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FACTBOX-IMF emergency loan programmes in past six months
Wed, 11th Mar 2009 17:47
March 11 (Reuters) - Following are details of the main emergency loan programmes initiated by International Monetary Fund (IMF) over the past six months as the global economic crisis has deepened.
In the latest development, Ukraine and the IMF said on Wednesday that new measures narrowed differences in talks on releasing the suspended second tranche of an IMF loan.
Below are details of some of IMF's lending packages:
* ARMENIA -- The IMF approved a $540 million, 28-month stand-by loan on March 9, enabling Armenia to draw about $240 million immediately.
-- The IMF approved a three-year, $13.6 million loan programme last November to support the economy through to 2011.
* BELARUS -- IMF approved a $2.46 billion financial rescue package for Belarus on Jan. 12, 2009. Belarus has already received the first $788 million tranche and the rest is to be released over the next 14 months.
* EL SALVADOR -- IMF gave final approval to an $800 million loan for El Salvador on Jan. 16, 2009, but said the country did not face immediate needs and would not draw on the funds.
* HUNGARY -- The IMF, the EU and World Bank agreed a $25.1 billion economic rescue package last November in the biggest loan for an emerging market economy since the crisis began.
-- The IMF's conditions forced the government to make additional spending cuts, including in social spending and public sector wages, which had been regarded as taboo so far.
* ICELAND -- IMF approved a $2.1 billion loan for Iceland on Nov. 19, 2008 after delays. Major banks and currency had collapsed under the weight of billions of dollars of debt accumulated in an aggressive overseas expansion into financial services.
-- The IMF deal was complemented by more than $3 billion in loans from Nordic countries, Russia and Poland as well as close to $5 billion or more by Britain, the Netherlands and Germany, making the whole package worth about $10 billion.
-- Analysts have praised the new coalition government under Johanna Sigurdardottir for sticking to the IMF programme.
* KENYA -- Requested this month an IMF loan of up to $100 million to cushion its currency and help counter a food crisis.
* LATVIA -- The new government will aim for a 2009 budget deficit of 7 percent of GDP. The planned deficit is above the maximum 5 percent of GDP Latvia agreed with the IMF and European Commission for a 7.5 billion euro rescue package last year.
-- The package included financing from the EU, Nordic countries, the Czech Republic, Poland, Estonia and the World Bank. The IMF share was 1.68 billion euro ($2.13 billion).
* MALAWI -- The IMF said on Dec. 3, 2008 it approved a $77.1 million to help Malawi reduce the impact of high fuel and fertilizer costs.
* MONGOLIA -- The IMF reached an agreement in principle with Mongolia, for a $224 million loan package under an 18-month stand-by arrangement on March 7.
* PAKISTAN -- Will look to secure additional funding from IMF when they hold talks in April. The IMF approved of a loan of $7.6 billion on Nov. 24, 2008 to avert a balance of payments crisis and the government defaulting on its debt obligations.
* ROMANIA -- An IMF mission arrived in Romania on Wednesday to discuss a possible aid programme. There were no details on the bailout, which would include EU funding, but economists said it could amount to 20 billion euros ($25.38 billion).
* SERBIA -- Expects to conclude a 2 billion euro ($2.52 billion) loan with IMF by April as it looks to renegotiate a new stand-by loan. IMF already approved a 402.5 million euro ($530.3 million) loan on Jan 16, 2009.
-- The terms require that Serbia cut its budget deficit to 1.75 percent of GDP in 2009, from 2.7 percent in 2008.
* SEYCHELLES -- IMF agreed a two-year $26 million rescue package on Nov. 14, 2008, whose foreign debt was valued at $800 million. The package is dependent on economic reforms.
* SRI LANKA -- Is seeking a stand-by arrangement which amounts to approximately $1.9 billion. With the economy under pressure because of shrinking export earnings, foreign currency reserves dropped by half in the last four months of 2008 as the central bank defended the currency.
* TURKEY -- Will sign a loan deal with the IMF only if the global lender presents conditions acceptable to Turkey, Prime Minister Tayyip Erdogan reiterated on March 9.
-- Turkey has been negotiating on a loan deal to reinforce state finances, but talks were suspended after the two sides failed to resolve differences. The IMF had opposed tax cut plans in Turkey in the past, saying this would hurt fragile public finances. A deal of around $25 billion is expected, which would make it the biggest loan request in Turkey's history.
* UKRAINE -- Prime Minister Yulia Tymoshenko on Wednesday promised to alter government policies to secure the IMF's approval to release further credits from a $16.4 billion loan.
-- The IMF approved the loan package on Nov. 6, 2008 but suspended the credit's second tranche after disagreemeent over implementation of the programme over the size of the budget deficit. Ukraine has received the first $4.5 billion tranche.
* ZAMBIA -- IMF said on March 4 that Zambia could receive an additional $100 million to $150 million in balance of payments help as the country struggles with the effects of falling copper prices and a global credit crisis.
-- The IMF said it would try to complete the first and second reviews by early May. Approval of the reviews would see a loan tranche of around $20 million disbursed to the country.
