IMF Approves 3-Year US$115.8M Arrangement Under the ECF for Central African Republic

The Executive Board of the International Monetary Fund (IMF) approved a three-year SDR 83.55 million (about US$115.8 million) arrangement under the Extended Credit Facility (ECF) for the Central African Republic. 
According to the IMF, the approval enables the immediate disbursement of SDR 12.525 million (about US$17.4 million), while the remaining amount will be phased over the duration of the arrangement, subject to program reviews. 
The authorities’ ECF-supported program aims to entrench macroeconomic stability and create the conditions for sustained and inclusive growth, through structural reforms. 
The government program, supported by the ECF, aims at restoring macroeconomic stability, economic growth, job creation and poverty reduction. 
The program focuses on enhancing revenue mobilization and improving expenditure efficiency to lower the primary fiscal deficit and scale-up social and infrastructure spending.