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Madagascar : MADAGASCAR gets $47.1 million emergency loan from IMF

June 24, 2014

A $47.1 million emergency loan has been sanctioned by the International Monetary Fund (IMF) to Madagascar to help the country to meet urgent balance of payment needs.

As per iOL, Madagascar, famed for its wildlife and eyed by foreign companies for its minerals, has struggled to lure back tourists and court oil and mining giants since a coup in 2009, which also prompted international donors to cut off ties. Its economy slumped and poverty deepened .

Previously, the IMF has restarted its relationship with Madagascar after the country had peaceful elections.

It is anticipated by the IMF that the Malagasy economyis to rise by 3% this year and said the approval of the loan would aid the government to hold talks with international development partners for increased assistance.

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Source: TendersInfo (India)

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