IMF approves $158 mln credit to Burkina Faso

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International Monetary Fund (IMF) Managing Director Christine Lagarde, speaks during a news conference after the IMFC meeting at the World Bank-International Monetary Fund annual meetings in Washington, Saturday, April 18, 2015. Jose Luis Magana/AP

DAKAR (Reuters) – The International Monetary Fund (IMF) on Wednesday approved a three-year, $157.6 million credit facility for Burkina Faso, in part to help boost security after a spate of attacks by Islamist insurgents.

Jihadists linked to al Qaeda killed eight people during an attack on the French embassy and the army headquarters in the capital Ouagadougou this month, the third major attack there in just over two years. [nL2N1QP0CA]

“Burkina Faso faces significant development challenges, which have intensified in the recent period due to security shocks and social unrest,” said IMF Deputy Managing Director Mitsuhiro Furusawa in a statement.

The agricultural economy is expected to grow 6 percent this year, down from 6.5 percent in 2017, but above the 5.9 percent in 2016, the IMF said, driven by cotton production and mining.

Reporting by Edward McAllister; Editing by Mark Potter

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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