IMF and Ivory Coast agree on a loan of 3.5 billion dollars

The International Monetary Fund (IMF) 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.

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, the BBC reported.