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 ---------------------------------------------------------------------------- To unsubscribe/subscribe or view archives of postings, go to the Gambia-L Web interface at: http://maelstrom.stjohns.edu/archives/gambia-l.html ----------------------------------------------------------------------------