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Cocoa plant in San-Pedro, Côte d’Ivoire. Policy steps ahead of debt relief included lower taxation of cocoa production (photo: Thierry Gouegnon/Reuters)
The IMF and Civil Society
IMF, World Bank Back $4 Billion Côte d’Ivoire Debt Relief
June 28, 2012
The IMF and the World Bank approved debt relief with a present value of $4.4 billion for Côte d’Ivoire. Combined with other debt relief, the total will be $7.7 billion.
Relief under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative, and additional multilateral and bilateral relief, will reduce the external debt of one of West Africa’s largest economies by slightly more than 60 percent in present value terms.
The Executive Boards of the IMF and the World Bank agreed on June 25 and 26 respectively, that Côte d’Ivoire had satisfied the requirements to reach the final stage, or completion point, of debt relief under the HIPC Initiative.
Côte d’Ivoire will benefit from $7.7 billion in total debt reduction in present value terms, consisting of $3.1 billion in HIPC debt relief, $1.3 billion in debt relief from multilateral creditors under the Multilateral Debt Relief Initiative , and a further $3.3 billion in additional relief from the Paris Club of official bilateral creditors.