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Madagascar's new president takes over power from ex-coup leader

Published on Jan 26, 2014 1:32 AM

ANTANANARIVO (REUTERS) - Madagascar's new president Hery Rajaonarimampianina, who won the first elections since a coup in 2009, took office on Saturday, pledging to create an investment-friendly climate in the Indian Ocean island.

The World Bank said on Friday the next step of forming a government was crucial and resumption of normal lending hinged on the appointment of a new prime minister.

"We need to put in place the structures ... that lead to development. We need to put in place a climate for investment that respects the rule of law," Mr Rajaonarimampianina said as he took office.

The former finance minister won the presidential election on Dec 20, the first in the country since the 2009 coup that plunged Madagascar into a political crisis that has sharply slowed economic growth and deepened poverty.

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