IMF okays $314m loan for Manila

IMF okays $314m loan for Manila

WASHINGTON (DPA): The International Monetary Fund's Executive
Board has approved a US$314-million disbursement to the
Philippines under the country's IMF-directed credit arrangement,
the institution said on Tuesday.

The additional financing comes under a long-term structural
adjustment program. With the latest loan, the total amount
provided to the Philippines under the program amounts to $887
million.

The IMF's directors noted that inflation has been lower than
expected in the Philippines, which, as a result, is experiencing
an economic recovery. They also said there were gains in the
foreign trade situation.

"To preserve these gains and in order to restore market
confidence, ... further progress through the remainder of the
program period was seen as essential," said IMF Deputy Managing
Director Shigemitsu Sugisaki.

"To this end, it will be critically important to ensure that
the fiscal program targets for 2000 are met and that continued
strong progress is made in implementing key structural reforms,"
he said.