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We consider a single-user correlated MIMO channel with block fading, where each block is divided into training and data transmission phases. The receiver has a noisy CSI that it obtains through a channel estimation process, while the transmitter has partial CSI in the form of covariance feedback. We optimize the achievable rate jointly over the parameters of the training and data transmission phases. In particular, we first choose the training signal to minimize the channel estimation error, and then, develop an iterative algorithm to solve for the optimum training duration, the optimum allocation of power between training and data transmission phases, and the optimum allocation of power over the antennas during the data transmission phase.