LOC21:44
18:44 GMT
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)
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