3bn Ivory Coast debt write-off

The International Monetary Fund will write off US$3 billlion of Ivory Coast's US$12.8 billion national debt. The decision comes after the fund agreed to lend another US$565 million to the country, on condition that the government reduces poverty and improves financial transparency. Ivory Coast President Laurent Gbagbo called the write-off good news. But the IMF remarked that an extensive reform programme is needed for the nation to qualify for more loans in the future. Source: Panos London