International Monetary Fund. External Relations Dept.
In September 1999, the IMF established the Poverty Reduction and Growth Facility (PRGF), which replaced its Enhanced Structural Adjustment Facility (ESAF). The PRGF broadened the objectives of the IMF’s concessional lending to include a more explicit focus on poverty reduction in the context of a growth-oriented strategy. Demand for PRGF resources has been high. In recent years, more than 40 countries have had PRGF Arrangements or have transformed ESAF Arrangements to include the new features of the PRGF. During financial year 2003, the Executive Board approved 10 new PRGF arrangements (for Albania, the Democratic Republic of the Congo, The Gambia, Guyana, Nicaragua, Rwanda, Senegal, Sri Lanka, Tajikistan, and Uganda), with commitments totaling SDR 1.2 billion.