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Tuesday, January 31, 2012 - 5.24 GMT

CB clarifies on IMF- SBA Programme


Clarifying the interest rate issue on the Stand-By- Arrangement facility (SBA) of SDR 1.65 billion (equivalent to US$ 2.6 billion) in 2009,the Central Bank said it has drawn so far US$ 1.7 billion in seven tranches of the loan which is equivalent to 400% of the country's current quota with the IMF.

The amount drawn up to now is lower than 300% of the quota and the applicable interest rate for that amount is 1.1% per year.

However if drawn over 300% , a surcharge of 2% will be added on top of the present interest rate for the credit outstanding above 300%, the Bank said in a statement today.

Read the full statement at: _20120130ea.pdf





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Last modified: January 31, 2012.

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