From the Executive Board

• Pages: 350

Page 350

Following are excerpts of recent IMF press releases. Full texts are available on the IMF's web site (http://www.imf.org/external/news.htm) or on request from the IMF's Public Affairs Division (fax: (202) 623-6278).

Algeria: Article VIII

The government of Algeria has notified the IMF that it has accepted the obligations of Article VIII, Sections 2, 3, and 4, of the IMF Articles of Agreement, with effect from September 15. IMF members accepting the obligations of Article VIII undertake to refrain from imposing restrictions on the making of payments and transfers for current international transactions or from engaging in discriminatory currency arrangements or multiple currency practices without IMF approval. A total of 141 countries have now assumed Article VIII status.

Algeria joined the IMF on September 26, 1963. Its quota is SDR 914.4 million (about $1.3 billion).

Press Release No. 97/47, October 16

Press Information Notices

Press Information Notices (PINs) are IMF Executive Board assessments of members' economic prospects and policies issued-with the consent of the member-following Article IV consultations, with background on the members' economies. Recently issued PINs include:

Paraguay, No. 97/29, October 22 Grenada, No. 97/30, October 22 Madagascar, No. 97/31, October 28

Full texts of PINs are available on the IMF's web site (http://www.imf.org/pins).

Pakistan: ESAF/EFF

The IMF approved a three-year financing package for Pakistan equivalent to SDR 1.1 billion (about $1.6 billion) in support of its medium-term adjustment and reform program. Of this amount, SDR 682.4 million (about $935 million) is available under the Enhanced Structural Adjustment Facility (ESAF), and SDR 454.9 million (about $623 million) under the Extended Fund Facility (EFF). Of the total, SDR 151.6 million (about $208 million) is available immediately.

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Medium-Term Strategy and the 1997/98 Program

The macroeconomic objectives for the three-year program period (1997/1998-1999/2000) are to raise the average annual growth rate of real GDP growth to the 5-6 percent range (from 3.1 percent in 1996/97); to progressively reduce annual inflation to about 7 percent (from 11.8 percent in 1996/97); and to reduce the external...