IMF says it has reached agreement with C. African Republic to shore up its economy

BANGUI, Central African Republic – The International Monetary Fund says it has reached an agreement with authorities from Central African Republic that could see the Bangui government receiving more than $21 million this year to shore up its battered economy.

Ekue Kpodar, the head of the IMF team, made the announcement Thursday after the two sides met in neighboring Douala, Cameroon.

Kpodar says the funds could be supplied in installments of $12.8 million and $8.5 million subject to approval by the executive board of the Washington-based lending organization.

Kpodar said the IMF was predicting economic growth for the CAR of 1.5 percent in 2014 after the economy collapsed at the end of 2012.

But that assumes "a normalization of security conditions, the return of displaced persons and a gradual resumption of economic activities."