The International Monetary Fund (IMF) has approved an aid package for Ivory Coast totaling $3.5 billion. The first tranche is nearly $500 million.

The programme, which has been endorsed by the Fund’s Executive Board, is spread over 40 months and should help the West African country implement “the national development plan put in place by the authorities while preserving its macroeconomic stability”, according to a statement.

“The series of global shocks has weighed on Ivorian public finances and regional reserves. In order to cope with this, the authorities have put in place a consolidation programme which should complement the financing provided by the Fund,” commented the institution’s deputy managing director, Kenji Okamura, quoted in the statement.