The West African nation has been under financial strain stemming from the rolling impact of the pandemic, the war in Ukraine, and a range of other global economic trends.The West African nation of Ivory Coast is set to receive the first tranche of a $3.5 billion loan that was approved Wednesday, the International Monetary Fund announced.

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The 40-month arrangement will "help support the country's transformation towards upper-middle income status" in the medium term, the IMF said.

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Ivory Coast will receive $495.4 million (Є460 million) of the amount immediately, the global lender said.

Three-pronged financial pressure

The country has been reeling under the pressures of the impact of COVID-19, the impact of the war in Ukraine and a global economic downturn more generally.

"Consecutive global shocks have strained Cote d'Ivoire's public finances as well as regional reserves," IMF Deputy Managing Director Kenji Okamura said in a statement, referring to the country by its French name.

The disbursement of the full amount will be dependent on the country making structural changes to its economy.

rm/jsi (Reuters, AFP)

(The above story first appeared on LatestLY on May 25, 2023 04:20 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).