## EXECUTIVE SUMMARY

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### Context
- Côte d’Ivoire’s resilient economy has consolidated its role as an anchor of stability in the region.
- The EFF/ECF-supported program approved in May 2023 (400 percent of quota) has substantially reduced imbalances and safeguarded a moderate risk of debt distress.
- RSF arrangement (150 percent of quota) measures support prospective balance of payments stability, resilience to climate-induced shocks, and adaptation and mitigation objectives.
- Authorities’ ongoing commitment to reforms under both programs should support Côte d’Ivoire’s sustainable transformation towards upper middle-income status over the medium term.
- Outlook supported by strong private demand, rising incomes and investment; recent international bond issuances highlight strong investor confidence.
- Risks are broadly balanced but include rising global uncertainties and the October 2025 Presidential elections.

### Program performance and risks
- Implementation status and near-term risks:
  - All end-December 2024 performance criteria were met.
  - All but one structural benchmark were met.
  - All reform measures under the RSF for this review, focused on the climate-financing architecture, were implemented.
  - Authorities request a modification of the TMU definition of the QPC on the ceiling on the present value of external debt to clarify treatment of potential future debt management operations (DMOs).
  - Structural benchmarks added for the remainder of the program to strengthen PFM, governance and data dissemination.
  - Implementation risks mitigated by strong track record, program ownership, and homegrown reform agenda.

### Main policy commitments
- Fiscal consolidation and debt sustainability:
  - Fiscal consolidation in 2025 and 2026 anchored by tax policy and administration measures amounting to an additional 0.5 percent of GDP in revenue each year.
  - Fiscal deficit expected to reach 3 percent of GDP in 2025 (WAEMU ceiling) and authorities committed to respect this ceiling in 2026.
  - Active debt management to support a moderate risk of debt distress rating.
- Domestic revenue mobilization:
  - Commitment to boost tax revenue to some 20 percent of GDP over the medium to long term via the Medium-Term Revenue Strategy (MTRS) approved in May 2024.
  - Near-term scope to accelerate MTRS reforms in corporate and SME taxation.
- Structural reforms and climate resilience:
  - Priorities: diversify the economy, deepen financial sector, strengthen financial integrity and AML/CFT framework, invest in human capital and climate resilience.
  - Forthcoming national development plan (NDP) to extend objectives beyond program timeframes.

### Recent economic developments and key statistics
- Real GDP growth:
  - Staff estimates 2024 real GDP growth at 6.0 percent.
  - Growth projected at 6.3 percent in 2025 (staff projection also notes 6.5 percent in some chapters).
  - Agriculture expected to peak at about two million tons of cocoa in 2024/2025.
- Inflation:
  - Headline annual average CPI inflation fell from 4.4 percent yoy in 2023 to 3.5 percent yoy in 2024.
  - Inflation expected to decline to 3 percent yoy on average in 2025, entering the WAEMU 1-3 percent target range.
- Banking sector and external assets:
  - Banks’ Tier 1 capital ratio improved to 12.9 percent in June 2024 from 12.4 percent in December 2023.
  - Growth in credit to the private sector decelerated to 11.5 percent in December 2024, from 16.2 percent in December 2023.
  - Net foreign assets increased about 67 percent year-on-year at end-December 2024.
- Fiscal outcomes (end-2024):
  - Fiscal deficit fell to 4 percent of GDP in 2024 from 5.2 percent of GDP in 2023.
  - Tax revenue was CFAF 116 billion higher than the target for the tax revenue floor QPC and is estimated to have reached 13.8 percent of GDP (up from 12.7 and 13.5 percent of GDP in 2022 and 2023, respectively).
  - Nominal tax revenue for the year was CFAF 262 billion less than anticipated by the 2024 budget.
  - Total expenditure at 20.4 percent of GDP was 0.3 percent of GDP lower than 2024 budget projections; capital expenditure was 0.8 percent of GDP lower.
  - Offsetting increases: 0.2 percent of GDP higher subsidies to the electricity sector, 0.3 percent of GDP higher interest on domestic and external debt, and marginally higher security spending.

### Public debt management and recent financing operations
- Debt stock and composition:
  - Public outstanding debt stock increased to 59.3 percent of GDP at end-2024 from 57.5 percent at end-2023.
  - External debt stock amounted to 37.6 percent of GDP at end-2024 from 35.5 percent at end-2023, mostly due to an increase in multilateral debt.
- Key debt management operations:
  - December 2024 World Bank debt-for-development swap of €330 million saving € 60 million in present value terms.
  - US$1.75 billion eurobond issuance in March 2025, mostly for a DMO; improved outlook of debt service ratios and strengthened the moderate risk of debt distress rating; remaining part used to repay the bridge loan.
  - CFA francs bond (€335 million) directed to international investors (first in Africa); classified as external debt on residency criteria of creditors.
- Debt-risk status:
  - Côte d’Ivoire remains at moderate risk of debt distress; authorities committed to maintain this status through prudent policies and favoring concessional and domestic debt per MTDS.

### External position, cocoa boom, and reserves
- Current account:
  - Current account deficit estimated to have shrunk from 8.2 percent of GDP in 2023 to 4.2 percent in 2024.
- Reserves and adequacy:
  - BCEAO’s measure of regional reserves recovered to about 5 months of imports, or US$25 billion, as of March 2025.
  - Staff adequacy range: 4.4-6.4 months.
  - Without IMF disbursements and bridge loan inflows at end-2024 totaling about 1.8 billion euros, reserve coverage would be close to the lower bound of WAEMU adequacy.

### RSF reforms and transition taxonomy (climate and green finance)
- RSF implementation highlights:
  - RM6: Interministerial arrêté on coordination mechanism (March 2024); decree on transition taxonomy adopted by council of ministers on May 21, 2025.
  - RM7: Decree adopted in May 2025 to introduce a climate risk disclosure framework for state-owned enterprises and private non-financial companies, integrated within financial reporting.
  - RM9: Multi-hazard early warning system (EWS) deployed in Adzopé as a pilot; planned extension to other regions in 2026.
- Transition Taxonomy (TT) objectives and scope:
  - Classification system to pinpoint activities, technologies, and processes that can substantially cut greenhouse gas emissions to support a Paris-aligned transition and climate adaptation.
  - Sectoral focus includes agriculture and livestock, forest, energy, mining, and waste management; non-priority but important sectors: transportation, road infrastructure, construction, and industry.
  - Decree adopting the TT was adopted May 21st, 2025; liaises with disclosure framework.
- Green Finance Platform and MRV:
  - Platform and Measurement, Reporting and Verification (MNV/MRV) system operational at end-2024.
- RSF expected outcomes:
  - Prospective balance of payments stability, resilience to climate shocks, catalyzing donor collaboration and climate financing.

### Medium-term outlook and scenarios
- Growth and inflation:
  - Average growth expected at 6.7 percent from 2026 to 2030 before converging to potential of around 6 percent.
  - Peak around 7 percent expected in 2029 assuming new oilfields come on-line.
  - Inflation expected to fall within the WAEMU 1 to 3 percent target range by 2025 and remain low thereafter.
- Fiscal and external projections:
  - Fiscal deficit expected to converge to the WAEMU ceiling of 3 percent of GDP in 2025 and remain in line thereafter.
  - Current account deficit expected to decline to around 3 percent of GDP in the medium term.
  - Country expected to contribute to regional reserves, to about 5 months of import cover by 2027 (within staff’s adequacy range).
- Trade exposure and upside/downside risks:
  - U.S. export exposure limited (4 percent of total exports in 2024); main exports to U.S. are cocoa (77 percent) and rubber (15 percent).
  - Downside risks: regional instability, shifts in U.S. policies (aid and tariffs), volatile global demand and financial conditions, additional SOE transfers, electoral uncertainty.
  - Upside: sustained elevated cocoa prices; stronger-than-anticipated oil and gas production; new field discoveries; discovery of significant gold reserves.

### Fiscal consolidation, revenue mobilization, and expenditure policy (program specifics)
- Fiscal strategy:
  - Revenue-based fiscal consolidation to reduce deficit to 3 percent of GDP in 2025.
- Revenue projections and measures:
  - Tax revenue as of March 2025 on track to reach 15 percent of GDP by end-2025, a 1.2 percentage point of GDP increase relative to 2024.
  - Revenue measures in the 2025 budget expected to amount to CFAF 295 billion, or 0.5 percent of GDP.
  - Full-year yield in 2025 from delayed 2024 measures expected to deliver additional 0.14 percent of GDP.
  - Cocoa rebound and higher prices expected to boost cocoa export revenue by around 0.6 percent of GDP in 2025.
  - Petroleum tax revenue specifics:
    - Authorities’ target: approximately 1.2 percent of GDP (or CFAF 711 billion).
    - Scenario 1 (no more price decreases after April): revenue projected about CFAF 975 billion in 2025, or about CFAF 264 billion (0.5 percent of GDP) above budgeted revenue.
    - Scenario 2 (April decrease repeats): tax revenue would still be about 10 percent higher than budgeted.
    - To reach CFAF 711 billion, gasoline and diesel prices could steadily fall by about CFAF 28 and CFAF 20 /L, respectively, each month—for overall decrease of about 25 percent by December.
    - Scenario 4 (international prices stop decreasing after May while domestic prices continue to fall along scenario 3): revenues would fall short by about 12 percent.
- Expenditure policy:
  - Total expenditure expected to increase marginally from 20.4 to 20.6 percent of GDP while maintaining capital expenditure at about 1 percent of GDP above pre-pandemic levels.
  - Authorities committed to limit subsidies and transfers to SOEs and to preserve financial viability of the electricity sector; delays in non-priority capital expenditure expected if pressures arise.
- Social and targeting commitments:
  - Specific social expenditure floor maintained; expansion of productive cash transfer program to add 70,000 households in 2025 (to reach 300,000 beneficiaries).

### Public Financial Management (PFM) and Treasury Single Account (TSA)
- TSA progress and actions:
  - About 700 accounts at commercial banks closed at end-June 2024.
  - Authorities agreed to consolidate balances of four extrabudgetary Covid-19 funds into the TSA and close those accounts (SB due April 2026).
  - SyGACUT version 3 developed in February 2025; deployment scheduled no later than May 2026.
  - Average annual coverage rate of public expenditures (excluding debt) was 86 percent between 2022 and 2024; average annual payment time fell from 90 days pre-TSA to 45 days in 2024.
- Cash flow, procurement, and transparency:
  - Continued development of high-frequency cashflow forecasting, improved interoperability across tax and customs IT systems, and improved accounting for customs payments made by bank check (around 93 percent of customs payments).
  - SIGOMAP expanded in 2024; target to make electronic procurement mandatory for at least 80 percent of awards by end-July 2025.

### Financial sector development and inclusion
- Progress and indicators:
  - Credit to GDP increased to 22.4 percent of GDP in 2023 and 24.1 percent in 2024 in different tables.
  - Financial inclusion improved to about 85 percent in 2023 from 33 percent in 2012.
  - Banks well capitalized; minimum share capital increased from CFAF 10 billion to CFAF 20 billion.
  - March 2025 issuance highlights: US$1.75 billion Eurobond oversubscribed by more than 300 percent; CFAF bond equivalent to €335 million issued to international investors.
- Remaining challenges:
  - Lower intermediation levels than many peers; low stock market capitalization; limited loan collateral; poorly structured SMEs; limited capital market development.
- Credit bureau (BIC) recommendations:
  - Improve data quality and reporting compliance; train users; integrate non-participating players.

### Governance, AML/CFT, and data transparency
- Anti-corruption and governance measures:
  - Strengthen asset declaration regulation and verification; strengthen Cour des Comptes capacity; align framework with UN Convention against Corruption; strengthen High Authority for Good Governance.
  - Asset declaration rate reached 91.0 percent at end-December 2024 (83.0 percent in 2023).
- AML/CFT progress:
  - Rapid progress on beneficial ownership transparency and targeted financial sanctions; ten of 40 FATF recommendations remain less than satisfactory as of May 2025 GIABA plenary.
  - Several Immediate Outcomes advanced; further work required to operationalize regime and demonstrate effectiveness to exit FATF grey list.
  - SB: operationalize centralized beneficial ownership register with direct electronic access for competent authorities (due end-March 2026).
- Data transparency:
  - Authorities committed to provide an Advance Release Calendar (ARC) meeting SDDS dissemination prescriptions (SB due end-September 2025).

### Program financing, monitoring, and balances
- Projected cumulative financing gap for 2023-26: CFAF 3,684 billion.
- Prospective financing composition (2023-26 cumulative figures preserved as presented):
  - IMF ECF/EFF cumulative: 2,102 (annual line entries shown in table D).
  - World Bank cumulative: 261.
  - AfDB cumulative: 97.
  - Bilateral creditors cumulative: 838.
- Gross financing under ECF/EFF to cover about 57 percent of the gap over 2023-26.
- External Financing Requirements (A, Billions of CFA):
  - 2023: 4,322
  - 2024: 6,409
  - 2025: 5,544
  - 2026: 3,542
  - 2023-26 cumulative: 19,817
- External Financing Sources (B, 2023-26 cumulative): 16,133
- Financing Gap (C = A - B) annual:
  - 2023: 1,168
  - 2024: 1,061
  - 2025: 874
  - 2026: 582
  - 2023-26 cumulative: 3,684
- RSF disbursements and reserve accumulation figures presented in program tables (format preserved in source tables).

### Monitoring, TMU, and conditionality
- Program monitored semiannually by IMF Executive Board using QPCs, ITs, SBs, and RMs as defined in TMU.
- Modification proposed to TMU QPC on ceiling on present value of new external debt to clarify exclusion of potential future DMOs not fully completed.
- Indicative targets added for end-March 2026; new SBs on PFM, governance, and data dissemination added.
- Continuous PCs: zero ceilings on accumulation of new external and domestic arrears.

### Risk assessment and recommended policy responses (selected)
- High-likelihood risks with recommended responses:
  - Trade policy and investment shocks: build buffers via domestic revenue mobilization; pursue diversification and industrialization reforms.
  - Sovereign debt distress: continue revenue and active debt management; favor concessional borrowing.
  - Deepening geoeconomic fragmentation: trade diversification; strengthen domestic resilience; build reserves; enforce fuel pricing mechanism.
  - Cyberthreats: develop response and recovery strategies; incorporate cyber risks into stress tests.
- Other risks and responses:
  - Tighter financial conditions, regional conflicts, commodity price volatility, social discontent, climate change—responses include fiscal buffers, targeted transfers, energy pricing adjustments, diversification, and climate adaptation measures.

### Staff appraisal: key findings and policy recommendations
- Economic resilience and outlook:
  - Economy shows resilience and sustained growth; inflation subsiding toward WAEMU target; investor confidence strong.
- Program performance:
  - All performance criteria and almost all SBs met for the fourth review; all RSF reform measures for the third review met.
  - New PFM, governance and data dissemination SBs should boost transparency and AML/CFT framework to facilitate exit from FATF grey list.
  - Recommendation: make asset declarations of higher risk public officials publicly available and ensure verification per National Anti-Corruption Strategy 2024-28.
- Fiscal policy and contingencies:
  - Steadfast revenue-based consolidation crucial to reach WAEMU fiscal deficit target in 2025.
  - Contingency: refrain from further pump-price reductions to protect revenues; offset unforeseen spending by delaying non-priority capital expenditure.
  - Recommendation: develop automatic electricity tariff adjustment framework to ensure sector viability.
- Revenue mobilization and structural reform:
  - Accelerate MTRS implementation (corporate income tax reform, streamlining investment code incentives, extend market-value property tax approach).
  - Monitor and report periodically on MTRS implementation with internal and public communication.
- Debt management:
  - Continue DMOs and broaden investor base while prioritizing concessional debt; strengthen liquidity ratios and debt service to revenue management.
- Climate and RSF:
  - Swift implementation of decrees and coordination with development partners to leverage financing; continue MRV and green finance platform operationalization.
- Structural reform priorities:
  - Promote social inclusion, reduce informality, address diversification bottlenecks, deepen financial sector, and enhance governance and AML/CFT effectiveness.

*Executive Summary, Côte d’Ivoire — International Monetary Fund, June 9, 2025.*

### EXECUTIVE SUMMARY

### EXECUTIVE SUMMARY

### Context
- Côte d’Ivoire’s resilient economy has consolidated its role as an anchor of stability in the region.
- The EFF/ECF-supported program approved in May 2023 (400 percent of quota) has substantially reduced imbalances and safeguarded a moderate risk of debt distress.
- Important measures under the RSF arrangement (150 percent of quota) contribute to prospective balance of payments stability, build resilience to climate-induced shocks, and support the country’s adaptation and mitigation objectives.
- Authorities’ ongoing commitment to reforms under both programs should support Côte d’Ivoire’s sustainable transformation towards upper middle-income status over the medium term.
- The outlook remains favorable, supported by strong private demand on the back of rising incomes and investment, with recent international bond issuances highlighting strong investor confidence.
- Risks are broadly balanced but include rising uncertainties around the global environment and the October 2025 Presidential elections.

### Program performance and risks
- Program implementation has been generally strong so far:
  - All end-December 2024 performance criteria were met.
  - All but one structural benchmark were met.
  - All the reform measures under the RSF for this review, focused on the climate-financing architecture, were implemented.
- The authorities are requesting a modification of the TMU definition of the QPC on the ceiling on the present value of external debt to add further clarification on the treatment of potential future debt management operations (DMOs).
- Structural benchmarks have been added for the remainder of the program to further strengthen public financial management, governance and data dissemination.
- Program implementation risks remain mitigated by Côte d’Ivoire’s strong track record, program ownership, and homegrown reform agenda.

### Main policy commitments
- Fiscal and debt sustainability:
  - Fiscal consolidation in 2025 and 2026 is anchored by a strong commitment to implement tax policy and administration measures, which amount to an additional 0.5 percent of GDP in revenue each year.
  - The fiscal deficit is expected to reach 3 percent of GDP in 2025, in line with the WAEMU deficit ceiling.
  - Authorities are committed to respect this ceiling also in 2026.
  - The resulting fiscal space will be crucial for enhancing priority spending while maintaining a moderate risk of debt distress rating, further supported by active debt management.
- Domestic revenue mobilization:
  - Authorities remain committed to boosting tax revenue over the medium to long term to some 20 percent of GDP by steadfast implementation of the medium-term revenue strategy (MTRS) approved in May 2024.
  - Implementation will involve continued significant engagement with stakeholders, including technical assistance providers, to overhaul the tax system and finance critical investment and priority spending needs.
  - In the near term, there could be scope for accelerating MTRS reforms in corporate and SME taxation.
- Structural reforms and resilience to climate change:
  - Focused structural reforms aim to improve the business climate for private-sector-led growth and development.
  - Priorities include diversifying the economy, deepening the financial sector, strengthening financial integrity and the AML/CFT framework, and investing in human capital and climate resilience.
  - The forthcoming national development plan (NDP) will be an opportunity to extend authorities’ objectives beyond the EFF/ECF and RSF arrangements’ timeframe.

