Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

IMF Approves $615.9 Million Credit for Ivory Coast’s Recovery

Don't Miss Out —
Follow us on:

Nov. 5 (Bloomberg) -- The International Monetary Fund approved a credit facility of about $615.9 million for Ivory Coast, supporting an “ambitious investment-led recovery” for the West African nation after a violent post-election crisis.

The world’s top cocoa producer will get about $128.3 million immediately from the Washington-based lender, the IMF said in a statement published late yesterday on its website. About $8 million in debt relief was also approved, the IMF said.

Ivory Coast’s “economy is recovering faster than anticipated,” Min Zhu, deputy managing director of the fund, said in the statement. “The emphasis on investment is appropriate. Expenditures will remain relatively high, while revenues will still reflect the impact of the post-election crisis.”

President Alassane Ouattara took office in May following the capture of ex-leader Laurent Gbagbo, who refused to cede power after losing a November 2010 election. As many as 3,000 people died in clashes during the crisis, according to the International Criminal Court.

The biggest economy in the West African monetary union will contract 5.8 percent this year before expanding 8.5 percent in 2011 as gold and cocoa production rises, according to the Finance Ministry.

To contact the reporter on this story: Emily Bowers in Accra at ebowers1@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.