IMF funds for Manila

IMF funds for Manila

MANILA (AFP): The International Monetary Fund (IMF) has
released US$152.65 million to the Philippines in the first
tranche of a three-year, $684 million Extended Fund Facility
(EFF), the Central Bank governor said.

Gabriel Singson told reporters at the weekend the amount
further boosted the country's gross international reserves to a
new record high of $7.4 billion from $7.3 billion on June 27.

The release of the initial tranche came less than a month
after the IMF approved a new economic program for Manila on June
24, paving the way for the news loans and the rescheduling talks
for debts falling due this year to bilateral creditors.

Several more installments have been programmed over the next
three years, during which the IMF will closely monitor the
country's fiscal position as well as push for further reforms
that would lead to sustainable growth.