(Writing by Carl Bagh and David Cutler, Editorial Reference Units in Bangalore and London, Editing by Andy Bruce) ($1=.7881 Euro) ($1=.7881 Euro) Keywords: UKRAINE IMF/PROGRAMMES
(carl.bagh@thomsonreuters.com; +91 80 41355917; Reuters Messaging: carl.bagh@thomsonreuters.com)
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
In the latest development, Ukraine and the IMF said on Wednesday that new measures narrowed differences in talks on releasing the suspended second tranche of an IMF loan.
Below are details of some of IMF's lending packages:
* ARMENIA -- The IMF approved a $540 million, 28-month stand-by loan on March 9, enabling Armenia to draw about $240 million immediately.
-- The IMF approved a three-year, $13.6 million loan programme last November to support the economy through to 2011.
* BELARUS -- IMF approved a $2.46 billion financial rescue package for Belarus on Jan. 12, 2009. Belarus has already received the first $788 million tranche and the rest is to be released over the next 14 months.
* EL SALVADOR -- IMF gave final approval to an $800 million loan for El Salvador on Jan. 16, 2009, but said the country did not face immediate needs and would not draw on the funds.
* HUNGARY -- The IMF, the EU and World Bank agreed a $25.1 billion economic rescue package last November in the biggest loan for an emerging market economy since the crisis began.
-- The IMF's conditions forced the government to make additional spending cuts, including in social spending and public sector wages, which had been regarded as taboo so far.
* ICELAND -- IMF approved a $2.1 billion loan for Iceland on Nov. 19, 2008 after delays. Major banks and currency had collapsed under the weight of billions of dollars of debt accumulated in an aggressive overseas expansion into financial services.
-- The IMF deal was complemented by more than $3 billion in loans from Nordic countries, Russia and Poland as well as close to $5 billion or more by Britain, the Netherlands and Germany, making the whole package worth about $10 billion.
-- Analysts have praised the new coalition government under Johanna Sigurdardottir for sticking to the IMF programme.
* KENYA -- Requested this month an IMF loan of up to $100 million to cushion its currency and help counter a food crisis.
* LATVIA -- The new government will aim for a 2009 budget deficit of 7 percent of GDP. The planned deficit is above the maximum 5 percent of GDP Latvia agreed with the IMF and European Commission for a 7.5 billion euro rescue package last year.
-- The package included financing from the EU, Nordic countries, the Czech Republic, Poland, Estonia and the World Bank. The IMF share was 1.68 billion euro ($2.13 billion).
* MONGOLIA -- The IMF reached an agreement in principle with Mongolia, for a $224 million loan package under an 18-month stand-by arrangement on March 7.
* PAKISTAN -- Will look to secure additional funding from IMF when they hold talks in April. The IMF approved of a loan of $7.6 billion on Nov. 24, 2008 to avert a balance of payments crisis and the government defaulting on its debt obligations.
* ROMANIA -- An IMF mission arrived in Romania on Wednesday to discuss a possible aid programme. There were no details on the bailout, which would include EU funding, but economists said it could amount to 20 billion euros ($25.38 billion).
* SERBIA -- Expects to conclude a 2 billion euro ($2.52 billion) loan with IMF by April as it looks to renegotiate a new stand-by loan. IMF already approved a 402.5 million euro ($530.3 million) loan on Jan 16, 2009.
-- The terms require that Serbia cut its budget deficit to 1.75 percent of GDP in 2009, from 2.7 percent in 2008.
* SEYCHELLES -- IMF agreed a two-year $26 million rescue package on Nov. 14, 2008, whose foreign debt was valued at $800 million. The package is dependent on economic reforms.
* SRI LANKA -- Is seeking a stand-by arrangement which amounts to approximately $1.9 billion. With the economy under pressure because of shrinking export earnings, foreign currency reserves dropped by half in the last four months of 2008 as the central bank defended the currency.
* TURKEY -- Will sign a loan deal with the IMF only if the global lender presents conditions acceptable to Turkey, Prime Minister Tayyip Erdogan reiterated on March 9.
-- Turkey has been negotiating on a loan deal to reinforce state finances, but talks were suspended after the two sides failed to resolve differences. The IMF had opposed tax cut plans in Turkey in the past, saying this would hurt fragile public finances. A deal of around $25 billion is expected, which would make it the biggest loan request in Turkey's history.
* UKRAINE -- Prime Minister Yulia Tymoshenko on Wednesday promised to alter government policies to secure the IMF's approval to release further credits from a $16.4 billion loan.
-- The IMF approved the loan package on Nov. 6, 2008 but suspended the credit's second tranche after disagreemeent over implementation of the programme over the size of the budget deficit. Ukraine has received the first $4.5 billion tranche.
* ZAMBIA -- IMF said on March 4 that Zambia could receive an additional $100 million to $150 million in balance of payments help as the country struggles with the effects of falling copper prices and a global credit crisis.
-- The IMF said it would try to complete the first and second reviews by early May. Approval of the reviews would see a loan tranche of around $20 million disbursed to the country.
(Writing by Carl Bagh and David Cutler, Editorial Reference Units in Bangalore and London, Editing by Andy Bruce) ($1=.7881 Euro) ($1=.7881 Euro) Keywords: UKRAINE IMF/PROGRAMMES
(carl.bagh@thomsonreuters.com; +91 80 41355917; Reuters Messaging: carl.bagh@thomsonreuters.com)
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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