The ECF with the IMF has committed the government to greater prudence in monetary policy. In particular, the Fund will seek to promote improved co-ordination of monetary and fiscal policies. Although the IMF supported the cautious and gradual easing of monetary policy to underpin recovery, it has cautioned against further policy loosening to maintain low inflation expectations. However, supporting the banking sector and economic growth will be prioritised over containing inflation during the forecast period. As a result, the repurchase (repo) rate is expected to remain at around 9% in 2011, before increasing by 100 basis points towards the end of 2012. Although foreign reserves fell slightly in the first quarter of 2010 (from US$225m in December 2009 to US$211m in March 2010, the latest figures available), reserves are expected to increase modestly over the forecast period in line with financial inflows, although they will remain well below three months of import cover.