### Recent economic developments and program performance — key statistics and projections
- Real GDP growth:
  - Staff estimates 2024 real GDP growth at 6.0 percent.
  - Growth is projected at 6.3 percent in 2025.
  - Agriculture expected to peak at about two million tons of cocoa in 2024/2025.
- Inflation:
  - Headline annual average CPI inflation fell from 4.4 percent year on year (yoy) in 2023 to 3.5 percent (yoy) in 2024.
  - Inflation is expected to decline to 3 percent (yoy) on average in 2025, entering the WAEMU 1-3 percent target range.
- Banking sector and external assets:
  - Banks’ Tier 1 capital ratio improved to 12.9 percent in June 2024 from 12.4 percent in December 2023.
  - Growth in credit to the private sector decelerated to 11.5 percent in December 2024, from 16.2 percent in December 2023.
  - Net foreign assets increased about 67 percent year-on-year at end-December 2024.
- Fiscal outcomes:
  - Fiscal deficit fell to 4 percent of GDP in 2024 from 5.2 percent of GDP in 2023.
  - Tax revenue was CFAF 116 billion higher than the target for the tax revenue floor QPC under the program and is estimated to have reached 13.8 percent of GDP (up from 12.7 and 13.5 percent of GDP in 2022 and 2023, respectively).
  - Nominal tax revenue for the year was CFAF 262 billion less than anticipated by the 2024 budget.
  - At 20.4 percent of GDP, total expenditure was 0.3 percent of GDP lower than projections for the 2024 budget at the first program review.
  - Capital expenditure was 0.8 percent of GDP lower than projected in the budget.
  - Offsetting increases included 0.2 percent of GDP in higher-than-expected subsidies to the electricity sector, 0.3 percent of GDP in higher than projected interest on domestic and external debt, and marginally higher than budgeted security spending.

### Political and social context
- Since 2022, Côte d’Ivoire has become a large recipient of refugees and asylum seekers, reinforcing its role as an anchor of regional stability.
- Socio-economic disparities persist: income inequality, high informality, gender disparities, and remaining gaps in education and health outcomes.
- Signs of tension ahead of the October 2025 presidential elections have emerged; the government has expressed commitment to a free and transparent process (MEFP ¶4). The electoral list was finalized on June 4.
- Concerns include high cost of living, management of refugee flows, and land tenure issues.

*Executive Summary, Côte d’Ivoire — International Monetary Fund, June 9, 2025.*

### 7.      The authorities have continued to

### 1civea2025002-source-pdf - 7.      The authorities have continued to

### Public debt management and financing
- Public outstanding debt stock increased to 59.3 percent of GDP at end-2024 from 57.5 percent at end-2023.
- External debt stock amounted to 37.6 percent of GDP at end-2024 from 35.5 percent at end-2023, mostly due to an increase in multilateral debt.
- Key debt management operations:
  - December 2024 World Bank debt-for-development swap of €330 million saving € 60 million in present value terms.
  - US$1.75 billion eurobond issuance in March 2025, mostly for debt management operation (DMO); improved outlook of debt service ratios and strengthened the country’s moderate risk of debt distress rating. The remaining part of the eurobond was used to repay the bridge loan.
  - CFA francs bond (€335 million) directed to international investors (a first in Africa).  
- The CFAF bond is classified as external debt on the basis of the residency criteria of the creditors.

### External position, cocoa boom, and reserves
- Current account deficit estimated to have shrunk from 8.2 percent of GDP in 2023 to 4.2 percent in 2024, helped by an unprecedented surge in cocoa prices.
- Official reserves and regional coverage:
  - BCEAO’s measure of regional reserves recovered to about 5 months of imports, or US$25 billion, as of March 2025.
  - Staff adequacy range: 4.4-6.4 months.
  - Without accounting for the inflow from IMF disbursements and bridge loan at end-2024 totaling about 1.8 billion euros, the reserve coverage would be close to the lower bound of adequate reserve level set by WAEMU.

### Program performance (ECF/EFF and RSF)
- ECF/EFF program performance:
  - All quantitative performance criteria (QPCs) and almost all indicative targets (ITs) for end-2024 were met.
  - End-December 2024 IT on the floor on net reduction in central government amounts payables was missed due to bunching of payables at year-end.
  - Continuous QPC on the non-accumulation of domestic arrears is being closely monitored and met.
  - Preliminary data indicate all end-March ITs were met.
  - End-February 2025 and end-March 2025 structural benchmarks (SBs) were met; end-May SB on property taxes was not fully met (rented properties remain subject to tax assessments using rental income). Staff estimates the slippage does not jeopardize the program’s revenue targets; Fund TA provided (see MEFP ¶16).
- RSF third review — three reform measures (RMs) met:
  - RM6: Interministerial arrêté introducing the coordination mechanism (March 2024); Council of Ministers adopted a decree on transition taxonomy in May 2025. Supported by Fund technical assistance.
  - RM7: Based on RM6, a second decree adopted in May 2025 to introduce a climate risk disclosure framework for state-owned enterprises and private non-financial private companies, integrated within their financial reporting.
  - RM9: Multi-hazard early warning system (EWS) deployed in the Adzopé department as a pilot; next step to extend the EWS to the region of the Mé and to the region of the Grands Ponts in 2026.
- Follow-up from 2024 RMs:
  - National Commission to Combat Climate Change (CNLCC) operational since October 2024; initiated work on the second annual report on climate change in Q1 2025 (RM4).
  - Green finance platform and the Measurement, Reporting and Verification (MNV) system became operational at end-2024 (RM8).
  - Monitoring of requirements for interurban roads by the Ministry of Infrastructure; ministerial arrêté expected for June 2025 to enforce the use of the road design manual (RM10).
  - Pilot project on integrating renewable energy into electric mobility launched in November 2024, funded by the Global Environment Facility (GEF) and United Nations Industrial Development Organization (UNIDO) (RM13).

### Transition Taxonomy (Box 1)
- Context and objectives:
  - The transition taxonomy (TT) is a classification system to pinpoint activities, technologies, and processes that can substantially cut greenhouse gas emissions to support a Paris-aligned transition and climate adaptation; designed by the Ministry of Finance and Budget with key stakeholders and IMF TA.
  - Objectives include guiding investments toward sustainable activities, enhancing transparency in sustainability disclosures, supporting alignment with national and international climate commitments, facilitating regulatory compliance, stimulating innovation, mitigating climate-related risks, and promoting inclusiveness.
- Principles and sectoral focus:
  - TT should be interoperable with WAEMU and EU frameworks, specific to the Ivorian context and easy to use.
  - Key sectors included (based on the NDC): agriculture and livestock, forest, energy, mining, and waste management. Non-priority but important sectors: transportation, road infrastructure, construction, and industry.
- Design and implementation:
  - Design based on workshops, Sustainable Finance Platform engagement, and inter-ministerial meetings; supported by IMF technical assistance.
  - Decree adopting the TT was adopted by the council of ministers on May 21st, 2025; liaises with the climate and sustainability disclosure framework for non-financial and financial companies.

### Medium-term outlook and risks
- Growth and inflation:
  - Average growth expected at 6.7 percent from 2026 to 2030 before converging to potential of around 6 percent.
  - Peak around 7 percent expected in 2029 assuming new oilfields come on-line.
  - Inflation expected to fall within the WAEMU 1 to 3 percent target range by 2025.
- Fiscal and external projections:
  - Fiscal deficit expected to converge to the WAEMU ceiling of 3 percent of GDP in 2025.
  - Current account deficit expected to decline to around 3 percent of GDP in the medium term due to favorable terms of trade and rising hydrocarbon and mining sector exports.
  - Country expected to contribute to regional reserves, to about 5 months of import cover by 2027 (within staff’s reserve adequacy range).
- Trade exposure:
  - U.S. tariffs’ direct impact expected to remain limited given Côte d’Ivoire’s declining export exposure to the U.S. (4 percent of total exports in 2024) and low price elasticity of main exports to that market—primarily cocoa (77 percent) and rubber (15 percent).
- Risks (broadly balanced):
  - Downside: regional instability, shifts in U.S. policies (aid and tariffs), volatile global demand and financial conditions, potential additional unforeseen budgetary transfers to SOEs, uncertainty around the Presidential election dampening investor sentiment and inducing social tensions.
  - Upside: sustained elevated cocoa prices boosting incomes and fiscal receipts; stronger-than-anticipated oil and gas production, new field discoveries, and discovery of significant gold reserves.

### Fiscal consolidation, revenue mobilization, and expenditure policy (Program discussion)
- Fiscal strategy:
  - Strong revenue-based fiscal consolidation to be sustained in 2025 to reduce the deficit to 3 percent of GDP.
- Revenue-side specifics:
  - Tax revenue as of March 2025 on track to reach 15 percent of GDP by end-2025, a 1.2 percentage point of GDP increase relative to 2024.
  - Revenue measures in the 2025 budget expected to amount to CFAF 295 billion, or 0.5 percent of GDP (MEFP Box 4).
  - Full-year yield in 2025 from measures implemented with delay in 2024 expected to deliver an additional 0.14 percent of GDP in new revenue (MEFP Box 2).
  - Continued cocoa production rebound and materially higher international cocoa prices expected to deliver a boost of around 0.6 percent of GDP in cocoa export revenue in 2025.
  - Tax revenue projection revised down relative to the 2025 budget target of 15.4 percent of GDP set at the previous program review, but QPC revenue floors for 2025 remain unchanged.
- Contingency revenues and fuel pricing:
  - In April, authorities reduced petrol and diesel pump prices by CFAF 20 and CFAF 15/L, respectively, per the pump-pricing mechanism.
  - Keeping prices at current levels would provide a buffer of up to 0.5 percent of GDP in contingency revenues against implementation delays or cocoa underperformance.
- Petroleum tax revenue projections (Box 2 highlights and exact figures preserved):
  - Authorities’ current target: petroleum tax revenue of approximately 1.2 percent of GDP (or CFAF 711 billion).
  - Scenario projections for 2025:
    - Under the first scenario (no more price decreases after April), revenue projected to total about CFAF 975 billion in 2025, or about CFAF 264 billion (0.5 percent of GDP) above budgeted revenue.
    - Under scenario 2 (observed decrease in April repeated in subsequent months), tax revenue would still be about 10 percent higher than budgeted.
    - To reach the intended target of CFAF 711 billion, gasoline and diesel prices could steadily fall by about CFAF 28 and CFAF 20 /L, respectively, each month—for an overall decrease of about 25 percent by December.
    - Scenario 4 (international prices stop decreasing after May while domestic prices continue to fall along scenario 3) shows overall revenues would fall short of their target by about 12 percent.
  - Projection assumptions: overall consumption growth in line with real GDP growth; past seasonality patterns remain the same for 2025; international prices refer to import prices plus transport costs, fees, and excise taxes (Prix Maximum de Cession, PMC); "lissage" assumed around 80 CFA/L.
- Expenditure-side specifics:
  - Total expenditure expected to increase marginally from 20.4 to 20.6 percent of GDP in line with commitments to maintain control over non-priority current expenditure, including public sector wage bill and subsidies, while maintaining capital expenditure at about 1 percent of GDP above pre-pandemic levels (MEFP ¶25).
  - Authorities committed to maintain fiscal consolidation; any unforeseen higher spending pressures would likely be offset by delaying non-priority capital expenditure.
  - Emphasis on limiting subsidies and transfers to SOEs (including electricity sector) to preserve financial viability.

*Source: IMF staff summary of the Côte d’Ivoire country program and macroeconomic outlook (excerpts).*

### 14.      Maintaining a 3 percent of GDP fiscal deficit in 2026, in line with the WAEMU

### 14.      Maintaining a 3 percent of GDP fiscal deficit in 2026, in line with the WAEMU 

### Revenue mobilization and tax policy measures
- Authorities committed to include 0.5 percent of GDP in new, permanent, and high-quality tax policy and administration measures in the 2026 budget.
- Expected outcome: tax revenue increases to 15.6 percent of GDP, aided by higher export revenue.
- IMF Technical Assistance–informed measures under consideration to simplify and improve corporate income taxation:
  - eliminating the cap on the Impot Minimum Forfaitaire;
  - introducing a standard CIT and a national minimum tax to align with OECD Pillar II;
  - consolidating the SME tax regime.
- Ongoing efforts to broaden fiscal account coverage and include off-budget government revenue, including incorporating service fees and revenues collected by line ministries into the budget (see TMU Table 2).
- Note: enhancements in coverage that increase the recorded ratio of tax revenue to GDP are not treated as revenue mobilization under the program.

### Medium-term Revenue Strategy (MTRS) and longer-run objectives
- Continued steadfast MTRS implementation is critical for economic transformation towards upper-middle income status.
- MTRS aims to reach the WAEMU norm for tax revenue of 20 percent of GDP by setting a vision for tax policy and revenue administration reforms that command broad public support and are self-sustaining.
- Governance framework for MTRS implementation involves stakeholders across government.
- Ongoing work with Fund TA to:
  - overhaul the tax code and revise tax procedures;
  - strengthen transfer pricing and documentation requirements;
  - roll out electronic invoicing;
  - improve estimates of tax expenditure;
  - implement data-driven risk analysis and AI.
- Additional reform areas under exploration:
  - apply VAT to all agricultural products;
  - expand the tax base for SME firms via systematic registration of informal firms;
  - include an additional 600 localities in the cadaster used for property taxation;
  - further streamline investment code incentives and undertake corporate income tax reforms to address impediments to reducing informality.

### Public Financial Management (PFM) reforms to preserve fiscal space and sustain social spending
- Treasury Single Account (TSA):
  - About 700 accounts held at commercial banks were closed at end-June 2024.
  - Authorities agreed to consolidate balances of four extrabudgetary Covid-19 funds into the TSA and proceed with closure of those accounts (April 2026 SB).
  - Medium-term priorities: complete closure of residual public accounts in commercial banks; consolidate accounts still open at the BNI and BCEAO into the TSA (for entities under TSA scope); integrate projects co-financed by international donors into the TSA; finalize an agreement for maintenance of the TSA with the BCEAO.
- Cash flow management reforms, leveraging the creation of the General Directorate of Financing (DGF) and AFRITAC TA recommendations, could include:
  - explicitly and more quickly accounting for proceeds from customs payments made by bank check (around 93 percent of customs payments);
  - strengthening and accelerating interoperability between software and IT packages used by various tax and customs authorities;
  - continuing to develop and implement a high frequency cashflow forecasting framework for monitoring government payables and benchmarking adherence to payment deadlines;
  - updating the mandate of committees responsible for cash flow forecasting to reflect the new DGF.
- Public procurement transparency:
  - Deployment of an updated digital procurement award system (Integrated Management System for Public Procurement Operations, SIGOMAP) in 2024 has shortened timelines and enhanced transparency.
  - Efforts on track to meet the end-July 2025 SB to make electronic procurement mandatory for at least 80 percent of awards.
  - Authorities committed to further improve transparency by publishing lists of approved contracts and regular reports on procurement audits (MEFP ¶41).

### Debt management and sustainability
- Policy objective: strengthen debt sustainability to maintain a moderate risk of debt distress rating.
- Authorities intend to conduct regular Debt Management Operations (DMOs) and resort to innovative tools, favor domestic over external debt over time (per MTDS), favor concessional debt, and not accumulate external or domestic arrears.
- Preparation of three decrees related to the law on national debt policy adopted in June 2024:
  - on using public borrowing by the state and its sub-entities;
  - establishing powers, duties, organization, and functioning of the National Public Debt Committee (CNDP);
  - regulating conditions for issuing and managing government guarantees and procedures for on-lending government borrowing resources.

### Inclusive growth, private sector development, and diversification
- Primary objective of structural reforms under the ECF/EFF-supported programs: more inclusive private-sector-led growth.
- Program focus for remainder of period: economic diversification, financial sector deepening, and improving business climate through better financial integrity and governance.
- Recognized challenge: large share of exports driven by upstream participation in global value chains with limited downstream processing and manufacturing; economy vulnerable to market fluctuations, resource depletion, and climate change.
- Policy interventions to foster resilience and diversification:
  - supplier-buyer matchmaking platforms to integrate domestic firms into global production networks;
  - digitalization of trade facilitation processes to reduce transaction costs and boost TFP;
  - promote total factor productivity growth and vertical diversification (MEFP ¶6);
  - promote a viable and sustainable energy sector; National Energy Pact adopted to foster reliable, affordable, inclusive, sustainable, and clean energy with improved institutional and governance capacity and monitoring and evaluation (MEFP Box 5).

### Export diversification (Box 3 highlights)
- Export diversification correlates with higher per capita income and mitigates output volatility until advanced economy status.
- Côte d’Ivoire’s heavy reliance on climate-sensitive and primary product sectors increases urgency for diversification.
- Diversification can be supported by importing advanced technologies and business practices through FDI.
- FDI and export concentration in oil and gold mining indicate limited expansion of skills and technologies for new products.
- Key priorities: enhance labor productivity, improve specialized skills via education and vocational training, and support R&D in agriculture (resilient crop varieties, safer pesticides, climate adaptation strategies).
- Export destination shift: exposure to the US declined from 7 percent in 2015 to less than 5 percent in 2024.

### Financial sector development and inclusion
- Progress: banks are well capitalized; restructuring of two public banks completed.
- Financial deepening and inclusion efforts under the Financial Sector Development Strategy (FSDS) and National Financial Inclusion Strategy (NFIS).
- National SME guarantee fund introduced as part of one-stop shop for SME development.
- Outcomes:
  - credit to GDP gap with SSA and WAEMU averages appears closed;
  - financial inclusion improved to about 85 percent in 2023 compared to 33 percent in 2012.
- Remaining challenges in access to credit:
  - intermediation levels remain significantly lower than emerging markets, EMDEs, SSA FM, and aspirational peers (APEERS);
  - low stock market capitalization as a share of GDP and low Financial Development Index;
  - constraints include limited loan collateral, low financing of agricultural sector, poorly structured SMEs, low managerial financial literacy, high fundraising costs for banks, maturity mismatches, and limited capital market development.
- Credit bureau improvements recommended:
  - improve data quality and compliance with reporting deadlines;
  - train BIC users on credit report consultation and reporting requirements;
  - integrate all non-participating players.
- Continued FSDS implementation, business structuring support, financial literacy strengthening, and development of adapted financial instruments to boost financial deepening and domestic revenue mobilization.

### Governance, AML/CFT, and data transparency
- Anti-corruption:
  - strengthen regulation and enforcement of asset declarations, risk-based verification, and public access for law enforcement and civil society;
  - strengthen independence and capacities of the Cour des Comptes (increase number of magistrates, enhanced training, production of annual reports);
  - align legal framework with the UN Convention against Corruption;
  - strengthen investigative capacities of the High Authority for Good Governance.
- AML/CFT:
  - Rapid progress toward FATF compliance in key areas: beneficial ownership transparency and targeted financial sanctions.
  - Re-ratings received at the May 2025 GIABA plenary; ten of 40 FATF recommendations remain less than satisfactory.
  - Completed sectoral risk assessments for several high-risk sectors.
  - Further work required to operationalize the regime and establish effectiveness to exit the FATF grey list:
    - newly designated supervisory authorities for the non-financial sector need adequate staffing and resources for effective risk-based supervision;
    - National Sanctions Commission must adopt internal procedures and sanctions guidelines;
    - operationalize centralized beneficial ownership register to ensure complete, accurate, and up-to-date information and provide direct electronic access to competent authorities (March 2026 SB).
- Data transparency:
  - Authorities committed to provide an Advance Release Calendar (ARC) with release dates meeting SDDS dissemination prescriptions for all data categories (September 2025 SB).

