- IMF staff and the Ivoirian authorities have reached a staff-level agreement on the fourth review of Côte d'Ivoire's economic reform program supported by the EFF and ECF arrangements, and the third review of their climate resilience reforms supported by the RSF arrangement.
- The authorities continue to make great strides towards reaching their core EFF/ECF program objectives of reducing the macroeconomic imbalances, rebuilding regional reserves buffers and deepening economic transformation towards meeting upper-middle income status and building greater climate resilience through adaptation and mitigation reforms.
- Completion of the EFF/ECF and RSF reviews by the IMF Executive Board will lead to two disbursements for a total of about US$740 million.
Abidjan, Côte d'Ivoire: An International Monetary Fund (IMF) staff team, led by Mr. Olaf Unteroberdoerster, held discussions with the Ivoirian authorities during March 24 –April 9 on progress under the authorities' economic and financial program supported by the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) , and the climate reform program supported by the Resilience and Sustainability Facility (RSF) . The EFF/ECF arrangement for an amount of SDR 2.6 billion (about US$3.5 billion) and the RSF arrangement for an amount of SDR 975.6 million (about US$1.3 billion) were approved by the IMF Executive Board respectively on May 24, 2023, and March 15, 2024. At the end of the mission, Mr. Unteroberdoerster made the following statement:
"After constructive discussions with the Ivoirian authorities, I am pleased to announce that we have reached a staff-level agreement on all policies and reform measures in line with the programs' objectives. Performance under the two programs has remained satisfactory and agreement was reached on the forward-looking policy measures and structural reforms. On the EFF/ECF, the fiscal deficit target of 3 percent of GDP in 2025 is maintained in line with West African Economic and Monetary Union (WAEMU) deficit norm. Agreement was also reached on the structural reform to further strengthen domestic revenue mobilization, public financial management, and governance, locking-in gains from fiscal consolidation for the medium term.
On the RSF, discussions focused on the steps for a timely implementation of reform measures due in the remainder of 2025 and in 2026. The measures address climate transition taxonomy and disclosure frameworks to catalyze green private investment, natural disasters' early warning system, reducing greenhouse gas emissions, and integrating climate into public financial management."
"Côte d'Ivoire's economy remains resilient, and growth is expected to pick up in 2025 to above 6.0 percent, in part reflecting a rebound of agricultural production, favorable terms of trade, and robust growth in the hydrocarbon and mining sectors, as well services. Higher international cocoa prices and lower oil prices are expected to contribute to a further narrowing of the current account deficit to less than 4 percent of GDP in 2025.
The steadfast implementation of the authorities' medium-term revenue mobilization strategy will support further revenue-based fiscal consolidation with the budget deficit expected to fall by 1 percentage point to 3 percent of GDP in 2025, underscoring the authorities' strong commitment to the WAEMU deficit norm. The medium-term outlook remains favorable. Growth is projected to average 6.5 percent over the period 2026-30 while inflation will remain below 3 percent in 2025. Risks to the outlook remain broadly balanced amid unusually high global economic policy uncertainty.
"For 2026 and beyond, continued strong domestic revenue mobilization (DRM) efforts under the government's comprehensive medium-term revenue mobilization strategy (MTRS) will create significant additional fiscal space to finance high priority infrastructure and social investments underpinning Côte d'Ivoire's ambitious development plans while respecting the WAEMU fiscal deficit norm. Prudent fiscal and debt management will also help safeguard a moderate risk of debt distress rating for public and external sector debt. The recent successful issuances of Eurobonds denominated in US dollars and CFA francs further highlights market confidence regarding the benefits of careful macroeconomic management, making Côte d'Ivoire an anchor of regional stability."
The IMF team met with His Excellency Mr. Tiémoko Meyliet Koné, Vice President of the Republic; His Excellency Robert Beugré Mambé, Prime Minister; Ms. Nialé Kaba, Minister of Economy, Planning and Development; Mr. Adama Coulibaly, Minister of Finance and Budget; Mr. Sangafowa Coulibaly, Minister of Mines, Petroleum and Energy; Mr. Moussa Sanogo, Minister of Assets, the State Portfolio and Public Enterprises; and senior officials of the Government and the BCEAO, as well as representatives of the business community and development partners.
