Bloomberg News

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

November 07, 2011

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.

--Editors: Robert Valpuesta, Randy Hackley.

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.


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