Madagascar gets $44.5m IMF loan to boost struggling economy


FE Team | Published: December 07, 2017 14:28:06 | Updated: December 08, 2017 12:46:22


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

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, reports Reuters.

“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.

In late November, Madagascar’s finance ministry said economic growth will rise to 5.1 per cent in 2018, from an estimated 4.5 per cent this year.

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.

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