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IMF approves $44.5 mln credit for Madagascar


Reuters

NAIROBI, Dec 7 (Reuters) - The International Monetary Fund (IMF) said it has approved a further $44.5 million credit for Madagascar, as part of a drive to support the country's economic recovery.

The IMF and other international donors broke ties or cut aid payments to the Indian Ocean island after a coup in 2009, but resumed them after a peaceful presidential vote in late 2013.

"The gradual economic recovery has continued, with solid growth and continued macroeconomic stability despite the drought and cyclone that affected Madagascar in early 2017," the IMF said in a statement late on Wednesday.

Madagascar is one of the world's poorest countries, even though it has reserves of nickel, cobalt, gold, uranium and other minerals.

In June, the IMF approved an $86 million credit for the Indian Ocean island.




This article appears in: World Markets , Stocks , Economy , Banking and Loans


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