The LGFFDR2 program loan is part of the national government’s external financing program to partially support general budgetary requirements. The program loan is co-financed by AFD and the Asian Development Bank, with the latter providing $250 million. The Finance department’s International Finance Group said the program loan was being extended in recognition of the national government’s efforts to achieve inclusive growth and reduce poverty. “All activities/policy actions/indicators necessary to facilitate the disbursement of the subprogram had already been successfully achieved” by the national government, the Finance department said. The AFD loan will likely be disbursed in the fourth quarter of this year or the first quarter of 2018.

Source: Manila Times November 01, 2017 18:11 UTC