The end-of-mission press releases contain statements from the IMF staff teams reporting their preliminary findings after their visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily reflect those of the IMF Executive Board. Based on the preliminary findings of this mission, the IMF staff will prepare a report that, subject to management approval, will be presented to the Executive Board for review and decision.
- The Ivorian authorities and the IMF staff have reached a staff-level agreement on both the second semi-annual review of Côte d'Ivoire's economic reform program supported by the Extended Fund Facility (EFF) and the Extended Credit Facility (ECF) agreements, as well as the first review of their climate change reform program supported by the Resilience and Sustainability Facility (RSF) agreement. The EFF/ECF and RSF agreements amount to approximately SDR 2.6 billion (about USD 3.5 billion) and SDR 975.6 million (about USD 1.3 billion), respectively.
- The authorities are continuing their reform programs to maintain macroeconomic stability and achieve deep economic transformation under the National Development Plan 2021-2025, as well as to enhance climate resilience through adaptation and mitigation reforms.
- The staff-level agreement on these reviews will be submitted for final approval by the IMF Executive Board, which will lead to two disbursements totaling approximately USD 574 million, of which USD 493 million and USD 81 million will be under the EFF/ECF and RSF agreements, respectively.
Abidjan, Côte d’Ivoire: An IMF staff team led by Mr. Olaf Unteroberdoerster held discussions with the Ivorian authorities from March 25 to April 6 on the progress made under the authorities' economic program supported by the EFF/ECF agreements and the climate reform program supported by the RSF. The EFF/ECF agreements amounting to approximately USD 3.5 billion and the RSF agreement amounting to approximately USD 1.3 billion were approved by the IMF Executive Board on May 24, 2023, and March 15, 2024, respectively.
“I am pleased to announce that the program performances have been satisfactory so far and that we have reached a staff-level agreement on all policies and reform measures consistent with the program objectives. Regarding the EFF/ECF agreements, the authorities and the IMF staff have agreed on key policy parameters, including the continuation of revenue-based fiscal consolidation to reduce the budget deficit to 3% of GDP by 2025 and structural reforms that will further strengthen domestic revenue mobilization, public financial management (PFM), and good governance. Regarding the RSF, the authorities are on track in implementing reform measures that are expected to take effect in 2024.
The completion of the program reviews and the disbursement of the next tranches, totaling approximately USD 574 million, will be subject to the approval of the IMF Executive Board.”
“In 2023, the economy remains resilient despite a challenging external environment. Growth has remained robust, and inflation has fallen. Despite a sustained current account deficit, partly reflecting the impact of adverse weather conditions on cocoa export volumes, underlying imbalances have begun to narrow, with the budget deficit decreasing by 1.6 percentage points from 2022-23 to reach 5.2% of GDP. The medium-term outlook remains favorable. Growth is projected to average 6.5%, supported by stronger private domestic demand, a recovery in cocoa production, increased capital investment, and a gradual improvement in external conditions. Inflation is expected to decrease and remain within the BCEAO's target range starting at the end of 2024.
Thanks to ongoing efforts to mobilize domestic revenues, the budget deficit is expected to further decrease from 4% to 3% of GDP in 2024-25 to converge towards the WAEMU target. The recent successful issuance of eurobonds and the associated liability management operation should help strengthen the sustainability of public debt. The current account deficit is expected to gradually reduce from 5.7% to 2% of GDP in 2024-2026 due to favorable terms of trade and more diversified exports, allowing for a gradual recovery in the accumulation of international reserves.”
“Discussions also focused on reforms aimed at mobilizing domestic revenues to increase tax revenues by 0.5% of GDP per year to support the key objectives of the National Development Plan (NDP) 2021-2025 and to maintain budget and debt sustainability to preserve Côte d'Ivoire's moderate over-indebtedness risk rating.
“A comprehensive medium-term revenue mobilization strategy is expected to be adopted by the Government in May 2024. It will contribute to advancing tax policy and administration reforms towards a simpler, fairer, and broader system to gradually achieve the WAEMU target of at least 20% of GDP. Other structural reforms will aim to strengthen PFM and the transparency of fiscal data, improve the business climate to support more inclusive growth and a private sector-led financial sector, as well as enhance governance and combat corruption.”
“Regarding the RSF agreement, discussions focused on the authorities' implementation of their ambitious reform measures program, which includes a well-structured set of adaptation and mitigation efforts centered on six key pillars: integrating climate into key aspects of PFM, strengthening governance of climate policies, enhancing resilience for the agricultural sector, creating a framework for green and sustainable financing, strengthening resilience to climate hazards, and monitoring and reducing greenhouse gas emissions.
The IMF team met with the Vice President of the Republic, Tiémoko Meyliet Koné; the Prime Minister, Robert Beugré Mambé; the Minister of State, Minister of Agriculture, Rural Development, and Food Production, Kobenan Kouassi Adjoumani; the Minister of Economy, Planning, and Development, Nialé Kaba; the Minister of Finance and Budget, Adama Coulibaly; the Minister of Petroleum, Mines, and Energy, Sangafowa Coulibaly; and other senior government officials and BCEAO representatives, as well as private sector representatives and donors.
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