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Côte d'Ivoire and IMF ink $1.3bn deal to tackle climate change

Monday, 19 February 2024 19:06
Côte d'Ivoire and IMF ink $1.3bn deal to tackle climate change

(Ecofin Agency) - This funding is a further boost to strengthen Ivorians' resilience to the challenges of climate change.

The International Monetary Fund (IMF) announced it has approved the disbursement of $1.3 billion to support the government of Côte d'Ivoire’s efforts against climate change.

In a Feb.16 statement, the lender reported that the resources will be allocated under the Resilience and Sustainability Facility (RSF), a pioneering lending mechanism launched by the IMF in 2022. The RSF's mission is to aid low- and middle-income countries in overcoming long-term structural challenges, including the adverse effects of climate change. This initiative underscores a global commitment to supporting vulnerable nations on their path to sustainability and resilience against environmental adversities.

“Côte d’Ivoire is exposed and vulnerable to climate change. Rising temperatures, rainfall disruptions, flooding, rising sea levels, and coastal erosion are major challenges that represent recurring risks for resilient, sustainable, and inclusive economic growth. The RSF will support the actions of the Ivorian authorities to strengthen adaptation and mitigation, particularly in the areas of agriculture, transport, infrastructure, and public financial management,” the statement reads.

The IMF suggests that six key reforms should be implemented by the Ivorian authorities to address the various climate challenges identified. These include integrating climate into public financial management; strengthening the governance of climate policies; reducing exposure and vulnerability of the agricultural sector; increasing green and sustainable financing; reducing vulnerability to flooding and coastal erosion, and reducing greenhouse gas emissions.

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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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