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IMF provides USD 100 in emergency assistance to Haiti

WASHINGTON, Jan 14 (KUNA) -- The International Monetary Fund (IMF) will provide USD 100 million "very rapidly" in emergency financing to Haiti to assist it in dealing with the aftermath of the massive and devastating earthquake that has hit the country, it was announced here Thursday.
The IMF indicated that the USD100 million in new funding is subject to approval by the IMF Executive Board, which could consider the augmentation under accelerated procedures.
IMF Managing Director Dominique Strauss-Kahn said in a statement that he asked staff members "to look into all the possibilities and I am pleased to announce that we are able to make USD100 million available very quickly." "We are coordinating with other international agencies to mobilize assistance as quickly as possible in order to help Haiti with the difficult task ahead of rebuilding the country," he added.
Strauss-Kahn, on behalf of the IMF, offered his "deepest sympathy to the victims of this tragedy." According to the institution, the emergency financing would be provided as an augmentation to the existing IMF-supported arrangement with Haiti under the Extended Credit Facility, formerly the Poverty Reduction and Growth Facility (PRGF).
Since 2006, the IMF has disbursed close to USD170 million under its PRGF-supported arrangement. The program was approved in November 2006 in an amount equivalent to about USD114.4 million.
In June 2008, an augmentation of about USD 25.4 million was approved to help Haiti cope with the impact of high international food and fuel prices.
A second increase in IMF financial assistance, of about USD38.1 million was approved by the Executive Board in February 2009 to help mitigate the negative effects of a series of hurricanes in 2008, as well as the global downturn.
Haiti received USD 1.2 billion in debt relief in June 2009, as it reached the completion point under the Enhanced Heavily Indebted Poor Countries Initiative approved by the Executive Boards of the IMF and the World Bank. (end) si.rk KUNA 142144 Jan 10NNNN