(Ecofin Agency) – Since May 2023, Côte d’Ivoire has benefited from a FEC/MEDC agreement from the IMF, supplemented by FRD financing. From September 23 to October 9, an IMF mission assessed the progress of the reforms underway in the country.
Ivory Coast could receive around $825 million from the IMF after the institution’s board of directors approves reviews of its reform programs, said Olaf Unteroberdoerster, head of the IMF mission in Côte d’Ivoire. Ivory. In a press release published on Thursday, October 10, 2024, the IMF announced that it had reached an agreement with the Ivorian authorities, following a review of the programs supported by the Extended Credit Mechanism (ECM) and the Extended Credit Facility ( ECF), as well as climate reforms financed by the Resilience and Sustainability Facility (FRD).
The economic performance of Côte d’Ivoire was judged satisfactory by the IMF. “ Authorities and IMF staff agreed on additional revenue measures to achieve 2024 fiscal targets and key measures for 2025 “, said Mr. Unteroberdoerster. These measures aim in particular to reduce the budget deficit to 3% of GDP by 2025. With regard to the FRD, a consensus was found on the actions necessary to ensure the smooth running of the climate reforms planned for the rest of the country. year 2024, such as improving climate governance, reducing greenhouse gas emissions, and increasing green financing.
It should be remembered that Côte d’Ivoire concluded an agreement with the IMF for a loan totaling more than 4.8 billion dollars, including 3.5 billion under the FEC/MEC agreement and 1.3 billion under of the FRD. One of the objectives of the reforms is to reduce the budget deficit to 3% of GDP in 2025, while stimulating growth and strengthening public revenues.
At the end of the discussions, the IMF stressed the need to continue efforts to reduce poverty, strengthen climate resilience, and make growth more inclusive, in particular by tackling the large size of the informal sector. These reforms should help bring Côte d’Ivoire closer to its ambition of becoming an upper middle-income economy by 2030.
Moutiou Adjibi Nourou
