IMF board approves $3.5 bln, 40-month loan for Ivory Coast

The International Monetary Fund said on Wednesday its board approved a $3.5 billion, 40-month lending arrangement for Ivory Coast, enabling an immediate disbursement of $495.4 million to the West African country.

The IMF said the Extended Fund Facility and Extended Credit Facility arrangement would help Ivory Coast maintain macroeconomic stability in the near term, "while laying the foundation for deeper economic transformation towards upper middle-income status over the medium term."