The International Monetary Fund (IMF) approved a $47.1 million emergency loan to Madagascar to help the country to meet urgent balance of payment needs.

“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,” reports iOL.

Just earlier this year, the IMF resumed its relationship with Madagascar after the country had peaceful elections.

The IMF expects the Malagasy economy to grow by 3 percent this year and said the approval of the loan would help the government to hold talks with international development partners for increased assistance.

President Hery Rajaonarimampianina vowed to lure in foreign investors and tourists,