By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The International Monetary Fund (IMF) said Tuesday it’s supporting Côte d’Ivoire with a three-year US$615.9-million Extended Credit Facility (about CFA 300 billion) at zero interest rate.

Christine Lagarde, Managing Director (MD) of the IMF said this in Statement made available to www.investadvocateng.com in Lagos Nigeria.

This is coming on the heels of Lagarde’s visit to Abidjan the Capital of Côte d’Ivoire. “I complimented the authorities on the country’s strong economic recovery, which the IMF is supporting through a three-year US$615.9-million Extended Credit Facility (about CFA 300 billion), at zero interest rate” she said.

Lagarde affirms she welcomed the country’s ambitious National Development Plan for 2012–15, which should stimulate public investment, boost growth performance, and create job opportunities.

She further affirmed that Private investment will also be key, which will require a significant improvement in the business climate. “Progress in the implementation of structural reforms is also encouraging, and, in this regard, the completion of the cocoa sector reform is a key achievement that should help reduce rural poverty” the IMF MD said.

“Achieving sustained and inclusive growth will be crucial to return the country to a path of sustained peace and poverty reduction. During our discussions, we agreed that the steadfast implementation of strong macroeconomic policies and a deepening of structural reforms will be essential to maintaining progress toward the second Ivoirian economic miracle” she said.

Lagarde said her visits to Côte d’Ivoire and Malawi this week have been a unique opportunity to discuss broader issues. Despite the global headwinds, Sub-Saharan Africa is one of the fastest growing regions of the world. Still, growth needs to be more inclusive to respond to the needs of the people, especially women and youth.

“The IMF is playing its part. We have stepped up our assistance to the region. We now have four regional technical assistance centers (AFRITACs), including the one reopened here in Abidjan on Monday; a fifth will open in 2013 in Ghana” Lagarde affirmed.

According to her, the IMF Executive Board recently decided to keep at zero interest rate all concessional for two years. “Earlier this year, the Board decided to allocate the remaining windfall profits from gold sales to the IMF resources earmarked for low-income countries. We are committed to support our poorest members and will continue to work with our partners to achieve this goal” she said.

She expressed her pleasure coming to Côte d’Ivoire on her first visit to the country as IMF Managing Director; while thanking President Alassane Ouattara, Prime Minister and Finance Minister Daniel Kablan Duncan, as well as Ms. Nialé Kaba, Minister at the Prime Minister’s Office in charge of Economy and Finance, for their hospitality and for the fruitful discussions they had.

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