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Côte d'Ivoire secures $574mln IMF support to advance economic programs

Tuesday, 09 April 2024 17:26
Côte d'Ivoire secures $574mln IMF support to advance economic programs

(Ecofin Agency) - Côte d'Ivoire reached a staff-level agreement with the IMF over the disbursement of $574 million to advance the country’s economic programs. This announcement came on Monday, April 8, following the visit of an IMF team to Abidjan. Led by Mr. Olaf Unteroberdoerster, the visit was intended to assess the advancements made under the economic program rolled out by the government.

This disbursement, which is awaiting approval from the IMF's Executive Board, is part of the Extended Credit Facility (ECF)/Extended Fund Facility (EFF) agreements, which will receive $493 million, and the Resilience and Sustainability Facility (RSF), receiving $21 million. Mr. Unteroberdoerster noted, "Performance under the programs has been satisfactory so far".

Despite a challenging external environment, Côte d'Ivoire has shown resilient economic growth in 2023. The IMF projects economic growth to average 6.5%, supported by "stronger private domestic demand, a recovery in cocoa production, capital deepening and gradually improving external conditions”.

Inflation is anticipated to decrease and stay within the Central Bank of West African States (BCEAO) target range by the end of 2024. Strengthened domestic revenue collection are expected to reduce the fiscal deficit from 4% to 3% of GDP over the 2024-25 period.

The IMF has urged Côte d'Ivoire to continue its reform programs to maintain macroeconomic stability and to undergo a significant economic transformation per the National Development Plan 2021-2025. Greater climate resilience, especially through adaptation and mitigation reforms, is also recommended.

As a reminder, in May 2023, Côte d'Ivoire and the Bretton Woods institution finalized a financial program under the Extended Credit Mechanism (ECM) and Extended Fund Facility (EFF), worth a total of $3.5 billion. This initiative is aimed at assisting Ivorian authorities in preserving macroeconomic stability and creating fiscal space for essential social expenditures, security, and investment needs.

With regard to the RSF agreement, which comprises a $1.3 billion package approved last March, its goal is to support Côte d'Ivoire's strategy to ascend to an upper-middle-income status by 2030.

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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