Getting error: Framework "Mono / .NET 4.0" is not installed. In MonoDevelop / Mac in a new project

Question

I installed Mono 2.10.8 (which should have .NET 4 support) and MonoDevelop 2.8.6.4 on Mac OS X 10.7.3.

I created a new project, but now the IDE displays this error: Error: Framework 'Mono / .NET 4.0' not installed. (Project name) Error: Framework 'Mono / .NET 4.0' not installed. (Project name) .

What do I need to do to compile the project?

Answer 1

As I said, I write this as an answer:

MonoDevelop needs to be restarted after it has updated itself in order to work with the new .NET 4 features.