The International Monetary Fund promised an 18 month Stand-by Credit Agreement of around US$17.7 billion.

The IMF granted Poland with a stabilization fund of US$1 billion and an additional stand-by credit of US$720 million.

In 1996 the International Monetary Fund (IMF) granted Yemen a US$190 million stand-by credit facility, and the following year it approved two funding facilities that increased the country's credit by approximately US$500 million.

Papandreou said on his arrival that the visit was a "signal of European support for Algeria's economic reform programme" and commended the country on its stand-by credit agreement signed with the International Monetary Fund (IMF) early last month.

In order to meet the IMF's requirements and thus ensure $350 million in stand-by credits and another billion dollars in European Community funds, Mr Nemeth intends to slash the huge budget deficit from around 50 billion forints (£500 million) to 10 billion.

In order to release $350 million in stand-by credits and clear the way for the injection of $1 billion in European Community funds, the International Monetary Fund originally demanded that the budget deficit be wiped out altogether and that public spending be subjected to even more stringent cuts than are planned.