IMF Approves $3.5bn Loan Deal With Ivory Coast

The International Monetary Fund has approved a $3.5bn loan agreement with Ivory Coast.

Report says the funding is designed to tackle financial challenges and assist economic transformation.

The West African country will receive nearly $500m immediately.

However, 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.

BBC/Chirstopher Ojilere