IMF-Mozambique
   IMF approves 50 million dollar credit for Mozambique

   WASHINGTON, March 27 (AFP) - The IMF on Monday approved a 50 million
dollar
credit for Mozambique and said the funds would be available on an
accelerated
basis in light of the devastating floods that have struck the country.
   The International Monetary Fund said its executive board approved the
loan
under terms of the IMF's "poverty reduction and growth facility (PRGF),"
which
makes financial assistance on concessional terms available to low-income
countries that agree to implement market-oriented economic reforms.
   But it added in a statement that "in view of the emergency situation and
its likely impact on the balance of payments, access under the PRGF
arrangement has been augmented."
   United Nations officials estimate that some 536,000 people in Mozambique
have been displaced by flooding and are living in special facilities, with
their numbers growing each day.
   Official estimates attribute 640 deaths to the floods, with the total
number of people affected some two million.
   PGRF loans carry an interest rate of 0.5 percent a year and are
repayable
over 10 years with a 5.5-year grace period on principal payments.
   nh/cw

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