IMF RELEASED FINAL TRANCHE TO BULGARIA
The International Monetary Fund disbursed 52.3 million Special Drawing Rights (SDR), equivalent to some 65 million US dollars, in the last, 12th, tranche of the IMF's three-year Extended Fund Facility (EFF) arrangement for Bulgaria, the Finance Ministry said in a press release last Tuesday.
The Extended Fund Facility totalled SDR627.62MLN (approximately 864 million dollars). It was approved on September 25, 1998 and will expire on September 24, 2001. The last tranche was released after the observance of performance criteria set in the programme by March 31, 2001. This is the first fully implemented arrangement between Bulgaria and the IMF, according to the Ministry.
Its successful completion proves the endorsement by the international financial institutions of the economic policy implemented by the government, targeting a market reform and Bulgaria's accession to the European Union, the press release said.
After joining the IMF on September 25, 1990, Bulgaria has concluded six arrangements with the Fund.