### Climate change agenda
- Authorities pursuing an ambitious mix of adaptation and mitigation reforms supported by the RSF arrangement.
- RSF priorities:
  - integrate climate into PFM;
  - strengthen governance of climate policies;
  - reinforce safeguards for the agricultural sector;
  - create a framework for green and sustainable financing;
  - build resilience to climate hazards;
  - control and reduce greenhouse gas emissions.
- RSF contributions:
  - prospective balance of payments stability;
  - resilience to climate-induced shocks;
  - catalyzing donors’ collaboration to coordinate climate-related reforms and financing.
- Continued partner synergies following the July 2024 joint Fund-Bank Climate Finance Roundtable to implement priorities including a project preparation facility, a climate fund, and innovative financing instruments.

*Source: 1civea2025002-source-pdf - 14.      Maintaining a 3 percent of GDP fiscal deficit in 2026, in line with the WAEMU*

### 24.      Progress towards the implementation of the reform measures for the rest of 2025

### 24.      Progress towards the implementation of the reform measures for the rest of 2025

### Progress on RSF Reform Measures (timelines and implementation status)
- RM1 and RM3 (end-October 2025): Following the arrêté of October 2023 establishing the system for tagging climate-related capital expenditure, work is underway to integrate the system to the 2026 budget law.
- RM2 (end-October 2025): The Millennium Institute provided technical assistance to strengthen staff capacity to model and analyze shocks, notably those linked to climate change, with a first report expected in June 2025. IMF technical assistance was also provided in Q1 and Q2 2025 to assist in developing a section related to the climate-related fiscal risks in the risk statement annex to the 2026 budget law.
- RM11 (end-September 2025): Since November 2024, the lists of organizations subject to mandatory energy audits and energy auditors have been published. Three energy auditors have been approved for 2024, and five additional are in the process of being approved for 2025. The audit process has begun for five energy audits of public buildings, selected based on a minimum annual energy consumption of 1GW per year preceding the audit.
- RM5 (end-December 2025): The agreements between the technical structures and the management bodies of the sectors benefiting from agricultural insurance were submitted to the BOAD for an opinion of non-objection in accordance with the provisions of the loan agreement. The signing of these agreements is the first step in the process of raising awareness among stakeholders, building capacities, and developing agricultural insurance products for the cotton sector.
- RM12 and RM14 (end-December 2025): Fund technical assistance is in progress and expected to be completed in the fall of 2025 to support the authorities’ elaboration of a strategy on carbon taxation. The environmental, fiscal, and distributive analysis of the TA should help determine high level recommendations for a comprehensive carbon pricing strategy, revisions to integrate carbon components into conventional taxes, and updates to the environmental tax system for vehicles and fossils fuels.
- RM16 (end-December 2025): The authorities are pursuing efforts to develop renewable energies to reach the NDC goal of 45 percent for the share of renewables in total energy production by 2030. In addition to the two last solar power plants for which decrees were signed in 2017 and 2023, they signed a decree in April 2024 for a solar power plant of 52 MW following a competitive bidding process.

### Key challenges and reform objectives (as presented in the RSF status figure)
- RM1: Establish a system for tagging of climate-related investment expenditure and integrate and publish it with the climate budget statement. (Challenge: Lack of integration of climate into public financial management)
- RM2: Integrate quantitative analysis of climate-related budget risks into budget risk statement.
- RM3: Integrate climate aspects into PIM.
- RM4: Set up a national commission on climate issues, tasked with producing an annual report with recommendations on improving the government’s climate action that will be presented in the Council of Ministers and published. (Challenge: Weak governance of climate policies)
- RM5: Implement a climate insurance system including a pilot in the cotton industry. (Challenge: Exposed and vulnerable agriculture sector)
- RM6: Design a transition taxonomy and an inter-ministerial coordination mechanism on the design of the taxonomy.
- RM7: Introduce a climate risk disclosure framework and requirement for public and private non-financial companies, based on the climate risk disclosure framework.
- RM8: Adopt a Decree to operationalize the Green Finance Platform and design and implement a finance Measurement, Reporting and Verification system for the Green Finance Platform. (Challenge: Lack of green and sustainable financing for private and public companies)
- RM9: Strengthen and deploy the multi-hazard early warning system countrywide, implement the system in one pilot region.
- RM10: Design and adopt standardized maintenance methodologies for road infrastructure, including the pilot region of greater Abidjan. (Challenge: Vulnerability to flooding and coastal erosion)
- RM11: Implement mandatory energy audits for high energy consumption organizations and a labeling system for appliances and lightbulbs.
- RM12: Develop a carbon taxation strategy tailored to Côte d'Ivoire's needs, and make any necessary adjustments to fuel prices in line with this strategy.
- RM13: Promote electric vehicle mobility.
- RM14: As part of the carbon taxation strategy, adopt reforms on environmental vehicle tax system to align with targets.
- RM15: Integrate different funds, associated environmental taxes and earmarked fees into the State budget in line with NDCs.
- RM16: Complete tendering process to build solar power capacity of at least 100 MW.
- Reforms labeled as MET (met) in the figure: several RMs are marked MET, indicating progress or completion status for those measures.

### Financing and program modalities (monitoring, gap, and prospective financing)
- Program monitoring and conditionality:
  - Program performance monitored through semi-annual program reviews based on QPCs, ITs, and SBs.
  - ITs were added for end-March 2026.
  - TMU proposes modification of the QPC definition on the ceiling on the present value of new external debt to clarify exclusion of potential future DMOs not fully completed (TMU ¶12).
  - Structural conditionality augmented to include three new SBs on PFM, governance, and data dissemination and transparency.
- Projected cumulative financing gap for 2023-26: CFAF 3,684 billion.
- Prospective financing composition (2023-26 cumulative):
  - IMF ECF/EFF: 601; 598; 601; 301; cumulative 2,102 (table shows annual entries and cumulative D. Prospective Financing entries).
  - World Bank: 182; 188; 0; 24; cumulative 261 (table D).
  - AfDB: 28; 20; 25; 25; cumulative 97.
  - Other multilateral creditors: 35; 14; 14; 35 (table entries).
  - Bilateral creditors: 35; 52; 49; 234; cumulative 838.
- Gross financing under the ECF/EFF-supported program will continue to cover about 57 percent of the gap over 2023-26.
- The program under the EFF/ECF arrangements remains fully financed for the next 12 months with strong prospects for its remainder.

### External financing requirement table highlights (Côte d’Ivoire: External Financing Requirements 2023-26, Billions of CFA)
- A. External Financing Requirements (2023-26 projections and cumulative):
  - 2023: 4,322
  - 2024: 6,409
  - 2025: 5,544
  - 2026: 3,542
  - 2023-26 Cumulative: 19,817
  - Current account deficit excl. official transfers (2023-26 cumulative): 10,530 (annual: 4,261; 2,448; 2,315; 1,507)
  - Official sector amortization + net acquisition of fin assets (2023-26 cumulative): 7,910
    - of which: Fund repayments (2023-26 cumulative): 870 (annual: 196; 290; 228; 157)
  - Change in official reserves (without RSF, + = increase) (2023-26 cumulative): 1,377 (annual: -1,149; 1,364; 700; 461)
- B. External Financing Sources (2023-26 cumulative): 16,133
  - Capital flows to private sector, net (2023-26 cumulative): 5,983 (annual: 1,281; 2,320; 1,738; 644)
  - Project financing (2023-26 cumulative): 5,176 (annual: 1,421; 1,010; 1,338; 1,407)
  - Government gross borrowing from private sector (2023-26 cumulative): 4,049
    - of which: Eurobonds (2023-26 cumulative): 3,216 (annual: 0; 1,577; 1,289; 350)
- C. Financing Gap (= A - B) (annual and cumulative):
  - 2023: 1,168
  - 2024: 1,061
  - 2025: 874
  - 2026: 582
  - 2023-26 Cumulative: 3,684
- D. Prospective Financing (matches C cumulatively): total 3,684 (breakdown in D above)
- E. Exceptional Financing/Residual Gap (C - D): 0 for all years
- RSF disbursements (annual): 0; 24; 53; 45; cumulative 122? (table shows entries "0 24 53 45 197 ? 7888" — source formatting ambiguous; preserve given presentation where possible)
- F. Reserve accumulation (with RSF) (annual): -1,149; 1,609; 1,045; 659; cumulative 2,165
- Memorandum item:
  - Change in official reserves excl. all IMF financing (2023-26 cumulative): -725
  - Nominal GDP (annual): 48,294; 52,799; 57,551; 62,459

### Capacity to repay the Fund and debt indicators
- Under the program, Fund credit outstanding would peak at 5.7 percent of GDP in 2025, or 22.3 percent of exports of goods and services in 2025.
- These elevated levels of Fund credit outstanding are mitigated by Côte d’Ivoire’s moderate risk of debt distress rating, solid economic fundamentals, and one of the best credit ratings in sub-Saharan Africa.
- Potential implementation risks in an election year are mitigated by the even phasing of disbursements.

### Safeguards, IMF technical assistance, and other implementation support
- Safeguards assessment: Last assessment of the BCEAO completed in August 2023 found the central bank continues to have well-established audit arrangements and a strong control environment. BCEAO is in the process of addressing the safeguards assessment's recommendation to align its Statute with changes in the 2019 cooperation agreement with France.
- IMF Technical Assistance (TA):
  - EFF/ECF side focus: domestic revenue mobilization.
  - Fund TA also provided to strengthen the statistical system and governance.
  - RSF side TA: integrating climate change into PFM, developing a national carbon taxation strategy, promoting green and sustainable financing through transition taxonomy.

### Staff appraisal: key findings and policy recommendations
- Economic resilience and outlook:
  - Côte d’Ivoire’s economy continues to show resilience and sustained growth, consolidating its role as a regional anchor of stability.
  - Growth has remained strong, and inflation has subsided heading towards the WAEMU target range.
  - Investor confidence evidenced by oversubscription of the last Eurobond issuance and the successful issuance of the first African local currency bond to international investors.
- Program performance:
  - All performance criteria and all but one structural benchmarks for the fourth review of the EFF/ECF have been met as well as all reform measures for the third review of the RSF. On a preliminary basis, all March ITs are also on track.
  - New program measures identified to further boost domestic revenue mobilization under the MTRS.
  - New PFM, governance and data dissemination structural benchmarks expected to boost transparency and enhance the AML/CFT framework and facilitate a swift exit from the FATF grey list.
  - Recommendation: make asset declarations of higher risk public officials publicly available and ensure their verification, in line with the 2024-28 National Anti-Corruption Strategy.
- Fiscal policy and contingent measures:
  - Steadfast implementation of revenue-based fiscal consolidation remains key to reach the WAEMU fiscal deficit target in 2025.
  - First quarter of 2025 outturn is in line with the end-year revenue target.
  - Contingency revenue measures available: refraining from further decreases in fuel prices at the pump in case of revenue shortfalls.
  - Recommendation: offset any unforeseen spending by rationalizing non-priority spending, and develop a framework for automatic electricity tariff adjustments to ensure the financial viability of the sector.
  - Timely adoption of contingency measures on revenue and spending will safeguard fiscal targets and strengthen investor confidence.
- Revenue mobilization and structural reform:
  - Resolute implementation of the MTRS remains a cornerstone of self-sustained domestic revenue mobilization over the medium term.
  - Staff welcomes efforts to revamp the General Tax Code, recent revisions to the investment code, and property tax reforms in the 2025 budget.
  - Recommendation: accelerate implementation of key MTRS reforms (corporate income tax, streamlining investment code incentives, extending market-value approach under property tax reforms to all types of real estate).
  - Authorities should monitor and periodically report on MTRS implementation and maintain internal and public communication on reforms.
- Debt sustainability and management:
  - Further strengthening debt sustainability remains a priority.
  - Recent DMOs following Eurobond issuances in January 2024 and March 2025, and the World Bank D4D swap in December 2024 reduced debt service projections.
  - Efforts at improving DRM and commitment to reforms have improved liquidity ratios, particularly the debt service to revenue ratio.
  - Recommendation: broaden investment base and diversify debt management tools while prioritizing concessional debt.
- Climate and RSF reforms:
  - Implementation of RSF reforms is facilitating the country’s green transition.
  - Significant reforms initiated: establishment of a framework for climate-related financial information, introduction of a transition taxonomy, launch of a green finance platform.
  - Recommendation: swift implementation of the decrees and follow-up coordination with development partners from the Climate Finance Roundtable to leverage financing.
- Structural reform priorities for inclusive growth:
  - Focus on promoting social inclusion, improving business environment, reducing informality, addressing bottlenecks to economic diversification, promoting financial sector development, and enhancing governance.
  - Additional efforts essential to rectify deficiencies in the AML/CFT framework to enable timely removal from the FATF grey list and bolster investor confidence.
  - These reforms should be maintained in the context of the next NDP for 2026-30.
- Staff recommendation on reviews and resources:
  - Staff supports the authorities request for the completion of the fourth review of the EFF/ECF arrangement and the request for modification of a QPC, and the third review of the RSF arrangement. This will unlock SDR 371.657 million under the EFF/ECF.

*Source: 24. Progress towards the implementation of the reform measures for the rest of 2025 — 1civea2025002-source-pdf*

### 182.925 million under the RSF. The Letter of Intent and the Memorandum of Economic and

### 1civea2025002-source-pdf - 182.925 million under the RSF. The Letter of Intent and the Memorandum of Economic and

### Program overview and assessment
- Financing from the Fund is expected to continue to play a strong catalytic role, and the capacity to repay the Fund is assessed to be adequate, although subject to risks.
- Risks to program implementation are described as manageable given the authorities’ strong implementation track record under Fund-supported programs, satisfactory performance and strong commitment to program objectives.
- RSF disbursements recorded in the Balance of Payments table: 0, 0, 2, 4, 5, 3, 4, 5, 1, 9, 7, 0, 0 in the financing rows (presented in the program tables).

### Key macroeconomic indicators (selected)
- Population (2021): 29 million
- Per capita GDP (2021): 2,445 USD
- Share of population below the poverty line (2021): 37.5%
- GDP at constant prices (annual series): 6.4, 6.5, 6.1, 6.0, 6.3, 6.4, 6.5, 6.6, 7.0, 6.8
- GDP deflator (annual): 3.0, 2.6, 3.1, 3.1, 2.5, 2.0, 2.0, 2.0, 2.0, 2.0
- Consumer price index (annual average): 5.2, 4.4, 4.0, 3.5, 3.0, 2.2, 2.0, 2.0, 2.0, 2.0
- Nominal GDP (CFAF billions) series: 44,239; 48,294; 52,356; 52,799; 57,551; 62,459; 67,849; 73,774; 80,516; 87,711
- Nominal GDP at market prices (US$ billions) series: 71; 80; 87; 87; 94; 103; 112; 123; 134; 145
- Nominal GDP per capita (US$): 2,351; 2,561; 2,719; 2,723; 2,872; 3,047; 3,214; 3,396; 3,603; 3,816
- Real GDP per capita growth (percent): 3.4; 3.5; 3.1; 3.3; 3.4; 3.5; 3.6; 4.0; 3.8

### External sector and balance of payments (selected)
- Current account balance (including official transfers, percent of GDP): -7.6; -8.2; -4.2; -3.6; -2.1; -2.8; -3.5; -3.1; -3.1
- Current account (Billions of CFA): -3,357; -3,944; -2,202; -2,047; -1,299; -1,887; -2,609; -2,535; -2,677 (2022–2030 rows shown)
- Exports, f.o.b. (Billions of CFA): 10,144; 10,382; 12,351; 13,964; 16,023; 17,092; 17,775; 19,390; 20,744
- Imports, f.o.b. (Billions of CFA): 9,475; 9,320; 9,174; 10,256; 10,888; 11,583; 12,490; 13,403; 14,415
- Trade balance (percent of GDP): 1.5; 2.2; 6.0; 6.4; 8.2; 8.1; 7.2; 7.4; 7.2
- Services (net, percent of GDP): -5.4; -6.2; -5.9; -5.7; -5.6; -5.6; -5.2; -5.0; -4.7
- Primary income (net, percent of GDP): -3.2; -3.8; -4.0; -4.0; -4.4; -5.0; -5.2; -5.3; -5.3
- WAEMU gross official reserves (billions of US$) reported: 18.5; 15.8; 21.6 (earlier years)

### Fiscal operations (central government, selected)
- Total revenue and grants (percent of GDP): 15.1; 16.1; 16.8; 16.4; 17.8; 17.4; 17.9; 18.3; 18.8; 19.2; 19.6
- Total expenditure (percent of GDP): 21.9; 21.3; 20.8; 20.4; 20.8; 20.4; 20.9; 21.3; 21.8; 22.2; 22.6
- Overall balance, incl. grants, payment order basis (percent of GDP): -6.7; -5.2; -4.0; -4.0; -3.0; -3.0; -3.0; -3.0; -3.0; -3.0
- Basic primary balance (percent of GDP): -1.7; -0.1; -0.2; 0.2; 1.8; 1.7; 1.5; 1.3; 1.3; 1.2
- Gross investment (percent of GDP): 27.5; 26.; 25.4; 26.; 28.3; 30.1; 30.7; 31.6; 31.9; 32.0
- Gross national saving (percent of GDP): 19.4; 18.4; 20.3; 22.6; 24.7; 28.0; 27.9; 28.0; 28.7; 29.0

### Monetary and financial sector (selected)
- Broad money (M2) growth (percent): 9.0; 3.3; 10.4; 13.6; 13.1; 9.4; 11.5; 11.7; 11.2; 10.8
- Money and quasi-money (M2) levels (Billions of CFA): 16,879; 17,440; 19,814; 22,417; 24,519 (2022–2026)
- Net foreign assets (Billions of CFA): 3,886; 2,634; 4,403; 5,425; 5,919 (2022–2026)
- Credit to the economy (annual percentage change): 7.3; 16.2; 12.0; 11.6; 10.5; 10.6; 10.2; 9.8; 10.0; 9.9
- Financial soundness indicators (selected, 2023): Regulatory capital to risk-weighted assets (CAR) 13.1; Non-performing loans to total gross loans 7.3; Return on assets (ROA) net of tax 2.5; Liquid assets to total assets 26.1

### Public debt, debt service, and capacity to repay the Fund
- Central government gross debt (percent of GDP series): 56.0; 57.5; 59.3; 59.3; 58.1; 56.5; 54.9; 53.2; 52.1; 50.9
- External debt (percent of GDP series): 34.1; 35.5; 35.9; 37.6; 36.1; 35.6; 34.1; 31.9; 30.7; 29.0
- External debt-service due (CFAF billions) series: 1,021; 1,285; 2,808.3; 2,796; 2,823; 1,933; 1,952; 2,337; 2,271; 2,567
- Capacity to Repay (Table 6 highlights):
  - Total obligations based on existing and prospective credit (In millions of SDRs) series (selected): 238.9; 294.1; 298.6; 355.0; 446.6; 523.0; 526.5; 528.5; 485.0; 346.9; 244.7; 153.3; 128.6; 125.0; 121.4; 117.7; 114.1; 110.4; 106.8; 100.1; 60.1
  - Outstanding Fund credit (In millions of SDRs) series (selected): 4,047.3; 3,854.2; 3,600.6; 3,249.2; 2,813.2; 2,363.1; 1,900.6; 1,471.1; 1,170.8; 966.0; 847.6; 750.0; 652.4; 554.9; 457.3; 359.8; 262.2; 164.6; 70.1; 12.2; 0.0
  - Total obligations in billions of CFA francs (series, selected): 193.3; 238.0; 242.4; 289.1; 364.3; 426.6; 429.5; 431.1; 395.7; 283.0; 199.6; 125.1; 104.9; 102.0; 99.0; 96.0; 93.0; 90.1; 87.1; 81.6; 49.1
  - Total obligations as percent of government revenue (series): 1.9; 2.1; 1.9; 2.1; 2.4; 2.5; 2.3; 2.1; 1.8; 1.2; 0.8; 0.5; 0.4; 0.3; 0.3; 0.3; 0.2; 0.2; 0.2; 0.1; 0.1
- Net Use of Fund Credit (millions of SDRs) projected series: 996.7; 422.2; -193.1; -253.6; -351.4; -436.0; -450.1; -462.5; -429.5; -300.4; -204.8; -118.4; -97.6; -97.6; -97.6; -97.6; -97.6; -97.6; -97.6; -94.5; -57.9

### External borrowing program and debt composition (2025 snapshot)
- Projected new external debt volume in 2025 (USD million totals shown by category): By sources of debt financing total 4729.3 (100.0 percent); in alternative columns 4238.1 (100.0 percent) and 4307.1 (100.0 percent) as presented.
- Concessional debt: 103.9 USD million (2.2 percent) and 53.5 USD million (1.3 percent) in alternative columns.
- Non-concessional debt: 4,625.3 USD million (97.8 percent) and 4,184.7 USD million (98.7 percent) in alternative columns.
- By creditor type (2025): Multilateral 103 USD million (2.2 percent); Bilateral - Non-Paris Club 212.5 USD million (4.5 percent); Other 3,478 USD million (73.5 percent).
- Uses of debt financing (2025): Infrastructure 2,745.7 USD million (58.1 percent); Social Spending 1,470.2 USD million (31.1 percent); Other 513.3 USD million (10.9 percent).
- By interest rate type (memo): Fixed Interest Rate 48; Variable Interest Rate 4049.1 (values reported in program table).

