The World Bank and the European Union will resume financial support to Madagascar, officials said, pledging to help rebuild the Indian Ocean island economy still reeling from a coup in 2009. The International Monetary Fund said on Thursday it had restored ties with Madagascar for the first time since 2009, prompted by the peaceful election of President Hery Rajaonarimampianina in December.
Although Rajaonarimampianina is yet to appoint a government, his election is seen as a vital step to rebuild confidence in an economy which was crippled by a five-year political crisis that saw investors flee and donors suspend vital budget support to one of the world's poorest countries. The World Bank's Madagascar country representative Haleh Bridi said Rajaonarimampianina will meet the World Bank President Jim Yong Kim in New York on Tuesday, paving the way for greater financial support.
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