Cote d’Ivoire to seek budget support from IMF
(Ecofin Agency) - Cote d’Ivoire’s government will seek a new budget support from the International Monetary Fund (IMF) to plug the deficit arising from drop in cocoa prices, Bloomberg reported on March 27, citing government’s spokesperson, Bruno Koné.
“With cocoa prices decreasing, we have new budget constraints,” Koné said.
According to the officials, Cote d’Ivoire will ask for the support from the IMF delegation which is presently in the country to review the Extended Credit Facility it granted the nation at the end of 2016. IMF approved last December two three-year aid schemes for Cote d’Ivoire, amounting to $658.9 million. The first fell under the Extended Credit Facility (ECF) while the second was part of the Extended Fund Facility (EFF).
The two programmes aimed to insure the viability of balance payments, promote inclusive growth and reduce poverty by investing in infrastructures and priority social projects. They also aim to limit current spending, boost public and private funding and increase the country’s resiliency to future economic shocks.