The institution authorised a first disbursement of $54.3 million. The remainder of the aid will be staggered throughout the three-year programme and subject to semi-annual checks.
The programme's main objectives are to provide short-term financial margins, finance urgent expenditures and make a strong contribution to poverty reduction, said Tao Zhang, deputy managing director of the IMF.
It also seeks to support a framework of structural reforms focusing mainly on revenue mobilisation domestic finance, fiscal consolidation and financial sector reform, according to the media report on Friday.
According to the IMF, the country has shown "remarkable resilience" to the double shock of the collapse of iron ore exports and the Ebola epidemic.
In 2016, growth reached 6.1 per cent due to a recovery in iron ore production. The government deficit surpassed expectations and reached 8.3 per cent of GDP.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.