### Program financing, reviews, and RSF schedule
- ECF/EFF arrangement tranches by review date: May 24, 2023; November 15, 2023; May 15, 2024; November 15, 2024; May 15, 2025; November 15, 2025; May 15, 2026. Total under ECF/EFF reported: 2,601.6867.21734.4 (millions of SDRs) and Percent of Quota 400.0/133.3/266.7 (table format preserved).
- RSF approvals and RM disbursements: Total 975.600150.00 (in million of SDRs and percent of quota as presented).

### Structural benchmarks, RSF Reform Measure Matrix, and policy actions
- New proposed structural benchmarks (selected due dates and intended outcomes):
  - PFM: Transfer remaining resources of the four covid-19 funds to the Single Treasury Account (TSA) and close the accounts of these funds. Due: End-April 2026.
  - Governance: Operationalize the centralized register of beneficial ownership information per law no. 2024-362 of June 11, 2024; ensure completeness, accuracy, cross-checking, and timely electronic access for competent authorities. Due: End-March 2026.
  - Data Dissemination and Transparency: Provide an Advance Release Calendar (ARC) meeting SDDS dissemination prescriptions. Due: End-September 2025.
- Current and met structural benchmarks (selected):
  - Prepare and implement a plan to manage and collect outstanding tax arrears. Met End-September 2023.
  - Cabinet approval of a Medium-Term Revenue Mobilization strategy (MTRS), with revenue targets and timeline, and publication of summary. Met End-May 2024.
  - Strengthen automated VAT management module to control VAT deduction collected at customs. Met End-June 2024.
  - Adopt draft law on national debt policy by council of ministers. Met End-September 2023.
  - Treasury Single Account (TSA) timetable for closing accounts with commercial banks. Met End-December 2023.
- RSF Reform Measure Matrix (selected RMs and timing):
  - RM1 (climate tagging of public investment expenditure): End of October 2025 (5th EFF/ECF review). Expected outputs: Ministerial arrêté; Climate budget statement attached to 2026 budget law.
  - RM2 (modeling and quantifying climate-related fiscal risks): End of October 2025. Expected output: Annex to 2026 budget law quantifying climate risks.
  - RM4 (create national commission on climate change under Prime Minister's Office): End of October 2024, reported as MET with décret creating the commission end June 2024 and official communication on the annual progress report end October 2024.
  - RM5 (pilot climate insurance for cotton sector): End of December 2025. Expected outputs: awareness and capacity-building report; information notes on insurance product.
  - RM6 (develop climate-related financial information architecture and transition taxonomy): End of April 2025 (4th EFF/ECF review). Reported as MET for interministerial arrêté expected.

### Key risks highlighted
- Capacity to repay Fund judged adequate but subject to risks.
- Program implementation risks described as manageable but dependent on sustained policy implementation and external financing conditions.
- Climate-related fiscal and external risks addressed via RSF reform measures to improve resilience, reduce fiscal contingent liabilities, and lower import demands following disasters.

*Source: https://www.imf.org/-/media/files/publications/cr/2025/english/1civea2025002-source-pdf.pdf*

### introduction of a coordination

### introduction of a coordination mechanism (March 2024)

### Climate and Green Finance Reform Measures (RM6–RM16)
- RM6 / Transition taxonomy and coordination
  - Decree on transition taxonomy (end of April 2025).
  - IMF/World Bank TA available.
  - Expected outcomes:
    - Financial sector resilience: Reduces financial sector losses when climate risks materialize, lowering recapitalization needs for banks.
    - Investment promotion: Clarifying climate-related exposures attracts investments by reducing uncertainty.

- RM7 / Climate risk disclosure linked to taxonomy
  - Actions to adopt a decree that includes:
    - (i) introduction of a climate risk disclosure framework for state-owned enterprises and private non-financial private companies, connected to the taxonomy; and
    - (ii) a disclosure requirement integrated within the financial reporting of state-owned enterprises and non-financial companies, based on the climate risk disclosure framework, as well as their implementation timeline.
  - Diagnostic Reference: CCDR.
  - Proposed Timing: End of April 2025; 4th EFF/ECF review.
  - Status: MET.
  - Deliverable: Decree introducing a climate risk disclosure framework and requirement (end April 2025).
  - IMF/World Bank TA available.

- RM8 / Green Finance Platform operationalization and MRV system
  - Adopt a decree comprising two actions:
    - (i) Make the green finance platform operational by:
      - (1) setting up a website where domestic and international climate finance actors can find key information on the main pillars of the National Climate Finance Mobilization Strategy, Nationally Determined Contributions, the National Adaptation Plan, the National Development Plan, quantified targets for mobilizing domestic and international climate finance and the role envisaged for the various financial instruments, and the involvement of multilateral donors and other international partners in the National Climate Finance Mobilization Strategy, and
      - (2) the development and implementation of a training and capacity-building plan for national actors on climate finance instruments, taxonomies and disclosure frameworks for climate risks;
    - (ii) design and implement a framework for monitoring and tracking climate finance through a finance Measurement, Reporting and Verification (MRV) system for the said platform.
  - Diagnostic Reference: CCDR.
  - Proposed Timing: End of October 2024, 3rd EFF/ECF review.
  - Status: MET.
  - Deliverables:
    - Decree on the operationalization of the Green Finance Platform:
      - Website.
      - Training and capacity-building plan for national players on climate finance instruments, taxonomies and reporting frameworks for climate risks.
    - Framework for monitoring and tracking operational green finance through the Measurement, Reporting and Verification (MRV) system.
  - Development partner role:
    - ICAT will support conceptualization of the MRV tool, training of stakeholders and development of a roadmap for its operationalization.
  - Expected outcome: Investment promotion — greater awareness and information help attract more low-cost or preferential climate-related external financing.

- RM9 / Multi-hazard early warning system pilot (Adzopé)
  - Strengthen environment and climate change component and deploy multi-hazard early warning system in the Adzopé department; pilot phase before nationwide implementation.
  - Deliverable: Report summarizing the first alerts (December 2024).
  - Diagnostic Reference: CCDR.
  - Proposed Timing: End of December 2024; 4th EFF/ECF review.
  - Status: MET.
  - Development partners: AFD, WMO (World Meteorological Organization) in the framework of Climate Risk Early Warning Systems initiative from the UN, World Bank.
  - Expected outcome: Improved fiscal and external sustainability — reduces fiscal costs when climate risks materialize and the need for external financing by reducing exposure to climate hazards.

- RM10 / Climate-aware road maintenance methodologies
  - Design and adopt standardized maintenance methodologies for road infrastructure that take into account climate change impacts; pilot in Greater Abidjan.
  - Diagnostic Reference: C-PIMA and green PFM TA report.
  - Proposed Timing: End of October 2024, (3rd EFF/ECF review).
  - Status: MET.
  - Deliverables:
    - Road design manual (end March 2024).
    - Stocktaking report (end October 2024).

- RM11 / Mandatory energy audit system and energy labeling
  - Implement plans to operationalize mandatory energy audit system for entities with annual energy consumption equal to or greater than a benchmark for the industrial, tertiary and transportation sectors in 2025, complete first 5 audits by end of September 2025, and establish energy labeling system for new air conditioners, refrigerators and electric lamps by December 2024.
  - Proposed Timing: End of September 2025 (5th EFF/ECF review).
  - Deliverables:
    - First five audits completed (end September 2025).
    - List of approved energy auditors (end March 2025).
    - List of organizations subject to energy audits (end March 2025).
    - Notice to importers on the administrative procedure for applying for an energy label (end December 2024).
  - Development partners: KFW, World Bank and EU.
  - Expected outcome: Fiscal and external sustainability — increased energy efficiency and consumer awareness reduces long-term reliance on energy and fossil fuel imports; incentivizing energy efficiency reduces cost of energy input, increasing productivity.
  - Benchmark footnote: Industry: 1500 ton of oil equivalent (toe) or 2000 MWh; Tertiary and Transportation: 500 toe or 1000 MWh.

- RM12 / Fuel pricing mechanism and carbon taxation strategy
  - Continue to apply existing fuel pricing mechanism with automatic adjustment; develop a carbon taxation strategy tailored to Côte d’Ivoire with IMF TA and make any necessary adjustments to fuel prices in line with this strategy by end of December 2025 at the latest.
  - Diagnostic Reference: World Bank reports, Fund TA.
  - Proposed Timing: End of December 2025; 6th EFF/ECF review.
  - Deliverables and actions:
    - Request technical assistance from IMF staff (October 2024).
    - Strategy on carbon taxation adopted by the Government (end December 2025).
    - If necessary, adopt a legislative text to adjust fuel prices.
  - IMF role: TA to elaborate the strategy on carbon taxation.

- RM13 / Decree to promote electric mobility
  - Adopt a decree to promote electric mobility to help achieve the 10 percent target for electric vehicles in the vehicle fleet by 2030, addressing charging stations, technical inspections, insurance, and standards for battery charging stations.
  - Diagnostic Reference: World Bank reports.
  - Proposed Timing: End of April 2024, 2nd EFF/ECF review.
  - Status: MET.
  - Deliverable: Decree to promote electric mobility in Côte d'Ivoire (end-April 2024).
  - Development partner: GIZ.

- RM14 / Environmental vehicle tax reforms (as part of carbon taxation strategy)
  - Examine existing environmental tax system on combustion engine vehicles and adopt reforms if necessary to ensure coherence between registration fees, import duties, taxes, and other regulations to promote cleaner, more efficient cars.
  - Proposed Timing: End of December 2025; 6th EFF/ECF review.
  - Deliverables:
    - Strategy on carbon taxation adopted by the Government (end December 2025).
    - If necessary, issue regulations for environmental vehicle tax reforms.
  - IMF role: TA to elaborate the strategy on carbon taxation.
  - Expected outcome: Reduced fiscal cost and better aligned incentives — reduces transaction and collection costs for taxes, and improved incentives reduces reliance on fossil fuel imports.

- RM15 / Integrate UNFCCC windows and environmental revenues into State budget
  - Continue to integrate funding from UNFCCC windows (GEF, GCF and AF), associated environmental taxes and earmarked fees into the State budget, and align them with NDCs where applicable.
  - Proposed Timing: End of October 2024, 3rd EFF/ECF review.
  - Status: MET.
  - Deliverable: Draft 2025 budget law (end October 2024).
  - Expected outcome: Reduced fiscal costs and uncertainty; improves transparency of available funds, enabling improved prioritization of investments, improving resilience and reducing fossil fuel imports.

- RM16 / Solar power procurement and installation
  - Finalize tendering for development, construction and operation of solar power plants to achieve NDC targets; complete competitive procurement by end of 2025 for at least 100 MW of solar power capacity.
  - Diagnostic Reference: CCDR, IFC report “Unlocking Private Investment: A Roadmap to achieve Côte d’Ivoire’s 42 percent renewable energy target by 2030”.
  - Proposed Timing: End of December 2025; 6th EFF/ECF review.
  - Deliverables:
    - Two decrees approving agreements for construction, operation and transfer of two solar photovoltaic power plants (end December 2025).
  - Development partners: EU, World Bank.
  - Expected outcome: External and fiscal sustainability — reduces long-term reliance on energy and fossil fuel imports.

### Expected BoP and Fiscal Effects from Green Reforms (general)
- Reduced need for bank recapitalization when climate risks materialize.
- Attraction of lower-cost or preferential climate-related external financing.
- Reduced fiscal costs and uncertainty through integration of climate funds into the budget.
- Reduced reliance on fossil fuel imports via energy efficiency, renewable capacity expansion, and vehicle electrification.

### Risk Assessment Matrix — Selected External Risks and Recommended Policy Responses
- Trade policy and investment shocks
  - Likelihood: High
  - Impact if Realized: Medium
  - Recommended policy response: Build resilience by creating fiscal space to increase buffers, especially through domestic revenue mobilization, and pursue reforms to transform the economy through diversification and industrialization policies.

- Sovereign debt distress
  - Likelihood: High
  - Impact if Realized: Medium
  - Recommended policy response: Continue policy reforms to create fiscal space; enhance revenue collection; active debt management operations; mitigate impact from external shocks.

- Tighter financial conditions and systemic instability
  - Likelihood: Medium
  - Impact if Realized: Medium
  - Recommended policy response: Pursue policy reforms to create fiscal space; enhance revenue collection; active debt management operations; continue to enhance AML/CFT and governance framework.

- Regional conflicts
  - Likelihood: Medium
  - Impact if Realized: Medium
  - Recommended policy response: Advance reforms to increase domestic revenue mobilization to create fiscal space for support measures; mitigate impact on the poor through temporary targeted fiscal transfers.

- Commodity price volatility
  - Likelihood: Medium
  - Impact if Realized: Medium
  - Recommended policy response: Adjust retail fuel price mechanism to reflect world energy prices and monitor inflation; mitigate impact on the poor through temporary targeted fiscal transfers; invest in a more diversified and sustainable energy mix.

- Global growth acceleration
  - Likelihood: Low
  - Impact if Realized: Medium
  - Recommended policy response: Strengthen export competitiveness by addressing logistical bottlenecks; accelerate structural reforms in governance, trade facilitation, and digital infrastructure.

- Social discontent
  - Likelihood: Medium
  - Impact if Realized: Medium
  - Recommended policy response: Continue policy reforms to alleviate poverty, create jobs, and generate more inclusive growth outcomes; enhance provision of public services.

- Deepening geoeconomic fragmentation
  - Likelihood: High
  - Impact if Realized: High
  - Recommended policy response: Trade diversification; strengthen domestic resilience by investing in domestic industries; build reserves to safeguard against commodity shocks; strengthen fiscal framework for counter-cyclical spending; ensure full application of fuel pricing mechanism.

- Cyberthreats
  - Likelihood: High
  - Impact if Realized: Medium
  - Recommended policy response: Develop response and recovery strategies including “cyber mapping”; incorporate cyber risks into financial stability analysis and stress tests.

- Climate change
  - Likelihood: Medium
  - Impact if Realized: Medium
  - Recommended policy response: Mitigate impact on the poor through temporary targeted fiscal transfers; monitor second-round effects on inflation; invest in education and training of farmers in sustainable and climate-resilient agricultural practices; examine scope for increasing pre-arranged disaster financing (climate risk insurance).

### Country-Specific Risks and Responses
- Deterioration of security situation in region
  - Likelihood: Medium
  - Impact if Realized: Medium
  - Recommended policy response: Promote security, strengthen social safety nets, facilitate private sector job creation; create fiscal space by accelerating revenue mobilization reforms and reprioritizing non-priority spending.

- Financial or operational difficulties for public enterprises
  - Likelihood: Medium
  - Impact if Realized: Medium
  - Recommended policy response: Ensure commercial viability of public companies; enhance governance and monitoring of public enterprises.

- Political uncertainty ahead of presidential election (scheduled for October 2025)
  - Likelihood: Medium
  - Impact if Realized: Medium
  - Recommended policy response: Foster public confidence through transparent electoral communication; facilitate dialogue among political stakeholders to ease tensions and enhance stability.

### Annex II — Financial Intermediation: Stability and Development (introductory findings)
- Purpose: Reviews credit to the private sector in Côte d’Ivoire through stability and development lenses.
- Key points:
  - By fostering private-sector-led growth, financial sector development can significantly contribute to efficient domestic revenue mobilization (DRM) in Côte d’Ivoire.
  - Past credit cycles appear to have been benign and, as of end-2023, Côte d’Ivoire appears to have closed its credit-to-GDP gap with sub-Saharan Africa (SSA) and the West African Economic and Monetary Union (WAEMU).
  - Despite progress, financial sector development—as measured by credit-to-GDP, stock market capitalization as a share of GDP, and the Financial Development Index—lags SSA Frontier Markets (SSA FM), Emerging Market and Developing Economies (EMDE), and Côte d’Ivoire’s aspirational peers.
  - Reforming the credit bureau, inter alia, could help accelerate financial sector development.

*Source: IMF — Côte d’Ivoire RSF Reform Measure Matrix and Annexes (excerpts).*

### 1.      In recent years, Côte d’Ivoire’s financial sector has remained sound while its credit to

### 1.      In recent years, Côte d’Ivoire’s financial sector has remained sound while its credit to 

### Credit growth and financial stability
- Recent performance
  - Private-sector credit registered double-digit growth, with a peak of 16.2 percent year-on-year in December 2023.
- Methodology used to assess risks
  - Credit gap analysis using the Hodrick-Prescott (HP) filter on credit to GDP, real private sector credit, and real GDP to derive trend and cyclical components.
- Credit cycle evidence (1980–2023)
  - A sixth credit cycle since 1980 appears to be underway.
  - Historical cycles: five cycles observed between 1980 and 2022 with minimum duration of 5 years (1980-1984) and maximum duration of 12 years (1994-2005).
  - The fifth cycle appears to have ended in 2022 with what seems to be the start of a boom phase for a sixth cycle.
- Relationship between credit and output
  - Credit and output moved concurrently over 1980-2023.
  - Based on Granger causality tests: the null hypothesis that GDP gap does not Granger-cause credit gap cannot be rejected; however, the null hypothesis that credit gap Granger-causes GDP gap can be rejected.
- Financial stability indicators (2005–2023)
  - Using NPLs and return on equity (ROE) data from 2005 to 2023, credit cycles are not statistically significantly correlated with changes in NPLs and ROE.
  - Text Figure 3 indicates no apparent correlation between credit cycles and NPLs, and no apparent correlation between credit cycles and ROE.
- Historical magnitude of credit gaps and regulatory context
  - Largest credit expansion occurred in the early 1980s when the credit gap reached 2.3 percent, exceeding 1.5 times the period’s standard deviation.
  - Even then, credit to GDP growth was about 3 percent, well below the 10 percent threshold suggested in Dell’Ariccia and other (2012).
  - Recent reforms have strengthened regulatory frameworks, with adequate capital buffers and improved risk management practices noted.
  - Ongoing regional work includes determining the positive countercyclical capital buffer rate.

