IMF to Loan Ivory Coast $614 Million

Posted September 15th, 2011 at 2:50 pm (UTC-5)
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The International Monetary Fund says it plans to loan Ivory Coast $614 million to help its economy recover from months of post-election violence.

In a statement Thursday, the IMF said the loan will be spread over three years until 2014, noting that its executive board must still give approval.

The statement said the loan is expected to ease Ivory Coast's transition from crisis recovery to sustained growth.

It quoted Doris Ross, the head of an IMF delegation that has been in Ivory Coast the past two weeks holding talks with officials on a three-year economic recovery program.

A political crisis in Ivory Coast began late last year when then-president Laurent Gbagbo refused to step down despite losing an election to current President Alassane Ouattara. At least 3,000 people were killed in four months of post-election violence before pro-Ouattara forces seized power.

Mr. Gbagbo has been under house arrest since April.