IMF approves US$ 14 million for Togo
PANA

The Executive Board of the International Monetary Fund (IMF) has authorised Togo to draw about US$ 14 million under its Poverty R e duction and Growth Facility (PRGF) arrangement.

The decision came at the conclusion of the Executive Boardâ?s third review of T ogo's performance under its economic reform programme, supported by the three-ye a r PRGF arrangement, according to an IMF press release.

â?Togo met all of its quantitative and structural performance criteria under th e PRGF-supported programme, and the implementation of its PRGF-supported program m e has been solid, especially considering the impact of the global recession, las t yearâ?s global price shocks, and severe flooding in the country,â? the press r elease reads.

â?Fiscal policies have been prudent, and good progress has been achieved in imp lementing key structural reforms.â?

The three-year PRGF arrangement was approved by the Board in April 2008 for an a mount of about US$ 108.4 million. In September 2008, the Executive Board approve d an augmentation of access to over US$ 33 million.

IMF claims that PRGF-supported programmes are based on country-owned poverty red uction strategies adopted in a participatory process involving civil society and

development partners and articulated in its Poverty Reduction Strategy Paper (PR S P).

According to the Fund, this is intended to ensure that PRGF-supported programmes are consistent with a comprehensive framework for macroeconomic, structural, an d social policies to foster growth and reduce poverty.

Togo, which became a member of the IMF on 1 August, 1962, has a Fund quota of ov er US$ 140 million.

In a related development, IMF External Relations Department on Wednesday announc ed a sale of 10 metric tonnes of gold valued at US$ 375 million to the Central B a nk of Sri Lanka.

â?The sale was conducted on the basis of market prices prevailing on 23 Novembe r, 2009, with proceeds equivalent to US$ 375 million,â? the IMF press statement stated.

This transaction is part of the total sales of 403.3 metric tonnes approved by t he Executive Board in September 2009, and it adds to the total of 202 metric ton n es already sold to the Reserve Bank of India and the Bank of Mauritius.

â?In accordance with the guiding principle of avoiding disruption of the gold m arket, the IMFâ?s Executive Board adopted modalities for the gold sales consiste nt with guidelines it had earlier established," the statement reads, adding â?In particular, the Fund is standing ready for an initial period to sell gold direc t ly to central banks and other official holders that may be interested in such sa l es.â?

Thereafter, on-market sales of any amounts remaining from the 403.3 tonnes would be conducted in a phased manner over time, following the approach adopted by ce n tral banks participating in the Central Bank Gold Agreement, according to IMF Ex t ernal Relations Department.

IMF previously stated that it would inform markets before any on-market sales co mmence, and will report regularly to the public on progress with the gold sales.

Africa and the financial crisis, is it really going to be a war ?
The African Development Bank (ADB) took the initiative to gather the African ministers and bank governors to debate the world financial crisis which has been raging for some time, and about which the world experts say that the poorest among the African countries will be the most affected. At a date between the seism and the G20 Summit ...