Ivory Coast Secures $886 Million from IMF to Tackle Coronavirus

(Bloomberg) --

The International Monetary Fund approved a $886 million payment to Ivory Coast to address the impact of the Covid-19 pandemic.

About $590.8 million is under its Rapid Financing Instrument and the rest under its Rapid Credit Facility, according to an emailed statement. The “Covid-19 related expenditures should be executed transparently and be well targeted to the most affected households and firms,” the Washington-based lender said.

The IMF has said it will provide $11 billion to 32 countries in sub-Saharan Africa that have requested assistance in fighting the coronavirus pandemic and its impact on the region’s economies.

The government of the West African nation has announced a social and economic support plan of 1.7 trillion CFA francs ($2.8 billion), or approximately 5% of GDP, to mitigate against the impact of the pandemic. It includes tax breaks for companies and small traders, a reduction in transport costs and the exemption of duties for health equipment.

The world’s top cocoa producer has also halved its economic growth forecast for 2020, ending eight years of rapid expansion in one of Africa’s fastest growing nations.

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