IMF approves $808.5m for Côte d’Ivoire’s reforms

The International Monetary Fund (IMF) has approved a $808.5 million disbursement for Côte d’Ivoire following the completion of reviews under the Extended Fund Facility (EFF), Extended Credit Facility (ECF), and Resilience and Sustainability Facility (RSF). The IMF also concluded its 2024 Article IV consultation, highlighting the country’s strong economic performance and reform progress.

Côte d’Ivoire’s economy has shown resilience, driven by robust consumption, investment, and improvements in fiscal and external balances. Inflation is forecast to drop to 3.8 per cent in 2024, while record-high cocoa prices and increased energy production are expected to narrow the current account deficit to 5.1 per cent of GDP. The fiscal deficit is set to decline to 4 per cent of GDP in 2024, aligning with WAEMU’s 3 per cent target by 2025.

The IMF commended Côte d’Ivoire’s reforms, including fiscal consolidation, revenue mobilisation, and measures to enhance financial integrity and governance. Structural reforms addressing informality and gender gaps, coupled with climate resilience efforts, are seen as vital for sustaining inclusive growth and advancing the nation towards upper-middle-income status.

Attribution: IMF

Subediting: M. S. Salama