MANILA, Dec 29: The International Monetary Fund (IMF) welcomed on Friday the Philippines' announcement it would repay in full its $219.7 million debt this year. The payment is to be completed by the end of 2006, and will “trigger the country's exit from its post-programme monitoring” with the IMF scheduled in April of next year, the IMF said.

“The Philippines' ability to repay the International Monetary Fund early reflects a strong balance of payments position, achieved through impressive fiscal reforms that have substantially reduced the fiscal deficit and debt,” IMF acting managing director Takatoshi Kato said in a statement.—AFP