IMF approves $44.5 million credit for Madagascar

A man travels in a boat to fish in a pond in the outskirts of the capital Antananarivo October 30, 2013. REUTERS/Thomas Mukoya

NAIROBI (Reuters) - The International Monetary Fund (IMF) said it has approved a further $44.5 million (33.3 million pounds) credit for Madagascar, as part of a drive to support the country's economic recovery.

The IMF and other international donors broke ties or cut aid payments to the Indian Ocean island after a coup in 2009, but resumed them after a peaceful presidential vote in late 2013.

"The gradual economic recovery has continued, with solid growth and continued macroeconomic stability despite the drought and cyclone that affected Madagascar in early 2017," the IMF said in a statement late on Wednesday.

In late November, Madagascar's finance ministry said economic growth will rise to 5.1 percent in 2018, from an estimated 4.5 percent this year.

Madagascar is one of the world's poorest countries, even though it has reserves of nickel, cobalt, gold, uranium and other minerals.

In June, the IMF approved an $86 million credit for the Indian Ocean island.

(Writing by George Obulutsa; editing by Richard Pullin)

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