IMF approves $224.8 mln in extra credit for Ivory Coast


Reuters

UPDATE 1-IMF approves $224.8 mln in extra credit for Ivory Coast


(Adds detail throughout)
    ABIDJAN, June 19 (Reuters) - The International Monetary
Fund's Executive Board approved $224.8 million in additional
credit for Ivory Coast under an existing lending framework, it
said in a statement on Monday.
    "The Board ... approved an augmentation of access under the
two arrangements by about US$224.8 million or 25 percent of the
country's quota," the statement said.
    Ivory Coast has emerged from a 2011 civil war to become
Africa's fastest growing economy, but the government has had to
cut its budget this year amid falling cocoa prices and payment
demands from disgruntled soldiers.
    "The country has been hit by a substantial terms of trade
shock and experienced social tensions earlier this year," said
IMF Deputy Managing Director Mitsuhiro Furusawa.
    "Nonetheless, the country's economic outlook remains strong,
with growth projected at about 7 percent in 2017-19," he added.
    The additional credit brings total lending under the
existing two credit arrangements spread over three years to
around $900 million, the IMF added.
    It was unclear how much President Alassane Ouattara's
government had requested. The IMF said Ivory Coast had now
reached its lending quota under the existing programme.

 (Writing by Emma Farge; Editing by James Dalgleish)
 ((emma.farge@thomsonreuters.com; +221 33 864 5077; Reuters
Messaging: emma.farge.thomsonreuters.com@reuters.net))

Keywords: IVORYCOAST IMF/ (UPDATE 1)



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