ABIDJAN: The International Monetary Fund's executive board approved two three-year credits for Ivory Coast worth a total of $659 million, it said in a statement on Tuesday.
The board's decision allows for the immediate disbursement of about $94.1 million. The rest will be staggered over the duration of the West African nation's IMF programme.
"(Ivory Coast's) economy has made an impressive turnaround since 2012 and its outlook remains favourable," IMF Deputy Managing Director Mitsuhiro Furusawa said.
"Nevertheless, reducing poverty and closing human capital and infrastructure gaps will take time, and structural bottlenecks pose challenges," he added.
Ivory Coast's economy has grown rapidly under the stewardship of President Alassane Ouattara in the wake of a decade of political turmoil capped by a 2011 civil war.
GDP grew by 9 percent a year between 2012 and 2015, according to the IMF, and growth is expected to average 7.7 percent from 2017 to 2019.
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