Monday 28 October 2024 - 12:00

Ivory Coast strengthens its relations with the IMF, the World Bank, and the OPEC Fund to support its economic development and climate action.

On the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank taking place from October 21 to 26, 2024, in Washington, Côte d'Ivoire signed a strategic financing agreement with the OPEC Fund for International Development (OFID). Amounting to 36 billion CFA francs (60 million dollars), this agreement aims to support the country's economic transformation and inclusive governance program, in line with President Alassane Ouattara's vision. The Minister of Finance and Budget, Mr. Adama Coulibaly, who initialed this agreement, emphasized that this funding will give a boost to the Ivorian National Development Plan (PND), which is based on economic transformation and equitable governance.

At the same time, Côte d'Ivoire is pursuing an ambitious agenda during these annual meetings, with a high-level delegation that includes, among others, the Minister of Finance and Budget, Mr. Adama Coulibaly, and the Minister of Economy, Planning, and Development, Mrs. Nialé Kaba.

During the meeting of the African Consultative Group chaired by Mrs. Kristalina Georgieva, Managing Director of the IMF, Minister Coulibaly reiterated the need for increased support for climate financing in Africa, particularly citing the Abidjan initiative, the "Legacy Programme," initiated by President Ouattara during COP 15. According to him, this international funding is crucial for enabling African countries to tackle climate challenges, even though the continent is minimally responsible for global carbon emissions.

In addition to climate issues, Côte d'Ivoire has also strengthened its cooperation with the IMF, particularly in the context of the third review of the Extended Fund Facility, resilience and sustainability measures, and regular economic policy consultations. This close relationship between the IMF and Côte d'Ivoire reflects the quality of the economic reforms being implemented in the country.

Finally, the IMF's recognition of the voice of Sub-Saharan Africa, with the allocation of a third executive director seat, marks a turning point for the continent's representation within the institution. This honor of appointing a first executive director for West Africa reaffirms Côte d'Ivoire's strategic positioning within global institutions, reflecting its growing role as a driver of growth and a reliable partner of the international community.

Source: SERCOM MFB, Web Portal Editorial MEPD

Monday 28 October 2024 - 12:00

Standard & Poor's upgrades Côte d'Ivoire's rating from BB- to BB.

Ivory Coast continues to establish itself as a key player in Sub-Saharan Africa, with sustained economic dynamics that attract the attention of international markets. In October 2024, the rating agency Standard & Poor's (S&P) upgraded the country's credit rating from "BB-" to "BB," with a stable outlook. This development places Ivory Coast among the highest ratings in the region, just behind Botswana, and reflects the growing confidence in its ability to meet its financial commitments.

This upgrade is based on solid economic foundations. Indeed, Ivory Coast has managed to diversify its economy, which was long dependent on agricultural raw materials, by shifting towards high-growth sectors such as agro-industry and oil extraction. The start of production at the Baleine field in 2023, along with the discovery of the Calao field, has strengthened the country's growth prospects. Between 2019 and 2024, Ivory Coast recorded an average annual growth rate of 5.6%, and forecasts indicate a GDP increase of 6.6% between 2024 and 2027.

Monetary stability, ensured by the West African Economic and Monetary Union (UEMOA), has also played a key role in this ascent. With controlled inflation and adequate foreign exchange reserves, foreign investor confidence has strengthened, making Ivory Coast a favored destination for international capital.

However, challenges persist. Dependence on raw materials, particularly cocoa, and the management of public debt remain priorities to ensure sustainable growth. The Ivorian government must continue its structural reforms to consolidate gains and further strengthen its resilience against global economic fluctuations.

Thus, Ivory Coast, firmly committed to its economic transformation process, is ready to continue its ascent on the international stage while addressing the challenges of necessary diversification for sustained and inclusive development.

Source : Sika finance, Web Portal Editorial MEPD

Thursday 24 October 2024 - 12:00

Washington: Annual Meetings of the IMF/World Bank – Côte d'Ivoire at the Heart of Global Issues

The annual meetings of the International Monetary Fund (IMF) and the World Bank Group, held in Washington from October 21 to 26, 2024, bring together key decision-makers in the global economy. This summit, crucial in a global context marked by major challenges such as inflation, debt, technological revolution, and climate change, aims to promote international cooperation to overcome these interconnected crises.

 Madam Kristalina Georgieva, Managing Director of the IMF, emphasized during her opening speech the importance of strengthening cooperation among states to avoid a fracture in the global economy. In the face of a fragmented world, where national security prevails, she advocated for mutual trust and collective action in these troubled times. The discussions at these meetings address crucial topics such as rebuilding the political space, managing economic crises, preserving integration to promote trade and global cooperation. Issues of sustainable development, food security, and the evolution of financial markets are also among the central points. 

Ivory Coast, a key economic player in the West African region, plays an active role in these meetings. The Ivorian delegation, led by the Minister of Finance and Budget, Mr. Adama Coulibaly, has begun a series of strategic meetings with representatives of the IMF and the World Bank. One of the notable meetings was the presentation of Mr. Wautabouna Ouattara, the new representative of Ivory Coast on the IMF Board of Directors, reflecting the country's growing influence within this institution.

Furthermore, the discussions of the Ivorian delegation at the World Bank focused on the Ivorian portfolio and funding for projects in the energy and environment sectors. These exchanges highlighted the remarkable economic progress of Ivory Coast, which has been praised by several financial partners. 

In summary, these meetings provide Ivory Coast with a strategic platform to consolidate its achievements, strengthen its partnerships, and reaffirm its central role in African and global economic development. 

Source: Fraternité matin (https://www.fratmat.info/), Web Portal MEPD rédaction

Wednesday 23 October 2024 - 12:00

Ivory Coast: The 2023 budget report shows a surplus of 38.6 billion CFA francs.

On Wednesday, October 16, 2024, under the presidency of His Excellency Mr. Alassane Ouattara, President of the Republic and Head of State, a Council of Ministers was held at the Presidential Palace in Abidjan. During this session, the Council approved a draft law concerning the settlement of the state budget for the fiscal year 2023, accompanied by a report on the budgetary management of the past year.

The budget, initially set at 11,694.4 billion CFA francs, was re-evaluated to 12,612.9 billion CFA francs, due to adjustments required by the evolution of public finances and the necessity to carry out certain priority operations. At the close of the 2023 budgetary exercise, final revenues amounted to 11,831.2 billion CFA francs, representing a collection rate of 93.8%. Expenditures, on the other hand, totaled 11,792.6 billion CFA francs, corresponding to an execution rate of 93.5%. Despite a deficit of 3,110.7 billion CFA francs compared to own resources, this was covered by cash operations, the net balance of which allowed for a surplus of 38.6 billion CFA francs, despite a particularly complex international context.

In terms of program execution, the 2023 fiscal year shows notable results, with an achievement rate of objectives at 85.4%, an improvement compared to previous years (85.2% in 2022, 82.1% in 2021, and 73.7% in 2020). These satisfactory results received the approval of the Court of Auditors, which issued a general declaration of compliance, thus validating the entire budget execution and the performance of the programs.

This budgetary report demonstrates Côte d'Ivoire's ability to maintain sound and effective management of its public finances while pursuing its development objectives. The control of expenditures and the effective mobilization of resources confirm the country's economic resilience in the face of complex international challenges and strengthen its credibility on the regional and international economic stage.

Source: CCM of October 16, 2024, Web Portal MEPD Writing