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SOUTH AFRICA RECEIVES FULL BACKING OF TRANSITIONAL EXECUTIVE COUNCIL FOR $850 MILLION LOAN FROM INTERNATIONAL MONETARY FUND

 WASHINGTON, Dec. 7 /PRNewswire/ -- South Africa's application for an $850 million loan from the International Monetary Fund received the full backing of the Transitional Executive Council (TEC) today.
 During the first meeting in Cape Town, the TEC co-signed a letter Mr. Derek Keys, Minister of Finance and of Trade and Industry, has written to the IMF submitting the required Statement of Policies which accompanies the application. The TEC's approval means that South Africa has fulfilled the IMF's condition for considering the loan -- formal confirmation of multi-party consensus on the basis of the loan application. The application can now go forward to the IMF's board of directors which will consider it on Dec. 22.
 The loan is being applied for in terms of the IMF's Compensatory and Contingency Financing Facility. Its purpose is to cover the balance of payment outflows caused by the drought. By relieving pressure on South Africa's foreign exchange reserves, the funds will contribute to the country's economic well-being and its growth prospects.
 -0- 12/7/93
 /CONTACT: Wesley Johanneson of the Embassy of South Africa, 202-232-4400/


CO: Embassy of South Africa ST: District of Columbia IN: SU:

WB-LD -- NY104 -- 1505 12/07/93 20:09 EST
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Publication:PR Newswire
Date:Dec 7, 1993
Words:199
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