IMF Update: Grenada and Serbia Funding, Czech Republic Loan, Ivory Coast's Interim Debt Relief

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.

About the author

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    Eliza Villarino

    Eliza Villarino is an associate editor for Devex and leads the company's news team in Manila. She played a critical role in conceptualizing the Development Newswire. Prior to joining Devex in 2004, she has already published articles and news briefs for Internet media organizations and for the Institute for Ethics and Economic Policy at Fordham University in New York. She earned her bachelor's in political science and master's in public affairs from the University of the Philippines. Eliza is a member of Mensa Philippines.