IMF okays $314m loan for Manila<\/p>\n
WASHINGTON (DPA): The International Monetary Fund's Executive
\nBoard has approved a US$314-million disbursement to the
\nPhilippines under the country's IMF-directed credit arrangement,
\nthe institution said on Tuesday.<\/p>\n
The additional financing comes under a long-term structural
\nadjustment program. With the latest loan, the total amount
\nprovided to the Philippines under the program amounts to $887
\nmillion.<\/p>\n
The IMF's directors noted that inflation has been lower than
\nexpected in the Philippines, which, as a result, is experiencing
\nan economic recovery. They also said there were gains in the
\nforeign trade situation.<\/p>\n
"To preserve these gains and in order to restore market
\nconfidence, ... further progress through the remainder of the
\nprogram period was seen as essential," said IMF Deputy Managing
\nDirector Shigemitsu Sugisaki.<\/p>\n
"To this end, it will be critically important to ensure that
\nthe fiscal program targets for 2000 are met and that continued
\nstrong progress is made in implementing key structural reforms,"
\nhe said.<\/p>",
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