The International Monetary Fund has approved a $3.5bn (£2.8bn) loan agreement with Ivory Coast, which it says is designed to tackle financial challenges and assist economic transformation.

The West African country will receive nearly $500m immediately.

Further funds will be dependent on Ivory Coast making structural changes to its economy.

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The IMF says the loan will help the country tackle the triple shocks of the Covid pandemic, global monetary tightening and Russia’s invasion of Ukraine.

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