### Financial intermediation, economic development, and domestic revenue mobilization
- Policy emphasis
  - Ivorian authorities prioritized achieving a higher level of credit to the private sector in their 2021-2025 National Development Plan (NDP).
  - Aim: expand credit to the private sector and distribute credit to sectors with higher growth potential to support private-sector-led growth.
- Importance for domestic revenue mobilization
  - Financial sector development can mobilize domestic savings, support investment, increase tax revenues through improved economic activity, and broaden the tax base via formalization.
- Progress and indicators of development
  - Number of commercial banks increased from 17 commercial banks in 2005 to 28 commercial banks in 2024.
  - Microfinance sector expansion noted, with greater access for SMEs and low-income households.
  - Financial inclusion advanced through mobile banking and digital payment systems.
  - Credit to GDP increased from 9 percent of GDP in 2005 to 22.4 percent of GDP in 2023.
  - By end-2023, Côte d’Ivoire closed its credit to GDP gap with sub-Saharan Africa and WAEMU averages, though still below the 30 percent observed in the early 1980s.
  - Stock market capitalization as a share of GDP has increased since the mid-1990s.
- Remaining challenges to financial sector development
  - Lower credit and stock market capitalization as a share of GDP and lower Financial Development Index relative to SSA Frontier Markets, Emerging Markets and Developing Economies (EMDE), and aspirational peers.
  - Specific constraints: limited availability of loan collateral; low financial literacy at SMEs managerial level; high costs associated with banks’ sources of funds; mismatch between project maturities and available liquidity; underdevelopment of bonds and other financial instruments.
- Sectoral allocation of credit (June 2018 to June 2024)
  - Primary sector share of total loans decreased from 8.2 percent to 2.6 percent.
  - Secondary sector share decreased from 40.6 percent to 34 percent.
  - Commerce and services share increased from 51.2 percent to 63.4 percent.
  - Tertiary sector’s share of GDP declined between 2018 and 2024, while secondary sector’s share of GDP increased over the same period.
  - Overall allocation of credit does not appear aligned with the structure of the economy nor with government policy promoting primary and secondary sectors.

### Credit bureau functioning, constraints, and reform recommendations
- Current status of the Bureau d’information sur le crédit (BIC)
  - BIC is governed by a regional law (WAMU Uniform Law adopted by the WAMU Council of Ministers in June 2013) that governs credit information sharing in WAMU member states.
  - The BIC does not function properly due to:
    - Limited participation in information sharing because of weak disclosure requirements and high participation fees.
    - Non-respect of declaration deadlines by participants.
    - Technical difficulties in accessing the BIC platform.
    - Limited data quality and data transmission processes affecting reliability of credit reports.
  - A BCEAO-commissioned review during 2021-2022 has a report yet to be finalized; BCEAO expects an action plan based on the report’s recommendations.
- International experience highlights
  - Examples cited (United States, United Kingdom, India, Brazil, South Africa) illustrate how legal frameworks and consumer protection measures can strengthen credit reporting systems.
- Stakeholder recommendations (as put forward by one stakeholder)
  - Improving data quality by setting up automated systems for checking files before submission, coupled with increased prior analysis by data providers; data providers to set up a system for prior analysis of all their data before submission to the BIC.
  - Improving compliance with reporting deadlines by putting in place internal procedures for timely data extraction and reporting by data providers.
  - Furthering capacity-building for users by providing specific training modules on credit report consultation and reporting requirements to standardize practices and strengthen users' technical skills.
  - Outreach to non-participating players to encourage them to join the data-sharing process.
  - Note: The first two measures would require changes in procedures at the regional level while the last two measures can be addressed at the national level.

### Conclusion
- Past credit cycles in Côte d’Ivoire appear to have been benign.
- Non-performing loans and return on equity are not statistically significantly correlated with credit cycles over the 2005-2023 period.
- This outcome reflects progress in implementing reforms aimed at maintaining financial stability, while continued regulatory reforms, improved risk management, and enhanced consumer protection remain important given external vulnerabilities (e.g., commodity price fluctuations).

*Source: IMF staff analysis as presented in the supplied content.*

### 19.      Financial sector development has improved, and challenges remain. While Côte d’Ivoire

### 19. Financial sector development has improved, and challenges remain

### Financial sector status and comparative position
- Côte d’Ivoire has closed the credit gap with SSA and WAEMU regarding credit to GDP but remains well below SSA FM, EMDE, and the country’s aspirational peers (no numeric values provided in source for the comparative levels).
- The solidity of the banking system has been strengthened by raising the minimum share capital from CFAF 10 billion to CFAF 20 billion.
- Recent capital market development highlights:
  - In March 2025, Côte d’Ivoire issued a USD 1.75 billion Eurobond, oversubscribed by more than 300 percent.
  - For the first time in Sub-Saharan Africa, the country issued an international bond in local currency (CFAF) equivalent to 335 million Euros.

### Targeted reforms and policy recommendations (credit bureau and financial deepening)
- Regional credit bureau reforms (recommended):
  - (i) improvements of data quality;
  - (ii) compliance with reporting deadlines;
  - (iii) training BIC users on credit report consultation and reporting requirements;
  - (iv) integrating all non-participating players.
- National-level measures to deepen finance and support domestic revenue mobilization:
  - Persistent implementation of the FSDS (Financial Sector Development Strategy).
  - Support for structuring of businesses.
  - Strengthening financial literacy.
  - Developing adapted financial instruments.
- Expected policy aim: promote private-sector-led growth to boost domestic revenue mobilization.

### Macroeconomic performance and key indicators (2021–2025 and medium term)
- Growth and inflation:
  - Economic growth in 2024 is estimated at 6.0 percent.
  - Average growth over 2021-2024: 6.5 percent.
  - Expected growth rate in 2025: 6.5 percent.
  - Inflation: 3.5 percent in 2024, after 5.2 percent in 2022 and 4.4 percent in 2023.
  - Inflation target: within BCEAO target range of 1 percent  -3 percent from 2025 onwards.
- Fiscal and external accounts:
  - Fiscal deficit: 4.0 percent of GDP in 2024, after 5.2 percent in 2023; expected to reach 3 percent in 2025 (WAEMU community norm).
  - Current account deficit: 4.2 percent of GDP in 2024, after 8.2 percent of GDP in 2023.
- Investment and FDI:
  - Private investment: 14.1 percent of GDP in 2022 and 15.3 percent of GDP in 2024; expected to reach 17.6 percent by 2030.
  - Foreign direct investment: 2 percent of GDP in 2022 and 3.8 percent of GDP in 2024.
- Governance and rankings:
  - Transparency International: gained five points in the Corruption Perception Index to rank 69th out of 180 countries, moving up thirteen (13) places compared with 2023.
  - Ibrahim Index of Governance in Africa (IIAG) 2024: Côte d’Ivoire’s score 56.7 and ranked 16th in 2023; continental average 49.3; regional average 52.6.
- Social program budget and operations:
  - PSGouv budget: CFAF 1,179.9 billion in 2024, after CFAF 987.6 billion in 2023.
  - PSGouv activities cited: electrification and access to drinking water in fragile areas; rehabilitation, construction and equipping of health and education infrastructures; quarterly allowance to the most vulnerable; reprofiling of roads.
- Banking system capitalization policy:
  - Minimum share capital increased from CFAF 10 billion to CFAF 20 billion.

### Program implementation, commitments, and financing requests
- Program status:
  - At end-December 2024, all performance criteria met, indicative targets met except floor on “Net reduction in the stock of liabilities”.
  - All but one structural benchmark to end-May 2025 met; the structural benchmark on application of market value to real estate was partially met.
- Fiscal policy commitments:
  - Maintain sustainability of public finances and debt through a gradual increase in fiscal pressure, including tax reforms representing 0.5 percentage points of GDP per year.
  - Converge the budget deficit to WAEMU norm of 3 percent of GDP starting from 2025.
  - Continue efforts to reduce poverty, stimulate job creation (especially youth), focus growth on productivity and vertical diversification, develop the financial sector and strengthen financial inclusion, and improve resilience to climate change.
- Requests to IMF:
  - Completion of the fourth review of the program supported by the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) with the fifth disbursement under the ECF/EFF in the amount of SDR 371.657 million.
  - Completion of the third review under the Resilience and Sustainability Facility (RSF) and a third disbursement of SDR 182.925 million associated with completion of RM6, RM7 and RM9.
  - Request to modify the TMU definition of the QPC on the ceiling on the present value of external debt to add clarification on exclusion of potential future debt management operations (DMOs).

### RSF reforms and climate-related commitments
- RSF implementation (2024–2025):
  - For 2024, the six (06) programmed reform measures implemented, including MR9 scheduled for the third review.
  - For 2025, the reform measures (RM6 and RM7) scheduled for the third review of the RSF have been implemented.
  - The RSF reform matrix is divided into six (06) pillars:
    - (i) integrating climate into the public finance and investment management process;
    - (ii) strengthening governance and coordination of climate policies;
    - (iii) strengthening the climate resilience of agriculture;
    - (iv) mobilizing green and sustainable financing for private and public enterprises;
    - (v) limiting vulnerability to flooding and coastal erosion;
    - (vi) reducing greenhouse gas emissions.
  - Major progress reported on the remaining eight (08) reform measures; progress on RM16 faster than anticipated.

*Source: https://www.imf.org/-/media/files/publications/cr/2025/english/1civea2025002-source-pdf.pdf*

### 5. The country's economic outlook remains positive, both in 2025 and over the

### 5. The country's economic outlook remains positive, both in 2025 and over the

### Outlook and growth drivers
- Growth rate in 2025 is expected to be 6.5 percent, with all sectors contributing.
- Côte d'Ivoire's medium-term growth potential should be over 6.5 percent, supported by:
  - (i) the extractive industries;
  - (ii) the energy sector through power plant construction projects aimed at making Côte d'Ivoire an energy hub;
  - (iii) manufacturing industry through the development of industrial clusters and agricultural hubs; and
  - (iv) subsistence agriculture, taking advantage of the benefits of the National Agricultural Investment Plan (PNIA 2).
- The government is working on the 2026-2030 NDP, which should enable the country to achieve upper middle-income status by 2030.

### Macroeconomic framework and program commitment
- Continued implementation of the 2023-2026 Economic and Financial Program (EFP) will contribute to maintaining a sound macroeconomic framework.
- As of end-December 2024:
  - All performance criteria had been met.
  - Indicative benchmarks were met except for the floor on the net reduction of central government amounts payable.
  - All but one of the structural benchmarks to the end of May 2025 have been met; the structural benchmark regarding the application of market value to real estate has been partially met.
- Government commitments under the program:
  - (i) maintain sustainability of public finances and debt through an increase in tax revenue based on tax reforms equivalent to 0.5 percentage point of GDP per year, and convergence of the budget deficit to the WAEMU community norm of 3 percent of GDP in 2025;
  - (ii) continue to combat poverty and stimulate job creation, especially for young people;
  - (iii) base growth on factor productivity and vertical diversification;
  - (iv) develop the financial sector and deepen financial inclusion;
  - (v) improve resilience to climate change.

### Resilience and Sustainability Facility (RSF) reform agenda
- The six reform measures programmed for 2024 have been implemented.
- Government will continue implementing actions in six RSF pillars:
  - (i) integrating climate into government finance and public investment management;
  - (ii) strengthening governance and coordination of climate policies;
  - (iii) enhancing climate resilience of agriculture;
  - (iv) mobilizing green and sustainable financing for private and public enterprises;
  - (v) reducing vulnerability to flooding and coastal erosion;
  - (vi) reducing greenhouse gas emissions.
- Significant progress has been made on the 10 reform measures programmed for 2025.

### Recent macroeconomic developments (2024)
- Growth and supply-side drivers:
  - Growth rate in 2024: 6.0 percent (2023: 6.5 percent).
  - Supply-side contributions: subsistence farming 4.3 percent, mining 13.9 percent, petroleum products 14.7 percent, services 6.7 percent.
  - Overall investment represented 23.1 percent of GDP in 2024, same as in 2023.
- External sector and reserves:
  - Trade balance: surplus of 0.1 percent of GDP in 2024 (2023 deficit: 4.0 percent).
  - Current account deficit narrowed from 8.2 percent of GDP in 2023 to 4.2 percent in 2024.
  - WAEMU reserves grew from the equivalent of 3.4 months of imports in 2023 to 4.7 months in 2024.
- Inflation and exchange rate:
  - Inflation fell from 4.4 percent in 2023 to 3.5 percent in 2024.
  - Real effective exchange rate (REER) appreciated by 9.0 percent.
- Financial intermediation:
  - Credit to the economy increased from 23.6 percent of GDP in 2023 to 24.1 percent in 2024.

### Budget execution and fiscal outcomes at end-2024
- Budget deficit: 4.0 percent of GDP, in line with the program target.
- Total revenue and grants: CFAF 8,663.5 billion (target: CFAF 8,775.9 billion) — shortfall of CFAF 112.4 billion.
  - Main shortfalls: VAT (CFAF 125.7 billion), BIC (CFAF 83.3 billion), ITS (CFAF 52.6 billion), export revenues (CFAF -107.6 billion).
  - Offsetting gains: import duties and taxes (CFAF +65.8 billion), nontax income (CFAF +158.9 billion).
  - Overall tax revenue: 13.8 percent of GDP (2023: 13.5 percent; target: 14.4 percent).
- Total expenditure and net loans: CFAF 10,757.2 billion (target: CFAF 10,896.5 billion) — under execution of CFAF 139.3 billion.
  - Under execution of capital expenditures: CFAF -416.1 billion.
  - Higher debt interest: CFAF +138.6 billion.
  - Higher subsidies and transfers: CFAF +114.7 billion (mainly electricity subsidy due to increased gas use).
- Financing requirements of CFAF 6,022.9 billion covered by subregional money and capital markets and external financing, including from the IMF.

### Impact of 2024 tax policy and administration measures
- Tax measures yielded CFAF 252.1 billion as of end-December 2024.
- Selected measure impacts (data in CFAF billions unless otherwise indicated):
  - Raise the cocoa registration fee from 4 percent to 5 percent: Initial estimated full year impact 36; Final full year impact 32.1; Estimated full year impact 2025 51.7 (Quantity: 1.9 million tons and CFAF 3,000 price in the last quarter of 2024).
  - Adjustment of real estate taxation provisions: Initial estimate 60; Final full year impact 0; See 2025 measures.
  - Rationalization of exemptions: Initial 51; Final 27.8; Estimated 45.
  - Reform provisions relating to exemptions under the Investment Code (SB end-September 2024): Initial 20; Final 8; Estimated 20.
  - Improve monitoring of transfer pricing: Initial 13; Final 12.8; Estimated 13.0.
  - Improvement of the performance of real estate agencies and SIGICI upgrades: Initial 30; Final 85; Estimated 110 (includes SIGEFIM and other modules).
  - Total of listed measures: Initial 361; Final 252.1; Estimated 316.3 for 2025.

### Debt, debt sustainability, and public sector balance sheets
- Debt levels at end-2024:
  - Central government debt (including on-lending and government-guaranteed): 60.3 percent of GDP (2023: 58.5 percent).
  - External debt: 37.8 percent of GDP (2023: 35.5 percent).
  - Guaranteed external debt: CFAF 334.8 billion, or 0.7 percent of GDP.
  - Domestic debt: 21.7 percent of GDP (2023: 22.0 percent).
  - Guaranteed domestic debt: CFAF 67.7 billion, or 0.1 percent of GDP.
  - State-owned enterprises (SOEs) debt: CFAF 969.9 billion, or 1.8 percent of GDP (of which 0.8 percent was guaranteed).
- DSA classification: Côte d'Ivoire remains among the countries at moderate risk of debt distress.

### Banking sector soundness
- As of end-September 2024:
  - Average risk-weighted capital adequacy ratio: 13.6 percent (end-December 2023: 13.8 percent; WAMU prudential minimum: 11.5 percent).
  - Compliance: all banks met solvency standard except three privately held banks representing 5.9 percent of sector balance sheet, 2.7 percent of outstanding loans, and 8.5 percent of deposits.
  - Gross NPLs ratio: 7.2 percent (end-December 2023: 7.3 percent; WAEMU average: 9.02 percent).
  - Net NPLs ratio: 2.0 percent (end-December 2023: 2.8 percent; WAEMU average: 3.61 percent).

### Status of EFF/ECF and program performance as of end-2024 and end-May 2025
- End-December 2024 performance:
  - Tax revenues: CFAF 7,271.8 billion (target floor: CFAF 7,157.1 billion) — positive difference CFAF 114.7 billion.
  - Overall budget deficit: CFAF -2,093.7 billion (target floor: CFAF -2,120.6 billion).
  - Net present value of new external debt: US$5,881.3 million (target ceiling: US$6.036.0 million).
  - No domestic or external arrears accumulated.
  - Net domestic financing: CFAF 127.1 billion (ceiling: CFAF 335.1 billion).
- Indicative targets and benchmarks:
  - All indicative targets for end-December 2024 were met except for the benchmark on the net reduction in the stock of amounts payable.
  - Expenditures by cash advance: CFAF 389.9 billion (ceiling: CFAF 449.0 billion).
  - Specific social expenditures: CFAF 1,017.7 billion (floor: CFAF 993.9 billion).
  - Basic primary balance: CFAF 122.4 billion (target floor: CFAF -25.6 billion).
  - Stock of amounts payable increased by CFAF 109.5 billion (target floor for net reduction: CFAF 25.0 billion) due to end-year expenditure commitments.
- Structural benchmarks:
  - All but one structural benchmark achieved at end-May 2025.
  - Key achievements:
    - Annual reviews of the PPP portfolio continue to be published in coordination with contracting authorities (SB end-February 2025).
    - Historical annual data of general government financial operations up to 2023 published in March 2025 on the national summary data page (SB end-March 2025).
    - Application of market value for real estate tax base on non-productive built and unbuilt properties in effect since January 2025; property tax notices for 2025 estimated CFAF 312 billion (2024: CFAF 280.2 billion).
    - Use of SIGOMAP extended in FY 2024 to all entities subject to the Public Procurement Code; rate of e-procurement use under standard procedure was 95.9 percent over July 1, 2024 to February 6, 2025.

*IMF staff report chapter excerpt.*

### 17. The reform measures (RM) programmed for the third review

### 17. The reform measures (RM) programmed for the third review

### Completed reform measures and recent decrees
- RM9 (end-December 2024): pilot phase of the Early Warning System (SAP) launched on June 13, 2024 in the city of Adzopé. First environmental component reports produced as of end-July 2024 and end-December 2024.  
- RM6 (end-April 2025): following an interministerial coordination mechanism implemented by order in March 2024, the government adopted:
  - Decree No. 2025-345 on May 21, 2025 on a framework for the promotion of sustainable investment and climate disclosure — introduces a transition taxonomy in Côte d'Ivoire and a reporting framework aligned with RM7.  
  - Decree No 2025-346 of May 21, 2025 amending Decree No2024-594 of June 26, 2024 — amends creation, remits, organization and operation of the National Commission to Combat Climate Change and introduces taxonomy governance through a unit dedicated to taxonomy and climate disclosure within the National Commission on Climate Change.  
  - Strengthening of climate finance information architecture, including launch of the sustainable finance platform website publishing key information on climate, green and sustainable finance in Côte d'Ivoire.  
- RM7 (end-April 2025): Decree No. 2025-346 (May 21, 2025) introduces the framework for promotion of sustainable investments and climate disclosure in the financial reporting framework on climate risks, aligned with the transition taxonomy. It enshrines the obligation for public and private non-financial companies to disclose climate risks as part of financial reporting, following a gradual approach by category of reporting entity, with a transitional period of two years from the date of publication of the decree.  
- Government commitment: continuous improvement of the transition taxonomy across transition and adaptation dimensions as specified by the one-year roadmap set out in the decree.

