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.