In which year did the International Monetary fund (IMF) establish the Poverty Reduction and Growth Facility (PRGF) with the objective to reduce poverty in most of the poorest countries?

Option 4 : September, 1999

The correct answer is September 1999.

• In September 1999, the IMF adopted a new anti-poverty focus for its work in low-income countries.
• As part of this move, the IMF terminated its Enhanced Structural Adjustment Facility (ESAF) and replaced it with a new lending facility for low-income countries i.e. the Poverty Reduction and Growth Facility (PRGF).
• The core aim of the PRG facility is to arrive at policies that are more clearly focused on economic growth and poverty reduction and, as a result of better national ownership, more consistently implemented.
• The new facility has a number of innovations designed to ensure that lending programs are pro-poor and in line with each country's own strategy for reducing poverty.
• These innovations are complemented by a stronger partnership with the World Bank to increase the effectiveness and sustained impact of our efforts to reduce poverty.

• International Monetary Fund headquarters is located at Washington D. C in the United States.
• It was founded in 1944.
• International Monetary Fund is an Organization of 190 countries.
• It is working to secure financial stability, facilitate international trade, promote high employment and economic growth and reduce poverty around the world.
• Pierre-Olivier Gourinchas is the current IMF chief economist.