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IMF to offer 310 mln USD loan for Madagascar

Xinhua, June 9, 2016 Adjust font size:

International Monetary Fund (IMF) agreed 310 million U.S. dollars of loan for Madagascar on Wednesday when its delegation ended a 15-day visit in the country.

"The money will be unlocked until end 2019 in the framework of IMF Extended Credit Facility (ECF) for Madagascar," the IMF head of delegation Marshall Mills said after meeting with Madagascar's President Hery Rajaonarimampianina.

"IMF noted efforts made by Madagascar in term of development from 2015 to March 2016. That's why it accepted to give the money," Rajaonarimampianina said.

"IMF inspected our development program and agreed it before accepting this loan. Also this step is very important for Madagascar's economic and social development because it will certainly open new opportunities for cooperation with other financial donors and partners of Madagascar," the president said.

While urging the government to Mills said the money will help boost Madagascar's economic growth as well as increase the central bank currency reserves.

"The government should control public expenses, monitor tax and customs revenue," Mills noted.

The delegation also pointed out that the government should renew the national policy on fight against corruption and cleans the justice in the country. Enditem