|
|
|
The IMF will provide 2.7 billion dollars
over three years, while the World Bank, IADB, Andean Development Corporation
and Latin American Reserve Fund will provide another 4.2 billion, officials
said.
AGENCE FRANCE PRESSE
Monday, 27 September 1999
Colombia to get 6.9 billion dollars in aid: IMF
WASHINGTON -- Colombia will receive 6.9 billion dollars in aid from
multilateral institutions as part of an IMF-supervised package, officials
announced at the International Monetary Fund headquarters here Monday.
IMF managing director Michel Camdessus made the announcement of the package
along with Inter-American Development Bank director Enrique Iglesias and
Colombian Economy Minister Juan Camilio Restrepo.
The program supports President Andres Pastrana's program aimed at making
peace with leftist insurgents while improving economic development in the
South American nation. The IMF will provide 2.7 billion dollars over three
years, while the World Bank, IADB, Andean Development Corporation and Latin
American Reserve Fund will provide another 4.2 billion, officials said.
A large portion of the funds will be allocated to providing "a social safety
net," IMF officials said, adding that the government of Colombia had agreed
to expand spending on social programs by 900 million dollars over the next
three years.
The expenditures are aimed at cushioning vulnerable sectors against
the effects of recession. The economic downturn has so far led to mass
layoffs and a decline in living standards. Priorities in the spending plan
are emergency employment generation, job training and assistance to families
displaced by political unrest. Copyright 1999 Agence France Presse
Go
back to the indexpage
¨ |
