June 19, 2017 / 11:23 PM / a year ago

IMF approves $642 mln for Gabon in three-year loan agreement

DAKAR, June 19 (Reuters) - The International Monetary Fund (IMF) has approved a $642 million loan agreement over three years for OPEC member Gabon whose economy has been hit by falling oil prices, it said in a statement on Monday.

“Today’s Executive Board’s decision enables an immediate disbursement of ... about US$ 98.8 million,” the statement said.

The loan, called an Extended Fund Facility and designed for countries with balance of payment issues, represents more than twice the country’s IMF quota. (Reporting by Emma Farge; Editing by Sandra Maler)

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