After decades of struggling with unsustainable debt, Côte d’Ivoire is getting some relief. The country has been granted a reduction in its $7 billion external debt.
The International Money Fund (IMF) and the World Bank have approved the decision to effectively wipe out more than 60 per cent of this amount.
Hyun-Sung Khang spoke to the IMF’s Mission Chief for Côte d’Ivoire, Doris Ross, who explains what this means for West Africa’s largest economy.
Ross says the write-down comes through numerous programmes including what’s known as the heavily indebted poor countries initiative, or the HIPIC Initiative.