West Africa: IMF Approves U.S.$3.5 Billion Loan for Ivory Coast

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The International Monetary Fund (IMF) building in Washington, D.C.
24 May 2023
Deutsche Welle (Bonn)

The West African nation has been under financial strain stemming from the rolling impact of the pandemic, the war in Ukraine, and a range of other global economic trends.

The West African nation of Ivory Coast is set to receive the first tranche of a $3.5 billion loan that was approved Wednesday, the International Monetary Fund announced.

The 40-month arrangement will "help support the country's transformation towards upper-middle income status" in the medium term, the IMF said.

Ivory Coast will receive $495.4 million (Ꞓ460 million) of the amount immediately, the global lender said.

Three-pronged financial pressure

The country has been reeling under the pressures of the impact of COVID-19, the impact of the war in Ukraine and a global economic downturn more generally.

"Consecutive global shocks have strained 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 by its French name.

The disbursement of the full amount will be dependent on the country making structural changes to its economy.

(Reuters, AFP)

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