IMF answers Ivorian calls for international aid

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The International Monetary Fund (IMF) has approved a loan of approximately $616 million to the Ivory Coast in order to help the country revive its ailing economy.

As a result of recent post-election violence, the Ivorian economy was thrown into turmoil and the government have been seeking international aid ever since.

The first installment of $128.3 million has been made available immediately and the total loan will be spread across three years.

A Washington based IMF executive board approved the loan earlier this month.

Min Zhu, IMF Deputy Managing Director and acting board chair, said that “the Ivorian economy is recovering faster than anticipated, following a severe post-election crisis that caused a sharp decline in activity in the first four months of the year.”

It is clearly in the interests of the United States, and several other countries around the world, to get the Ivory Coast back on their feet financially as quickly as possible.

The political problems really began in earnest when, having secured power on November 28th last year, President Alassane Outtara watched as thousands were killed in conflicts after the result was announced.

For now though, they must look forward and hope that the money they secured can lead to a more stable and financially prosperous future.

Transfer money to the Ivory Coast

If you are looking to invest in the Ivory Coast, think carefully about how you will be transferring money to the Ivory Coast. Foreign currency exchange rates quoted by banks are not usually the cheapest way to send money abroad.

So if you are sending money to the Ivory Coast, which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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IMF answers Ivorian calls for international aid

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