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International Monetary Fund. External Relations Dept.

Climate change is likely to have an adverse impact on economic growth over the long run and will set back efforts to help the poorest countries unless the international community takes decisive action, IMF Deputy Managing Director Takatoshi Kato told the UN Conference on Climate Change in Bali, Indonesia. “Climate change is perhaps the largest collective action problem that the world faces,” Kato said on December 14. “Early and sustained action is needed to avoid future harm.” Kato joined high-level officials from more than 180 countries who were in

International Monetary Fund. External Relations Dept.

During a visit to Mozambique, July 24–27, IMF Deputy Managing Director Takatoshi Kato lauded the work of Centro de Investigação em Saúde de Manhiça, a health research institute that, he said, is providing groundbreaking research on the region’s most critical diseases and helping improve health conditions in Mozambique. Kato told reporters that the IMF is very concerned about endemic diseases, such as malaria, HIV/AIDS, and tuberculosis, which have had a serious negative effect on African economies. In meetings with President Armando Guebuza, Prime

International Monetary Fund. External Relations Dept.

climate of political dialogue is evident, and the improved security situation is beginning to pay off in better economic outcomes.” Bangladesh Receives $217 Million in Emergency Assistance The IMF’s Executive Board approved on April 2 a disbursement of $217 million in emergency assistance to Bangladesh to help the country cope with damage from a November 2007 cyclone that had followed severe monsoon-related flooding. IMF Deputy Managing Director Takatoshi Kato noted that the damage to the country’s agricultural sector would reduce economic growth in FY2008

International Monetary Fund. External Relations Dept.

of $250 million. IMF Completes Review of Iraq’s Stand-By Arrangement The IMF Executive Board completed on September 2 the first review of Iraq’s Stand-By Arrangement, which is designed to support the country’s economic program through March 2009. The $746.3 million arrangement, approved in December 2007, is being treated as precautionary by the authorities, which means they do not expect to draw on it. “After several very difficult years, economic prospects for Iraq are improving,” said IMF Deputy Managing Director Takatoshi Kato following the Executive

International Monetary Fund. External Relations Dept.

approved releasing $16.9 million to Nepal following the fifth and final review of its three-year arrangement, under which the strife-torn country received a total of $79.1 million. “The Nepalese authorities are to be commended for implementing prudent macroeconomic policies and structural reforms under difficult political circumstances,” IMF Deputy Managing Director Takatoshi Kato said in a statement. Mali received $2.1 million in the sixth and final disbursement of a $14.6 million arrangement approved in June 2004. The concessional PRGF loans, which carry an interest