(Ecofin Agency) - Côte d'Ivoire benefits from two IMF-supported financial programs worth a total of $4.8 billion. The programs are designed to preserve the country's macroeconomic stability and support its ambition to become an upper-middle-income country by 2030, among other things.

An IMF delegation, led by Mr. Olaf Unteroberdoerster, began an assessment mission of Côte d'Ivoire's active economic programs. The initiative, which started on April 2 is expected to end on April 6. It is being hosted by the Ivorian Finance Minister Adama Coulibaly.

According to a statement by the Finance Ministry, the assessment includes the first and second reviews of the Resilience and Sustainability Facility (RSF) and the Economic and Financial Program (EFP) covering the period from 2023 to 2026. The mission's objective is to conduct a comprehensive analysis of recent economic developments and prospects, identify any potential fiscal risks, and recommend necessary adjustments to the country's economic policies.

Recalling the events of May 2023, Côte d'Ivoire and the Bretton Woods institution agreed on a financial program under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF), totaling $3.5 billion. This agreement is designed to aid the Ivorian government's efforts in maintaining macroeconomic stability and creating fiscal space for key social expenditures, security, and investment needs. Additionally, the RSF, with a budget of $1.3 billion approved in March, is intended to support Côte d'Ivoire's strategy to transition into an upper-middle-income country by 2030.

The visit by the IMF delegation offers Finance Minister Coulibaly a platform to present the economic context of Côte d'Ivoire, highlighting its resilience despite the challenging international backdrop marked by tighter financing conditions and geopolitical tensions.

Minister Coulibaly noted, "Economic growth remained strong at 6.5% in 2023 after 6.2% in 2022," attributing this to the implementation of the National Development Plan (NDP) 2021-2025. He further mentioned that inflation was contained at 4.4% in 2023, down from 5.2% in 2022. In anticipation of fiscal consolidation by 2025, the budget deficit narrowed to 5.2% of GDP in 2023, from 6.8% in 2022.

Looking ahead to this year, the IMF anticipates a growth rate of 6.6%, with overall annual inflation expected at 2.3% over the same period.