The West African country of Ivory Coast is set to receive the first tranche of a $3.5 billion loan approved on Wednesday, the International Monetary Fund announced.
The 40-month arrangement “will help support the country’s transition towards upper middle income status” in the medium term, the IMF said.
Ivory Coast will receive $495.4 million (Є460 million) in cash immediately, the global lender said.
Three areas of financial pressure
The country is reeling under the pressures of the impact of COVID-19, the impact of the war in Ukraine and a global economic downturn in general.
“Sequential shocks around the world have damaged Cote d’Ivoire’s public finances as well as regional reserves,” IMF Deputy Managing Director Kenji Okamura said in a statement, referring to the country through Its French name.
The payment of the total amount will depend on the country making structural changes to its economy.
rm/jsi (Reuters, AFP)