### Ongoing implementation and 2024 achievements
- RM4: National Commission to Combat Climate Change (CNLCC) functioning since October 2024. In Q1 2025 the CNLCC Steering Committee began work on the second annual report on Côte d'Ivoire's ecological transition and on revision of Nationally Determined Contribution (NDC) 2.0 in conjunction with formulation of NDC 3.0.  
- RM8: green finance platform and the Finance Measurement, Notification and Verification (MNV) system operating since Q4 2024. Work produced draft texts on the transition taxonomy and disclosure framework. Training plan being deployed.  
- RM10: Ministry responsible for road infrastructure regularly checks design and dimensioning of new interurban roads against the manual's specifications; monthly reports produced.  
- RM13: following Decree No. 2024-326 on electric mobility, promotional actions across the transport sector ongoing. In November 2024 a pilot project "Integration of renewable energies in electric mobility in Côte d'Ivoire" launched, financed by the Global Environment Facility (GEF) and the United Nations Industrial Development Organization (UNIDO).

### Public Financial Management (PFM) developments
- 2025 Citizen Budget developed and disseminated; digital version available at https://www.dgbf.ci.  
- Internal budget control tools disseminated and used in five pilot ministries; training provided to all relevant actors.  
- Management oversight deployment continued, with increasing ministerial use of tools.  
- Stock accounting: pilot phase for use of the "asset entry" module of the Integrated Material Accounting Management System (SIGESCOM) launched since January 2024; functional specifications of the "asset monitoring" module defined and functionalities developed.  
- At end-December 2024, amount related to private contracts represented 12.7 percent of the total amount of contracts approved, compared to 14.8 percent at end-December 2023, below the 20 percent ceiling.  
- Use of SIGOMAP application extended in FY 2024 to all entities subject to the Public Procurement Code; between July 2024 and February 6, 2025 the utilization rate of e-procurement under the traditional procedure was 95.9 percent.  
- Average time to award contracts at end-December 2024 was 91.2 days, compared to 92.2 days a year earlier, and the regulatory deadline of 114 days prescribed by the Public Procurement Code.

### Business climate and private sector support
- As of end-December 2024, the one-stop facility (guichet unique) for SME development (GUDE-PME) continued activities.  
  - 12,130 firms received technical and managerial support via Côte d'Ivoire PME.  
  - 1,401 SMEs benefited from guarantees totaling CFAF 37.1 billion in financing through the SME Guarantee and Credit Company.

### Governance and anti-corruption progress
- Asset declaration rate of persons subject to reporting requirements stood at 91.0 percent at end-December 2024, compared to 83.0 percent in 2023 and a target of 90 percent.  
- SIGNALIS platform in 2024 received 472 complaints and reports of acts of corruption, leading to criminal investigations, arrests, and referrals to judicial authorities.  
- 2025: facility introduced in the Trade and Personal Property Credit Registry management system (ETRIBCOM) to allow firms to make beneficial owners declaration dynamically and interactively.  
- Progress made in combating money laundering and the financing of terrorism (AML/CFT) — see Box 3.

### AML/CFT actions undertaken and completed (summary of Box 3)
- IO 2 (international cooperation): training and awareness for actors on systematic use of formal and informal mutual legal assistance for cases with foreign element.  
- IO 3 and IO 4 (supervision and preventive measures): strengthened capacities of supervision authorities of DNFBPs in six high-risk sectors for risk-based supervision; inspections and sanctions used risk mapping and a risk-based approach; supervisory authorities initiated training and posted guidelines; DGTCP and National Sanctions Commission imposed administrative sanctions; Banking Commission and Financial Markets Authority AMF-WAMU conducted inspections and issued sanctions.  
- IO 5 (legal persons and legal arrangements): strengthened mechanism for verifying accuracy, adequacy, and updating of basic information and beneficial ownership; enhanced capacities of auditors in tax departments and RCCM; managers of legal persons sanctioned for non-compliance on disclosure of basic and beneficial ownership information.  
- IO 6 (financial intelligence): increased use of financial intelligence by investigative and prosecution authorities; CENTIF notes an increase in suspicious transaction reports (STRs); CENTIF increased spontaneous publication of dissemination reports; improved mechanisms for competent authorities to access basic and beneficial ownership information.  
- IO 7 and IO 9 (ML/TF investigation and prosecution): stepped-up training for personnel involved in TF and ML investigations and prosecutions; prosecution guide for investigators developed by PPEF; guide to assist investigators in valuing assets developed; strengthened monitoring of ML prosecutions via regular reporting; increased statistics and specific cases demonstrating sustained increases in ML and TF investigations and prosecutions.  
- IO 10 and IO 11 (TFS, TF and FP):
  - Decree No. 2024-997 of November 20, 2024 as amended by Decree No. 2024-216 of April 17, 2024 adopted to strengthen legal framework for TFS in accordance with FATF Recommendation 6, with implementing orders.  
  - Mechanism for direct access to UNSC website put in place to send alerts to reporting entities at each revision of international sanctions list.  
  - Inclusion in February 2025 of 27 new individuals on the list of persons suspected of TF.  
  - Lists of national and international sanctions published within 24 hours in accordance with FATF requirements.

### Financial sector and financial inclusion
- Overall rate of use of financial services, adjusted for multiple bank enrollment, stood at 84.7 percent in 2023 compared to 83.55 percent in 2022, an increase of 1 basis point. This reflects contribution of e-money to financial services use. As of end-December 2023, Côte d'Ivoire had 15 e-money institutions, compared to 13 in 2022.  
- Restructuring of public bank portfolio completed with sale of Versus-Bank through Decree No. 2024-1117 of December 19, 2024, bringing the number of public banks to two.

### Public sector reforms and audits
- 35 performance contracts had been signed by end-2024 with a target scope of 43 public enterprises.  
- In 2024, 10 addenda to the Performance Contracts (COP) of SOEs that had expired were signed.  
- 10 second-generation COPs were signed, six (6) of which were renewed.  
- Based on the audit plan adopted in 2024, six (6) audits were launched in February 2025 out of the 13 planned.

### National statistics system improvements
- Final 2022 and provisional 2023 Annual National Accounts (ANAs) published in December 2024.  
- Alignment of Quarterly National Accounts (QNA) with ANAs according to the 2008 System of National Accounts (base year 2015) completed; aligned QNA published in February 2025.  
- QNA for the fourth quarter of 2024 and initial trends of overall economic developments in 2024 according to SNA 2008, base year 2015, are available.  
- Unit Value Indices (UVIs) for exports and imports produced and disseminated in February 2025.

### Program objectives and medium-term macroeconomic outlook
- Strategic planning: adoption of the 2026-2030 NDP to pursue structural transformation, aim for upper-middle-income country status by 2030, reduce extreme poverty by half, and increase life expectancy by 10 years compared to 2020. Emphasis on industrial clusters, agricultural clusters, development of oil and mining sector, formalization of the economy, and creation of decent jobs. Commitment to meet mitigation and adaptation commitments in Nationally Determined Contributions (NDCs).  
- EFP 2023-2026 coupled with RSF to strengthen macroeconomic framework and resilience to climate events.

Key projections and targets:
- Budget deficit expected to rise to 3 percent of GDP from 2025 onward.  
- Current account deficit to be kept below 4.0 percent of GDP.  
- Inflation to be held within the BCEAO’s 1 to 3 percent target range.  
- 2025 projections:
  - Growth expected to gather pace to 6.5 percent in 2025, compared to 6.0 percent in 2024, driven by subsistence farming (benefiting from the National Agricultural Investment Plan), resurgence of export agriculture, and vitality of the extractive industry.  
  - Inflation expected to ease further to 3 percent.  
  - Current account deficit to decline from 4.2 percent of GDP in 2024 to 1.9 percent in 2025. Overall balance projected to be in surplus, aiding foreign exchange reserves.  
  - Broad money supply expected to expand by 11.7 percent, reflecting net claims on central government (+6.1 percent) and claims on the economy (+12.5 percent) driven by increased financial penetration and greater bank liquidity.

Medium-term (2026–2030) outlook:
- Average growth expected at 6.5 percent in 2026–2030.  
- Inflation expected to remain under the community norm of 3 percent.  
- Current account deficit projected to be less than 4 percent of GDP; overall balance expected to be in surplus over the period.  
- Broad money expected to grow by an average of 9.9 percent.  
- Supply-side drivers: subsistence farming, mining, agribusiness, energy, public works construction (BTF), and services. Demand-side drivers: strength of investments and final household consumption coupled with improvement in the trade balance.  
- Investment: overall investment expected to grow by 10.0 percent on average over the period, with private and public investment rates of 16.8 percent and 9.0 percent, respectively.  
- Risks: exacerbation of international geopolitical and trade tensions, insecurity in the Sahel, and climatic conditions. Positive factors include discovery of the Calao oil field and adoption of the 2026-2030 NDP.

### Fiscal policy: consolidation and revenue mobilization
- Fiscal consolidation objective: comply with WAEMU deficit norm of 3 percent of GDP as from 2025.  
- Revenue mobilization targets: increase from 13.8 percent of GDP in 2024 to 15.0 percent in 2025 and 15.5 percent in 2026.  
- Policy mix: increase revenue mobilization, continued control of operating expenditure, efficient management of investment expenditure, and active public debt management to keep debt distress risk at a moderate level.  
- Objective: maintain sufficient fiscal space for essential expenditures, including social spending, while aligning spending with available resources through fiscal regulation to achieve the budget deficit target and preserve priority spending.

*Source: 17. The reform measures (RM) programmed for the third review (excerpt).*

### 25. The government will thus continue to implement the medium-term revenue

### The government will thus continue to implement the medium-term revenue mobilization strategy (MTRS)

### MTRS objectives and components
- Aim: raise tax revenue with a view to gradually moving towards the WAEMU tax revenue target of at least 20 percent of GDP.
- Core components:
  - (i) simplifying the tax system;
  - (ii) broadening the tax base (by raising the level of taxation in under-taxed sectors, reducing tax exemptions and other deviations from the standard tax system, and taxing new taxable items, in particular international digital products and new types of transport using user-contact applications);
  - (iii) combating tax fraud, smuggling, tax evasion, and tax avoidance;
  - (iv) strengthening the transfer pricing policy;
  - (v) strengthening environmental taxation in line with the RSF supported reform program;
  - (vi) further modernization of tax administration;
  - (vii) taking account of the necessary reforms to the legal framework and guidelines for international and regional taxation.
- The MTRS includes a detailed action plan with an implementation timeline.
- Policy measures include revision of the General Tax Code, the Investment Code, and VAT-related policies to simplify the tax and customs system and broaden the tax base.
- Tax administration measures include governance, capacity development, digitization, public-private sector collaboration, and citizen education to improve compliance and consolidate revenue mobilization sustainably.
- Governance and stakeholder engagement:
  - Government established a governance structure to manage the MTRS reform program.
  - A working group will liaise closely with the IMF and other technical assistance providers.
  - Government will consult with private sector and civil society stakeholders to garner broad support.
- VAT exemptions and reduced rates:
  - Criteria and procedures for the granting and elimination of reduced VAT rates and exemptions will be established and published as from June 2025 (SB end-June 2025).

### 2025 budget targets, rationale, and key fiscal figures
- Fiscal consolidation objective: reduce the budget deficit by 1 percentage point of GDP, from 4.0 percent of GDP in 2024 to 3.0 percent in 2025.
- Tax revenue target: increase from 13.9 percent of GDP in 2024 to 15.0 percent in 2025.
  - Contributors to the increase in tax revenue:
    - tax policy and administration measures implemented in 2025, representing approximately 0.5 percent of GDP;
    - full-year impact of measures adopted in 2024, equivalent to 0.2 percent of GDP;
    - gradual expansion of the budget perimeter (see Table 2 of the TMU);
    - increased revenue from improved terms of trade, 0.4 percent of GDP.
- Spending and investment:
  - Government intends to keep total spending at 20.4 percent of GDP.
  - Investment spending targeted at around 6.2 percent of GDP (1.9 percentage points higher than pre-COVID-19 levels).
  - Continued efforts to control current expenditures, including subsidies.
- Social protection and targeting:
  - Expansion of the productive cash transfer program (PTMP):
    - enroll an additional 70,000 households in the Single Social Registry in 2025;
    - enroll 100,000 households annually over the next two years.
  - Pro-poor social spending tracking:
    - health, education, social protection, and youth employment sectors account for around 29.3 percent of pro-poor spending (see Table 3 of the TMU).
- Single Social Registry / cash transfers:
  - In 2024, more than 230,000 working households received cash transfers.
  - In 2025, an additional 70,000 households will be added to bring beneficiary households to 300,000.

### Estimated impact of 2025 tax policy and tax administration measures (as presented)
- Measures and estimated impact for 2025 (*):
  - Tax policy measures
    - Rationalization of tax exemptions: 3.3
    - Adjustment of the provisions of the General Tax Code relating to excise duties applicable to tobacco (from 49 percent to 70 percent): 32
    - Adjustment of the provisions of the General Tax Code regarding property tax: 21
    - Adjustment of the rate of certain schedular taxes (income from securities, capital gains from real estate transfers): 12.6
    - Increase in the tax rate on industrial and commercial profits of companies in the gambling sector: 2
    - Increase in the ad valorem tax rate on gold exports from 5 percent to 7 percent: 41.4
  - Tax administration measures
    - Implementation of electronic invoicing: 50
    - Strengthening of joint DGD-DGI controls: 10
    - Strengthening of border offices with nonintrusive control equipment, video surveillance of nautical resources, and axle weighing: 15
    - Strengthening of the risk analysis mechanism through the use of artificial intelligence: 20
    - Implementation of the single ITS declaration: 5
    - Implementation of control of the invoicing period and payment of VAT on behalf of third parties in the deduction: 38
    - Implementation of the judicial litigation of customs disputes: 25
    - Implementation of tobacco traceability: 20
  - Total: 295.3

(Note: numeric values preserved exactly as presented.)

### Structural, social, and development priorities in 2025
- Continuation of reforms and investments aligned with the 2021-2025 NDP, focusing on:
  - improving private sector productivity;
  - accelerating vertical diversification and industrialization;
  - strengthening financial inclusion and governance.
- Human capital and infrastructure:
  - Step up investment in human capital, accelerate major infrastructure projects, and improve living conditions.
  - Consolidation of security framework, social cohesion, and peace, with priority in the context of the 2025 presidential election.
- Food security, health, and socioeconomic empowerment:
  - Actions to promote food security, autonomy in livestock production, nutrition, and efficient agricultural production and marketing.
  - Improving access to quality healthcare: strengthening health infrastructure, expanding Universal Health Coverage (UHC), and increased support for vulnerable populations.
  - Promote entrepreneurship, youth employment, women’s empowerment, reduction of informality, digital innovation, and digitization of government.
  - Support construction of social housing, creation of new industrial zones, construction of local markets, and sanitation projects.

### Fuel pricing mechanism and monitoring
- Principles of the fuel pricing mechanism continue to function correctly.
- Recent pump price reductions occurred after several increases since program start in 2023, aided by favorable international market developments.
- Government will continue to monitor international price developments closely to safeguard overall revenue targets while protecting vulnerable populations.

### 2026 budget projection
- Fiscal stance: maintain a fiscal deficit of 3 percent of GDP in 2026, in line with the WAEMU deficit norm.
- Revenue projection: implementation of tax policy and administrative measures anchored in the MTRS expected to increase tax revenue by 0.5 percentage points of GDP.
- Use of additional budgetary space: finance key infrastructure and priority social spending in support of the 2026-2030 NDP.

### Debt policy and debt management
- Objective: cover financing needs while preserving debt sustainability and maintaining sovereign credit quality to facilitate access to international financial markets.
- Current risk classification: Côte d’Ivoire classified at “moderate risk of overall and external debt distress.”
- External debt vulnerability: remains vulnerable to a negative shock to non-grant fiscal revenues.
- Medium-term policy: contain evolution of debt ratios below thresholds and strengthen resistance to external shocks by creating fiscal buffers.
- Medium-Term Debt Management Strategy (MTDS) 2024-2028:
  - Government plans to use domestic borrowing more than external loans to meet financing needs.
  - Target financing instrument proportions averaging between 58 percent and 42 percent over the period 2024-2028.
  - Active debt management, including liability management operations (e.g., debt-for-development (D4D) swap in late 2024 via a commercial loan of €400 million guaranteed by the World Bank).
- External borrowing limits and recent issuance:
  - Intends to cap recourse to new external loans at a present value of US$4,238.1 million in 2025.
  - March 2025: raised US$1.75 billion on international bond markets through a Eurobond maturing in 2036, converted into euros at a swapped rate of 6.4 percent; initial demand more than 300 percent oversubscribed.
  - Issued an international bond in local currency (CFAF) equivalent to €335 million (first time in Sub-Saharan Africa).
  - Issuance accompanied by a partial buyback of bonds to optimize public debt management.
- Credit rating and financing opportunities:
  - MIGA rating upgraded in April 2024 from B+ to BB- offering opportunities for NHFO guarantees, political risk insurance (PRI), and trade finance products.
  - Government intends to pursue green financing options.
- Institutional and regulatory strengthening:
  - Following adoption by Parliament of Law No. 2020-350 of June 6, 2024, on national debt policy and public debt management, government will adopt implementing texts:
    - draft decree regulating use of public borrowing by government and branches;
    - draft decree on responsibilities, organization, and operation of the National Committee on Public Debt (CNDP);
    - draft decree regulating conditions for issuing and managing public guarantees and procedures for on-lending of funds borrowed by the government.
  - Quarterly debt sustainability analysis (DSA) will be produced using the Debt Sustainability Framework (DSF) to monitor indicators.
  - Assessment, monitoring, and management of public debt risks (including fiscal risks related to SOEs) will continue to benefit from IMF technical assistance.
  - Debt coverage will be gradually extended to SOEs in accordance with the Public Sector Debt Statistics: Guide for Compilers and Users (PSDSG 2011).

### Social policy and human capital development
- Emphasis on human capital to increase labor productivity and formalization.
- Indicative target: specific social expenditure should account for 19.6 percent of current expenditure in 2025, compared to 18.5 percent in 2024.
- Education initiatives:
  - Program to Strengthen the Basic Education System;
  - Project to Build and Equip High Schools and Colleges of Excellence with Girls' Boarding Units;
  - Program to Support the Transformation of Basic Education;
  - "Child Learning and Education Facility."
  - Technical and vocational goals: increase graduate job placement rate by around 80 percent and reach nearly 400,000 people trained and placed through the Second Chance School (E2C) and the Talent Academy by 2025.
  - Implementation of the Country Program to Promote Decent Work (PPTD 2023-2027) to boost decent job creation.
- Health initiatives:
  - 2023-2027 Hospital Program to increase capacity of healthcare worker training centers, invest across healthcare pyramid levels, and improve governance.
- Universal Health Coverage (UHC) and Productive Social Safety Net (PSN):
  - UHC enrollment in 2024: approximately 16.3 million individuals enrolled, or 60.2 percent more than in 2023.
  - Of an estimated target of 1.7 million poor people, 597,644 were enrolled (enrollment rate of 36 percent).
  - 2025: expected improvement in targeting indigent households and systematic enrollment of PSN beneficiaries, with financial support from the World Bank under the PSNDPE program.
  - Coffee-Cocoa Board will cover UHC contributions of producers in the coffee and cocoa sector to facilitate enrollment of target populations.
  - PSN in 2024: more than 230,000 working households received cash transfers; +70,000 households to be added in 2025 to reach 300,000 beneficiary households.

