{{The International Monetary Fund (IMF) approved a $47.1 million emergency loan to Madagascar to help the Indian Ocean island state to meet urgent balance of payment needs, the IMF said late on Wednesday.}}<\/p>\n
Madagascar, famed for its wildlife and eyed by foreign companies for its minerals, has struggled to lure back tourists and court oil and mining giants since a coup in 2009, which also prompted international donors to cut off ties. Its economy slumped and poverty deepened.<\/p>\n
The IMF resumed its relationship with Madagascar earlier this year, following peaceful elections.<\/p>\n
The IMF, which expects the Malagasy economy to grow by 3% this year, said the approval of the loan would enable the government to hold talks with international development partners for more assistance.<\/p>\n
President Hery Rajaonarimampianina, who took office in January, pledged to woo foreign investors and tourists back to Madagascar and subsequently appointed Jean Razafindravonona as his finance minister. <\/p>\n
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