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.