WASHINGTON The International Monetary Fund Executive Board on Friday approved in principle a three-year $368 million loan to support the government's efforts to boost growth and reduce poverty, AFP quoted an IMF statement as saying here.

A final decision from the board awaits approval by the World Bank, the IMF's sister institution, of Vietnam's poverty reduction strategy paper. The bank executive board is expected to take action on the matter April 12.

The funds will back a program that "seeks to build on Vietnam's recent record of positive performance and policy momentum," said IMF Deputy Managing Director Shigemitsu Sugisaki.