asian Development Bank earmarked USD200 million to cut pollution in and enhance the quality of water coming from the Songhua River basin. The money will be used to develop infrastructure and offer training to improve water supply, wastewater treatment and solid waste management. (“ADB approves USD200-mln loan to China for water management” - Xinhua News Agency, Dec. 22, 2008)…

23 Dec 2008

By: Oliver Subasinghe Remittances can significantly affect development abroad, but for the microfinance community, tapping into the USD300 billion global remittance market poses as many challenges as opportunities. <a href="http://devex.com/articles" "target=blank"><b>More Devex News & Analysis&#8230;</b></a> &#8230;

22 Dec 2008

The United Nations High Commission for Refugees needs USD92 million to help 250,000 Somalis in Kenya. &#8220;We must take action now to improve the general living conditions among a refugee population which has already suffered far too much,&#8221; UNHCR chief Antonio Guterres said. &#8220;We also need to be prepared for the possibility of continued instability in Somalia and the outflows associat&#8230;

22 Dec 2008

The International Fund for Agricultural Development approved USD258.38 million in loans and grants to support poverty alleviation programs in 16 countries. The beneficiaries include the Democratic Republic of Congo, Ghana, Kenya, Swaziland, Tanzania, China, Laos, Philippines, Tajikistan, Vietnam, Belize, Brazil, Guatemala, Venezuela, West Bank and Gaza, Yemen, and Bosnia-Herzegov&#8230;