IMF approves $44.5 million credit for Madagascar

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A photographer takes pictures through a glass carrying the International Monetary Fund (IMF) logo during a news conference in Bucharest in a file photo. REUTERS

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 organization resumed ties with the country after a peaceful presidential election in late 2013. A 2009 coup led to withdrawal of funds by the organizations.

“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, Reuters reports.

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