The International Monetary Fund ended the month of March with announcements of immediate disbursements to Grenada and Serbia, a borrowing agreement with the Czech National Bank, and an interim debt relief for Cote d’Ivoire.
Following completion of economic reviews for Grenada and Serbia, the two were given access to funding under different facilities. IMF is prepared to free USD2.6 million under Grenada’s previous Extended Credit Facility arrangement and another USD1.9 million under a new ECF agreement worth USD13.3 million. It is also ready to issue USD485 million to Serbia under a standby arrangement. The government, Business Week reports, intends to draw USD242 million of the funding this week.
IMF said it signed an agreement that will allow it to borrow USD1.4 billion from the Czech National Bank. This forms part of the European Union’s commitment to increase the fund’s lending capacity.
The fund also moved to grant Cote d’Ivoire some USD7.6 million as additional interim aid under the Heavily Indebted Poor Countries Initiative, or a relief on debt service for the period running from April 2010 to March 2011.