### Public Financial Management (PFM) reforms and measures
- Current expenditure management: continue implementation of fiscal regulation, hold program performance conferences, implement payroll strategy actions, categorize companies, and update reference price database.
- Investment expenditure management: reduce time to award public contracts, consolidate gains in digitizing public procurement, and improve capacity to absorb capital expenditure.
- Additional PFM actions:
  - Continue implementation of stock accounting by deploying the "asset entry" module and validating the "asset monitoring" module in the dedicated application, supported by training sessions.
  - Strengthen implementation of management oversight by developing and upgrading personnel skills.
  - Speed up extension of Internal Budget Control (IBC) by identifying a second wave of pilot ministries, training actors, and ensuring monitoring of first-phase ministries.
  - Intensify dissemination and adoption of the e-Supplier application among government service providers and suppliers.
  - Develop a framework for monitoring climate-related budget spending and integrate it consistently into budget documentation, in accordance with commitments under RM1 (see paragraph 56).
  - Produce the 2026-2028 Statement of Fiscal Risk, incorporating climate issues in accordance with RM2 commitments (see paragraph 56).
  - Strengthen public investment efficiency in line with recommendations of the 2017 and 2021 PIMA, the 2023 Climate PIMA (C-PIMA), and Green PFM to integrate climate change in project selection, budgeting, and implementation.
  - Continue efforts to control fiscal risks associated with PPPs.
  - Complete seven remaining audit engagements out of the 13 at SOEs in accordance with the audit plan adopted in 2024.

*Source: Excerpt from the 2025 budget chapter and related sections in the provided IMF document.*

### 40.  Operations related to the Treasury Single Account (TSA) will be strengthened to

### Operations related to the Treasury Single Account (TSA) will be strengthened to

### Treasury Single Account (TSA) operations and SyGACUT
- Following deployment of the TSA with the rollout of SyGACUT (TSA Automated Management System), the average annual coverage rate of public expenditures (excluding debt) was 86 percent between 2022 and 2024.
- Average annual time taken for public expenditures to be paid decreased from 90 days before implementation of the TSA to 45 days in 2024.
- SyGACUT version 3 was developed in February 2025; features include integration of expenditure and revenue management modules, enhanced security, interconnection to the State compatibility software package, and integration of the e-tax module. Deployment scheduled no later than May 2026.
- Government will transfer remaining balances of the four COVID-19 funds to the TSA and close the accounts of these funds (SB end-April 2026).
- Medium-term planned actions:
  - complete processing of bank accounts of entities covered by the TSA that are still open with the BNI and the BCEAO;
  - close residual public accounts at commercial banks;
  - continue negotiations and complete integration of co-financed projects into the TSA;
  - sign an agreement with the BCEAO to maintain the TSA account.

### Public procurement, digitization, and spending transparency
- Implementation of version 2 of the Integrated Public Procurement Operations Management System (SIGOMAP) in 2024 enhances digitization of the contract award process.
- E-procurement mandatory target: at least 80 percent of transactions involving conventional procedures (amounts in excess of CFAF 100 million) between July 1, 2024, and June 30, 2025 (SB end-July 2025).
- Policy to cap use of direct public procurement procedures at 20 percent of all contracts.
- Continued publication of a list of approved contracts identifying their holders, and publication of procurement audit reports to increase transparency.

### Energy sector strategy and objectives
- Government priorities: (i) universal access to electricity; (ii) balance of electricity supply and demand; (iii) financial sustainability of the electricity sector.
- National Energy Pact (adopted January 2025) aligned with the 2026-2030 NDP and SDG 7 aims:
  - speed up access to electricity to 100 percent and clean cooking to 50 percent by 2030;
  - increase electricity production capacity from renewable sources to 45 percent by 2030;
  - mobilize some US$2 billion in private investment in energy production, transmission, distribution, decentralized renewable energy (DRE), and clean cooking solutions.
- In 2025, four implementing texts of the Electricity Code to be adopted covering: fees on financial flows, regulatory framework for activities, monetary penalties for violations, and principles for determining tariffs and remuneration of transmission and dispatching operators.
- Regulatory framework to be created for off-grid electrification and private sector intervention; coordination framework for on-grid and off-grid strategies to be established.

### Electricity generation, transmission, and renewables targets
- Implement Electric Power Generation and Transmission Master Plan to 2040; target to increase generation capacity from 3,119 MW at end-2024 to 5,128 MW in 2030.
- Accelerate operationalization of the Sectoral Policy for the Development of Renewable Energies and Energy Efficiency 2020 2030 (PSDEREE) to meet 45 percent renewable energy by 2030.
- Solar energy capacity target: increase from 37.5 megawatts peak (MWp) in 2024 to 498.75 MWp by the end of 2030.

### National Energy Pact — key commitments (Box 5)
- Transform national energy landscape and speed up access:
  - provide access to electricity to approximately 17 million additional people by 2030, raising the national access rate to 100 percent from 64 percent at end-2023;
  - speed up access to clean cooking solutions to 50 percent from around 20 percent currently, enabling an additional 2.4 million households to benefit;
  - increase the share of renewable energies in the generation mix to 45 percent, while multiplying production capacity by 1.7 by 2030;
  - create an enabling environment for private sector participation to leverage US$2 billion in private investment in the energy sector.
- Remove obstacles in the energy value chain by expanding and rehabilitating energy infrastructures, harnessing regional integration, adopting DRE and clean cooking for last-mile access, incentivizing private sector participation, and ensuring financial viability and operational efficiency.
- Strengthen institutional and governance capacity and address human resources and capacity building needs.
- Establish a comprehensive monitoring and evaluation framework to supervise implementation.

### Financial viability and price framework for electricity
- A comprehensive plan to reorganize the sector is being developed, including studies to optimize the current price list for electricity distribution; implementation expected to start in 2026 at the earliest.
- A text supplementing Decree No. 2016-786 of October 16, 2016, to be adopted in the first half of 2025 to make annual price adjustments systematic, with implementation procedures staggered.

### PETROCI Holding strategic plan (PS2428)
- PETROCI Holding’s 2024 2028 strategic plan structured around four strategic directions: (i) institutionalize the governance system; (ii) improve operational and technical performance; (iii) improve financial performance; (iv) ensure sustainability and responsibility of the company.
- Objective: increase the company’s net income tenfold over the period 2024 2028 and promote development of an integrated and diversified oil economy.

### Business climate, private investment, and industrial development
- Expand use of the unique business identifier (UBI) and digitize business permits and licenses.
- Adopt a new three-year reform agenda for 2025-2027 comprising 37 reform projects involving 123 reform measures (to be adopted in the first half of 2025).
- Agricultural hubs and industrial clusters:
  - Following launch of 2PAI-Bélier (Yamoussoukro), 2PAI-Nord (Sinématiali), and finalization of the northeastern hub, two other agricultural hubs (northwestern and central-west) to be evaluated;
  - Action plans for operationalization of industrial clusters to be adopted in 2025 for implementation in 2026-2030.

### Support for SMEs, entrepreneurship, and innovation
- Strengthen Single Window for Business Development (GUDE-PME) to accelerate technical and managerial support for SMEs and facilitate access to public contracts.
- SGPME to provide partial portfolio and individual guarantee products to reduce SMEs’ credit risk.
- Develop financing and investment products with banks, microfinance institutions, and investment funds.
- Adopt draft law orienting the SME development policy in 2025 to strengthen legal and institutional frameworks and incentivize innovation and digitalization.
- Implement National Strategy for the Development of Entrepreneurship and Innovation (SNDEI) 2025-2029 built on five pillars to generate a tenfold increase in number of public contracts awarded to SMEs and in the number of SMEs and project developers benefiting from the Ivoirian Innovation Fund and the Guarantee Fund by 2030.

### Governance, anti-corruption, and asset declarations
- Implement National Anti-Corruption Strategy (SNLC 2024-2028) and activate it via a National Anti-corruption Program (PNLC) with four components: (i) legal and institutional framework; (ii) prevention and citizen oversight; (iii) supervision, investigations, and repression; (iv) coordination and evaluation. Governance bodies and monitoring tools to be put in place in the first half of 2025.
- Revise five instruments to align anti-corruption legal framework with international standards, including:
  - Ordinance 2013-660 on prevention and combating of corruption and similar offenses;
  - Ordinance 2013-661 establishing powers of the High Authority for Good Governance (HABG);
  - Decrees Nos. 2014-213, 2014-219, and 2018-100 on asset declaration procedures.
- Strengthen processing and auditing of asset declarations; pilot phase of a declaration processing system launched in April 2025.
- Develop a practical guide to whistleblower management and protection and a program to strengthen ethics and integrity in public administration.

### AML/CFT compliance and FATF action
- Objective: comply with FATF’s 40 recommendations and 11 Immediate Outcomes and exit the enhanced monitoring ("FATF grey list").
- Current compliance status: largely compliant with 24 recommendations, compliant with six, partially in compliant with seven, and non-compliant with three.
- Legal framework improved in accordance with FATF Recommendation 6; progress report on FATF action plan submitted to the FATF Joint Group on March 7, 2025.
- Pursue risk-based monitoring of nonprofit organizations pursuant to FATF Recommendation 8 (SB end-December 2025).

### Beneficial ownership registers and interconnection
- Strengthen management of beneficial ownership registers in 2025.
- Operationally interconnect all courts, the DGI, and the CEPICI by end-2025 to automate information flows.
- Continue requirement for declaration of beneficial owners from business startup stage and strengthen controls for accuracy and completeness.
- In accordance with law no. 2024-362 of June 11, 2024, government will:
  - operationalize the centralized register of beneficial ownership information on all legal persons and arrangements incorporated or authorized to do business in Côte d'Ivoire;
  - adopt measures including internal verification procedures and cross-checking with tax authority data to ensure the register is complete, accurate and up-to -date;
  - make this information available to competent authorities through direct electronic access to the centralized register (SB end-March 2026).

### Banking sector, CIB, and financial inclusion
- Restructuring of public banks reduced the portfolio to two banks and brought them into compliance with current prudential standards; government intends to gradually increase their capital while monitoring closely.
- WAMU Council of Ministers decision of December 21, 2023 raises the minimum share capital of banks from CFAF 10 billion to CFAF 20 billion.
- Government and BCEAO will work to mitigate major risks to the Ivoirian financial system, notably climate change and cybercrime.
- Credit Information Bureau (CIB) database strengthened to encompass 13,984,253 liabilities as of end-February 2025, with composition: 48 percent financial institutions, 21 percent decentralized financial systems, 32 percent large billers.
- Identified CIB challenges: weak requirements for sharing borrower information, insufficient coverage of all actors, high costs of consulting the CIB; government to work with subregional institutions to remove constraints.

### Financial sector development strategy and inclusion measures
- Revise Financial Sector Development Strategy (SDSF) following adoption of the 2026-2030 NDP to enhance sector’s role in financing the economy.
- Prepare new National Financial Inclusion Strategy (SNIF) for 2026-2030 aligned with WAEMU regional strategy; integrate gender, environment, digital finance, and customer protection dimensions and innovative financing for agriculture.
- Planned measures include:
  - promote new financial instruments and products such as factoring, leasing, Islamic finance, and capital investment;
  - launch the Agricultural Commodities Exchange (BMPA);
  - increase mobilization of long-term resources by strengthening Caisse de Dépôts et de Consignations activities and promoting innovative savings products;
  - promote microinsurance and agricultural or index-based insurance;
  - support fintech development.

*Source: Excerpt from the provided IMF content unit.*

### 56. The development of financial inclusion is expected to accelerate thanks to the

### The development of financial inclusion is expected to accelerate thanks to the

### Interoperability platform and financial inclusion
- A platform for the interoperability of financial services and instant payments was launched by the BCEAO to promote access to financial services for WAEMU populations.
- Pilot phase began on July 22, 2024 and is organized in two stages:
  - First stage: blank exchanges (with no actual cash flows) between participants concluded in April 2025.
  - Second stage: involves actual transactions and will start on May 2, 2025.
- Expected long-term benefits of the platform:
  - (i) reduce transaction costs for the customer by pooling the processing costs of interoperable services;
  - (ii) secure the mechanisms for clearing and settling inter-network transactions;
  - (iii) diversify supply by extending financial services to all types of accounts and acceptance networks.

### Resilience to Climate Change — planned reforms and milestones (2025)
- Government commitment to implement actions from reform measures scheduled for 2025; seven measures expected to be completed in the remainder of 2025.
- Specific measures and timelines:
  - RM1 and RM3 (end-October 2025): Order No. 0825/MEPD/CAB of October 31, 2024 establishes the system of climate tagging for the development of the public investment program; integration into the draft 2026 Budget Law is expected thereafter.
  - RM2 (end-October 2025): Technical assistance with the Millennium Institute to strengthen national experts' capacity in using the Côte d'Ivoire T21-iSDG model; work expected to be completed by end-July 2025, resulting in an initial report evaluating climate-related fiscal risks.
  - RM11 (end-September 2025): Since November 2024, lists of energy auditors and organizations subject to mandatory energy audits published on https://www.dgenergie.ci/article-detail/28/236; three energy auditors were approved in 2024 and five others are in the process of being accredited for 2025; the audit process has begun with five energy audits of public buildings selected on the basis of a minimum annual energy consumption of 1 GWh in the year prior to the audit.
  - RM5 (end-December 2025): Agreements between technical entities and management bodies of the sectors covered by agricultural insurance were submitted to the donor for no objection pursuant to the loan agreement; signing of these agreements will enable awareness-raising, capacity building, and development of agricultural insurance products for the cotton sector.
  - RM12 and RM14 (end-December 2025): IMF technical assistance is expected to be provided in June 2025 and will be a key stage in developing the carbon taxation strategy prior to implementation of these reform measures.
  - RM16 (End-December 2025): Foundation stone for the FERKE solar power plant was laid in February 2025; FERKE solar power plant capacity is 52 MWp and is expected to be delivered in the last quarter of 2025; KORHOGO Solar project capacity is 50 MWp and negotiations should begin in the second quarter of 2025 to finalize the contracting process.

### National Statistics System — institutional strengthening and data plans
- Institutional actions:
  - National Statistics Agency (ANStat) is operational and fulfilling its role as central agency of the NSS following decrees implementing Law No. 2020-950 of December 7, 2020.
  - Government will ensure the National Statistics Council (CNStat) and the National Statistics Development Fund (FNDS) become operational.
  - A decree on the organization and operation of the National Authority for Official Statistics (ANSP) will be adopted.
- Strengthening production and dissemination of statistical data; continued efforts focused on:
  - (i) the introduction of new indicators;
  - (ii) the strengthening of national accounts;
  - (iii) the improvement of the company database;
  - (iv) adherence to the Special Data Dissemination Standard (SDDS) by end-2025 at the latest.
- Planned statistical activities and outputs:
  - Conduct the General Census of Companies and Businesses in Côte d’Ivoire (RGEE CI) as part of the Program for the Harmonization and Improvement of Statistics (PHAS) to obtain an up-to-date economic and financial database covering enterprises and businesses in the formal and informal sectors and to establish a Geographic Information System (GIS).
  - Continue work of producing QNA from the demand side.
  - Finalize the production of high-frequency indicators in the first quarter of 2026, particularly the revamped Construction and Public Works Leading Indicator (IA BTP), opinion balances in industry, the Services Sales Index (ICA), and the Services Producer Price Index (IPPS).
  - Disseminate annual data on the financial operations of public administration via the National Summary Data Page (NSDP).
  - Continue efforts to adhere to the SDDS no later than end 2025 and become the sixth sub-Saharan African country to join; provide an Advance Release Calendar (ARC) with release dates that meet SDDS dissemination prescriptions (SB end-September 2025).

### Program Financing and Monitoring
- Government estimate: funding needs of the 2025–2026 program will be met; funding sources have been identified for the next 12 months.
- Financing strategy:
  - Mobilize additional financing on the regional money market and with external partners.
  - Domestically, optimize use of fund-raising on the regional market to preserve private sector access to credit.
  - Externally, recourse to the international market depending on financial conditions, with preference given to the community of donors to contribute to strengthening regional exchange reserves.

*Source: 1civea2025002-source-pdf - 56. The development of financial inclusion is expected to accelerate thanks to the*

### 61. The program will be subject to semiannual monitoring by the IMF’s Executive Board,

### 61. The program will be subject to semiannual monitoring by the IMF’s Executive Board,

### Monitoring framework and conditionality
- Program monitored semiannually by the IMF’s Executive Board on the basis of quantitative indicators and criteria, structural benchmarks, and reform measures (Tables 1, 2, and 3).
- These criteria and indicators are defined in the attached TMU, which contains a summary of the projection assumptions used to assess performance aspects.
- Modification proposed to the TMU definition of the QPC on the ceiling on the present value of external debt to add clarification on the exclusion of potential future debt management operations (DMOs).
- Indicative targets (ITs) were added for end-March 2026.
- Structural conditionality augmented with new structural benchmarks (SBs) on domestic revenue mobilization, governance, and AML/CFT (Table 2).

### Government commitments (explicit policy undertakings)
- Refrain from accumulating new domestic arrears and all types of advances on revenue and from contracting non-concessional external loans other than those specified in the TMU.
- Issue public securities through auctions held by the BCEAO or any other form of public securities issue on the WAEMU financial market, in consultation with IMF staff for any new financing.
- Refrain from:
  - introducing or tightening restrictions on payments and transfers for current international transactions;
  - introducing multiple currency practices;
  - entering into bilateral payment arrangements that are inconsistent with Article VIII of the IMF Articles of Agreement;
  - introducing or tightening import restrictions for balance of payments purposes.
- Adopt any new financial or structural measures necessary for the success of its policies, in consultation with the IMF.

