In Central African Republic IMF approves $11.8 million in aid

The assistance, under the IMF's Rapid Credit Facility, is to help Central African Republic meet urgent balance of payments needs

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Visitors are silhouetted against the logo of the International Monetary Fund at the main venue for the IMF and World Bank annual meeting in Tokyo October 10, 2012. REUTERS/Kim Kyung-Hoon play Visitors are silhouetted against the logo of the International Monetary Fund at the main venue for the IMF and World Bank annual meeting in Tokyo October 10, 2012. REUTERS/Kim Kyung-Hoon
The International Monetary Fund (IMF) logo is seen at the IMF headquarters building during the 2013 Spring Meeting of the International Monetary Fund and World Bank in Washington, April 18, 2013. REUTERS/Yuri Gripas play The International Monetary Fund (IMF) logo is seen at the IMF headquarters building during the 2013 Spring Meeting of the International Monetary Fund and World Bank in Washington, April 18, 2013. REUTERS/Yuri Gripas (Reuters)
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The International Monetary Fund's Executive Board has approved about $11.8 million in financial assistance for Central African Republic, the IMF said on Tuesday.

The assistance, under the IMF's Rapid Credit Facility, is to help Central African Republic meet urgent balance of payments needs and to support its emergency economic recovery program, the IMF said in a statement.

The board's approval on Monday followed a disbursement of about $7.9 million to Central African Republic in March under the Rapid Credit Facility.

Thousands of Central Africans have died and hundreds of thousands remain displaced from two years of violence that erupted after mainly Muslim Seleka rebels seized power in the majority Christian country in 2013.

READ: Economy to slow in 2015, 2016 on weak oil prices: IMF

France intervened in its former colony in 2013 and a U.N. peacekeeping force was established in 2014.

Voters are due to go to the polls on October 18 to choose a new president and parliament to replace an interim government led by Catherine Samba-Panza. But preparations are running behind and the head of the interim parliament said the polls are likely to be postponed again.

"Economic prospects for 2016 are positive, with real GDP growth being projected at 5.7 percent, but risks remain high, including a protracted transition and lower external support," the IMF said.

"This new disbursement would also help the authorities address their urgent balance of payments needs and enable an orderly shift to the post-transition phase that should start after the elections," the statement said.

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