Madagascar gets loans from IMF, AfDB

Key funding institutions agreed to lend a combined sum of $132 million to Madagascar. The African Development Bank announced it will extend $52 million to boost the government’s poverty reduction programs for the 2006/2007 period. The International Monetary Fund, meanwhile, approved an $80 million loan for the country, a move, which according to IMF representative Pierre van den Boogaerde, “is an indication of the confidence that the IMF and other donors have in Madagascar.” The fund plans to issue the money in seven installments over a period of three years, with the first tranche to be released this week. Succeeding disbursements are contingent on the government’s adherence to the budget agreed by the fund and the country. (Sources: $80m poverty lift for Madagascar; Bank lends Madagascar, Benin $74m/Reuters)

About the author

Join the Discussion