### Key quantitative performance parameters (selected entries from Table 1)
- A. Performance Criteria (selected lines and cells reproduced verbatim where presented):
  - Floor on the overall fiscal balance (incl. grants): (2,007)  (1,507)  MET (2,514) ... (2,508) MET (507) (504) MET (1,085) (963) MET (1,505) (1,402) MET (2,121) (2,094) MET (637) ... (562) MET (1,058) (1,459) (1,737) (465)
  - Ceiling on net domestic financing (incl. the issuance of securities in CFAF): 952  952  MET 1,160 1,420 1,364 MET14  (197) MET594 (61) MET1,036 320 MET1,355127MET420755 658MET7941,206883175
  - Ceiling on the present value of new external debt (with a maturity of more than one year) contracted or guaranteed by the central government (millions of US$): 4,242  2,451 MET 4,650 ...2,642 MET1,157 3,286 NOT MET 3/4,422 3,895 MET5,505 3,937 MET6,0635,881MET1,781...1,778MET4/2,6673,6264,2381,733
  - Floor on government tax revenue: 4,620  4,791 MET 6,306 ...6,507 MET1,643 1,646 MET3,538 3,559 MET5,299 5,306 MET7,1567,272MET1,868...1,933MET4,1076,0878,3632,450
- Performance Criteria on Continuous Basis:
  - Ceiling on accumulation of new external arrears by the central government (continuous basis): 00MET0...0MET00MET00MET00MET00MET0...0MET0000
  - Ceiling on accumulation of new domestic arrears by the central government (continuous basis): 00MET0...0MET00MET00MET00MET00MET0...0MET0000
- B. Indicative Targets (selected entries):
  - Floor on targeted social spending: 700  736 MET949 ...970 MET230 264 MET463 491 MET767 787 MET9941,018MET244...283MET491 858 1,128268
  - Ceiling on expenditure by treasury advance: 263 259 MET345 ...342 MET82 75 MET192 144 MET307 242 MET449390MET106...54MET247 361 464120
  - Floor on net reduction of central government amounts payable (- = reduction): (78) (82) (25) ...(26) MET(54) (176) MET(41) (43) MET(33) 180 NOT MET(25)110NOT MET(80)...(86)MET(85)(55)(25)(25)
  - Floor on basic primary balance: (130) 295 MET187 ...(47) NOT MET55 118 MET86 180 MET150 218 MET(26)122MET65...101MET154356884200
- Memorandum Items (selected):
  - Program grants (millions of US$) 2/: 160 97 ...324 ...322 ...00...170 161 ...170 161...3310...001411412620
  - Program loans (millions of US$) 2/: 169 439 ...930 ...608 ...957 - ...3,110 3,134 ...3,110 416...3,5232,071...54102,1212,1212,412550
  - Project grants (millions of US$) 2/: 126 77 ...191 ...189 ...17 9 ...29 36 ...45 36...8142...43176810217080
  - Project loans (millions of US$) 2/: 1,860 934 ...2,785 ...2,294 ...354 223 ...928 844 ...1,139 406...1,539383...3843238641,5122,160462
  - Cumulative C2D: 100 ...200 ...141 ...20 3 ...80 100 ...140 100 ...200200...00888814950
  - Total pro-poor spending: 2,403 ...3,318 ...3,497 ...748 838 ...1,655 1,661 ...2,467 2,547...3,4053,572...8458981,8692,7863,845tbd
- Sources: Ivoirian authorities; and IMF staff estimates.
- Notes:
  - 1/ Cumulative amount from January 1, 2023 for 2023 targets, from January 1, 2024 for 2024 targets, and from January 1, 2025 for 2025 targets.
  - 2/ Converted with US$/CFAF program exchange rate.
  - 3/ This is due to the January 2024 Eurobond issuance.
  - 4/ Only the part of the March 2025 eurobond corresponding to the repayment of the bridge loan was included in the calculation of the QPC as per the TMU.

### Structural benchmarks (Table 2) — objectives, rationale, status, and due dates (selected)
- Proposed New Structural Benchmarks:
  - PFM: Transfer the remaining resources of the four covid-19 funds to the Single Treasury Account (TSA) and close the accounts of these funds. Rationale: Accelerate full implementation of the TSA to improve cash management and minimize financial costs. Due date: End-April 2026.
  - Governance: Under law no. 2024-362 of June 11, 2024: (i) operationalize the centralized register of beneficial ownership information on all legal persons and arrangements incorporated or authorized to do business in Côte d'Ivoire; (ii) adopt measures including internal verification procedures and cross-checks with tax authority and other databases to ensure completeness, accuracy and up-to-date information; (iii) make information available to competent authorities through direct electronic access to the centralized register. Rationale: Improve business environment, strengthen entity transparency, mitigate ML/TF risks, facilitate exit from FATF grey list. Due date: End-March 2026.
  - Data Dissemination and Transparency: Provide an Advance Release Calendar (ARC) with release dates that meet SDDS dissemination prescriptions (per table 2.1 in the SDDS Guide) for all data categories. Due date: End-September 2025.
  - Revenue Mobilization: Prepare and implement a plan to manage and collect outstanding tax arrears. Status: Met. Due date: End-September 2023.
  - Cabinet approval of a Medium-Term Revenue Mobilization strategy (MTRS), with revenue targets and a timeline, and publication of a comprehensive summary. Status: Met. Due date: End-May 2024.
  - Strengthen automated VAT management module by incorporating control of the VAT deduction collected at customs. Status: Met. Due date: End-June 2024.
  - Issue an ordinance to streamline provisions relating to exemptions linked to the investment code. Status: Met. Due date: End-September 2024.
  - Apply market valuation as a basis for property taxation covering all types of real estate parcels. Status: Not Met. Due date: End-May 2025.
  - Informed by the MTRS, establish and publish criteria and procedures for granting and eliminating reduced VAT rates and/or exemptions, including mandatory impact evaluation for largest tax expenditures. Due date: End-June 2025.
  - Improve estimates of tax expenditures, particularly from the Investment Code, by improving primary data to include tax credits and tax holidays on all taxes covered in the investment code. Due date: End-September 2025.
- Current Structural Benchmarks (selected met items and due dates):
  - Enforce e-procurement use by at least 80 percent of all ordinary operations (value > 100 million CFAF) between July 1, 2024, and June 30, 2025. Due: End-July 2025.
  - Publish annual reviews of the PPP portfolio in coordination with contracting authorities, including information per article 24 of Decree No. 2018-358. Status: Met. Due: End-February 2025.
  - Adopt by the council of ministers the draft law on national debt policy. Status: Met. Due: End-September 2023.
  - TSA: Adopt timetable for closing accounts with commercial banks. Status: Met. Due: End-December 2023.
  - Enforce e-procurement for at least 10 percent of operations starting from October 2023. Status: Met. Due: End-December 2023.
  - Enforce e-procurement for at least 50 percent of ordinary operations between January 1, 2024 and June 30, 2024. Status: Met. Due: End-July 2024.
  - Approve ministerial decree to designate AML/CFT supervisors for specified sectors and set their powers/responsibilities in line with FATF Recommendation 28. Status: Met. Due: End-May 2024.
  - Make legal framework compliant with FATF Recommendation 6 and pursue risk-based monitoring of NPOs per FATF Recommendation 8. Due date: End-December 2025.
  - Publish quarterly central government debt data within one quarter after the reference quarter on Côte d’Ivoire’s National Summary Data Page. Status: Met. Due: End-September 2024.
  - Disseminate historical annual general government operations data up to year 2023 by end-December 2024 through the National Summary Data Page. Status: Met. Due: End-March 2025.
  - Complete a mid-term review of the National Strategy for Financial Inclusion to reflect new priorities, particularly access for women. Status: Met. Due: End-May 2024.

### RSF Reform Measure Matrix (Table 3) — climate and green reforms (selected RM entries)
- RM1 (Integration of climate into public financial management):
  - Measures: Adopt a ministerial arrêté establishing a system for tagging climate-related investment expenditure at the stage of public investment programming; integrate system into the 2026 budget preparation process covering initially five (5) ministries; prepare and publish a first climate budget statement attached to the 2026 budget law.
  - Diagnostic reference: C-PIMA and green PFM TA report.
  - Proposed timing: End of October 2025 (5th EFF/ECF review).
  - Expected outcome: Ministerial arrêté establishing tagging system (October 2024); Climate budget statement attached to the 2026 budget law.
  - Development partner / IMF CD: GCA/ IMF TA.
- RM2 (Quantitative analysis of climate-related fiscal risks):
  - Measures: Establish a modeling framework and integrate quantitative analysis of climate-related fiscal risks into the fiscal risk statement for end-October 2025.
  - Diagnostic reference: C-PIMA and green PFM TA report.
  - Proposed timing: End of October 2025 (5th EFF/ECF review).
  - Expected outcome: Annex to the 2026 budget law on declaration of budgetary risks incorporating quantification of climate risks.
  - Development partner / IMF CD: IMF TA.
- RM3 (Integrate climate in public investment appraisal and EIA):
  - Measures: Adopt interministerial arrêté to make mandatory the integration of climate considerations into appraisal/selection of public investment projects; modify decree 96-894 on environmental impact assessments to integrate climate considerations.
  - Diagnostic reference: C-PIMA and green PFM TA report.
  - Proposed timing: End of October 2025 (5th EFF/ECF review).
  - Expected outcome: Interministerial arrêté implementing decree no. 2022-742 (end October 2025); Decree 96-894 modified to incorporate climate considerations (end June 2024).
- RM4 (Strengthening governance of climate policies):
  - Measures: Set up a national commission in charge of climate change issues under the Prime Minister's Office with mandate to ensure compliance with international commitments, mainstream climate into sectoral policies, produce and publish annual progress report with recommendations and present an official communication at the Council of Ministers.
  - Diagnostic reference: CCDR; AfDB report on mobilizing climate financing in the private sector.
  - Proposed timing: End of October 2024, 3rd EFF/ECF review.
  - Status / expected outcomes: MET — Decree creating the National Commission (end June 2024); Official communication on the report at the Council of Ministers (end October 2024); Publication of the annual progress report.
- RM5 (Agriculture sector insurance pilot):
  - Measures: Gradually implement an insurance system against climate hazards; pilot in the cotton sector with capacity-building and preparations for insurance products by end-December 2025.
  - Diagnostic reference: CCDR.
  - Proposed timing: End of December 2025; 6th EFF/ECF review.
  - Expected outcome: Report on awareness-raising and capacity-building; Information notes on the insurance product for the cotton sector (end December 2025).
  - Development partner role: BOAD — supervision and partial financial contribution to subsidize insurance premiums for the second stage.
- RM6 (Develop climate-related financial information architecture):
  - Measures: Develop architecture for climate-related financial information; adopt a decree introducing two complementary frameworks and a timetable: (i) a transition taxonomy and (ii) an inter-ministerial coordination mechanism for taxonomy design.
  - Diagnostic references: CCDR; C-PIMA and green PFM TA report; AfDB country report; WAEMU FSAP; World Bank TN on Climate Risks and Opportunities.
  - Proposed timing: End of April 2025; 4th EFF/ECF review.
  - Status / expected outcomes: MET — Interministerial arrêté on coordination mechanism (March 2024); Decree on transition taxonomy (end of April 2025).
  - Development partner / IMF CD: IMF/ World Bank TA available.
- RM7 (follow-on measure based on RM6):
  - Note: RM7 is introduced as subsequent action “Based on the taxonomy introduced as part of RM6, - Adopt a decree that includes: (i) the” — content truncated in source.

*Source: IMF staff and Ivoirian authorities (content reproduced from the provided PDF content unit).*

### introduction of a climate risk disclosure

### introduction of a climate risk disclosure

### Climate risk disclosure framework and requirement
- Reform measure: Decree introducing a climate risk disclosure framework for state-owned enterprises and private non-financial private companies, connected to the taxonomy; and a disclosure requirement integrated within the financial reporting of state-owned enterprises and non-financial companies, based on the climate risk disclosure framework, as well as their implementation timeline.
- Diagnostic reference / timing: CCDR; End of April 2025; 4th EFF/ECF review.
- Expected outcome / instruments:
  - Decree introducing a climate risk disclosure framework and requirement (end April 2025).
  - IMF/ World Bank TA available.

### Green Finance Platform and MRV (RM8)
- Reform measure RM8:
  - (i) Make the green finance platform operational by:
    - setting up a website where domestic and international climate finance actors can find key information on the main pillars of the National Climate Finance Mobilization Strategy, Nationally Determined Contributions, the National Adaptation Plan, the National Development Plan, quantified targets for mobilizing domestic and international climate finance and the role envisaged for the various financial instruments, and the involvement of multilateral donors and other international partners in the National Climate Finance Mobilization Strategy; and
    - development and implementation of a training and capacity-building plan for national actors on climate finance instruments, taxonomies and disclosure frameworks for climate risks.
  - (ii) Design and implement a framework for monitoring and tracking climate finance through a finance Measurement, Reporting and Verification (MRV) system for the said platform.
- Diagnostic reference / timing: CCDR; End of October 2024, 3rd EFF/ECF review.
- Expected outputs:
  - Decree on the operationalization of the Green Finance Platform.
  - Website.
  - Training and capacity-building plan for national players on climate finance instruments, taxonomies and reporting frameworks for climate risks.
  - Framework for monitoring and tracking operational green finance through the Measurement, Reporting and Verification (MRV) system.
- Development partner role:
  - ICAT will support the conceptualization of the MRV tool, the training of stakeholders and the development of a roadmap for its operationalization.

### Disaster risk and climate adaptation (RM9–RM10)
- RM9 — Multi-hazard early warning system:
  - Strengthen environment and climate change component and deploy the multi-hazard early warning system in the Adzopé department; pilot phase in Adzopé; report summarizing the first alerts to be produced in December 2024.
  - Diagnostic reference / timing: CCDR; End of December 2024; 4th EFF/ECF review.
  - Expected outcome: Report summarizing the first alerts (December 2024).
  - Development partners: AFD, WMO (World Meteorological Organization) in the framework of Climate Risk Early Warning Systems initiative from the UN, World Bank.
- RM10 — Road infrastructure maintenance methodologies:
  - Design and adopt standardized maintenance methodologies for road infrastructure that take into account the impact of climate change; pilot implementation in Greater Abidjan.
  - Diagnostic reference / timing: C-PIMA and green PFM TA report; End of October 2024, 3rd EFF/ECF review.
  - Expected outputs:
    - Road design manual (end March 2024).
    - Stocktaking report (end October 2024).

### Energy efficiency, carbon taxation, and electric mobility (RM11–RM15)
- RM11 — Mandatory energy audit system:
  - Implement plans to operationalize the mandatory energy audit system for entities with annual energy consumption equal to or greater than a benchmark for the industrial, tertiary and transportation sectors in 2025.
  - Targets and timing:
    - Complete the first 5 audits by the end of September 2025.
    - Energy labeling system for new air conditioners, refrigerators and electric lamps by December 2024.
    - Proposed timing: End of September 2025 (5th EFF/ECF review).
  - Expected outcomes:
    - First five audits completed (end September 2025).
    - List of approved energy auditors (end March 2025).
    - List of organizations subject to energy audits (end March 2025).
    - Notice to importers on the administrative procedure for applying for an energy label (end December 2024).
  - Development partners: KFW, World Bank and EU.
  - Benchmark definitions:
    - Industry: 1500 ton of oil equivalent (toe) or 2000 MWh;
    - Tertiary and Transportation: 500 toe or 1000 MWh.
- RM12 — Carbon taxation strategy and fuel pricing:
  - Continue existing fuel pricing mechanism with automatic adjustment; develop a carbon taxation strategy tailored to Côte d’Ivoire’s needs in line with IMF technical assistance; make any necessary adjustments to fuel prices in line with this strategy by end of December 2025 at the latest.
  - Diagnostic reference / timing: World Bank reports, Fund TA; End of December 2025; 6th EFF/ECF review.
  - Expected actions:
    - Request technical assistance from IMF staff (October 2024).
    - Strategy on carbon taxation adopted by the Government (end December 2025).
    - If necessary, adopt a legislative text to adjust fuel prices.
  - IMF role: IMF TA to elaborate the strategy on carbon taxation.
- RM13 — Promote electric mobility:
  - Adopt a decree to promote electric mobility to help achieve the 10 percent target for electric vehicles in the vehicle fleet by 2030 (as set out in the NDCs); decree to address charging stations, technical inspections, insurance, and battery charging station standards.
  - Diagnostic reference / timing: World Bank reports; End of April 2024, 2nd EFF/ECF review.
  - Expected outcome: Decree to promote electric mobility in Côte d'Ivoire (end-April 2024).
  - Development partner: GIZ.
- RM14 — Environmental vehicle tax reforms:
  - As part of the carbon taxation strategy, examine and, if necessary, reform the existing environmental tax system on combustion engine vehicles to ensure coherence between registration fees, import duties, taxes, and other regulations to promote cleaner, more efficient cars.
  - Diagnostic reference / timing: End of December 2025; 6th EFF/ECF review.
  - Expected outcomes:
    - Strategy on carbon taxation adopted by the Government (end December 2025).
    - If necessary, issue regulations for environmental vehicle tax reforms.
  - IMF role: IMF TA to elaborate the strategy on carbon taxation.
- RM15 — Integrate climate funds into State budget:
  - Continue to integrate funding from UNFCCC windows (GEF, GCF and AF), associated environmental taxes and earmarked fees, listed in MEFP Annex I, into the State budget, and align them with NDCs where applicable.
  - Diagnostic reference / timing: World Bank reports; End of October 2024, 3rd EFF/ECF review.
  - Expected outcome: Draft 2025 budget law (end October 2024).

### Renewable energy procurement (RM16)
- RM16 — Solar power plants tendering:
  - Finalize tendering for development, construction and operation of solar power plants to help achieve the NDC targets.
  - Requirement: Competitive procurement process for independent power producers selected by tenders must be completed by end of 2025 for solar power capacity to be installed equivalent to at least 100 MW.
  - Diagnostic reference / timing: CCDR; IFC report “Unlocking Private Investment: A Roadmap to achieve Côte d’Ivoire’s 42 percent renewable energy target by 2030”; End of December 2025; 6th EFF/ECF review.
  - Expected outcomes:
    - Two decrees approving agreements for the construction, operation and transfer of two solar photovoltaic power plants (end December 2025).
  - Development partners: EU, World Bank.

### TMU: Program monitoring, quantitative indicators, and debt definitions
- Monitoring horizon and targets:
  - For program monitoring purposes, indicative targets are set for March 31, 2026.
- Performance criteria (PCs) (cumulative change from January 1, 2024 for 2024 targets, from January 1, 2025 for 2025 targets, from January 1, 2026 for 2026 targets):
  - (a) a floor on the overall fiscal balance (including grants);
  - (b) a ceiling on net domestic financing (including the issuance of securities in francs of the Financial Community of Africa (CFA));
  - (c) a ceiling on the present value of new external debt (with a maturity of more than one year) contracted or guaranteed by the central government;
  - (d) a floor on government tax revenue;
  - (e) a zero ceiling on the accumulation of central government new external arrears; and
  - (f) a zero ceiling on the accumulation of central government new domestic arrears.
- Indicative targets (ITs):
  - a) a floor on targeted social spending;
  - b) a ceiling on expenditures by treasury advance;
  - c) a floor on the net reduction of central government amounts payable; and
  - d) a floor on the basic primary balance.
- Definitions and calculation rules:
  - Government definition in TMU: central government of Côte d’Ivoire, including CNPS and CGRAE, and Treasury operations for public companies in liquidation; excludes local government authorities, BCEAO, or other government-owned entities with separate legal status.
  - Public entities: majority government-owned companies, Société Ivoirienne de Raffinage (SIR), and other public entities receiving earmarked tax and quasi-tax revenues.
  - Overall fiscal balance (including project grants) = {Total government revenue (tax and nontax) + (Project grants)} – {Expenditure + Net lending (on a payment order basis)}.
  - Net domestic financing (NDF) = Variation of banking system’s net claims on the government (TOFE) + Net non-bank domestic financing (excluding the net variation of amounts payable) + Borrowing denominated and serviced in francs of the Financial Community of Africa (CFAF), excluding BOAD loans + Financing margin of CFAF 15 billion.
    - The NDF ceiling includes a margin of CFAF 15 billion above the net cumulative flow projected for each quarter.
    - For any new borrowing over and above a cumulative amount of CFAF 50 billion, the government undertakes to issue government securities only by auction through the BCEAO or through other form of government securities on the WAEMU financial market registered with the WAMU Financial Market Authority (AMF-UMOA), in consultation with Fund staff.
    - Adjustor: NDF ceiling will be adjusted upward by the full amount of the difference between effectively disbursed and projected budget support; specifically adjusted by the amount of C2D grant expected for that quarter, but not yet deposited by AFD into the C2D account at the BCEAO, on the test date.
- External debt and present value (PV) rules:
  - External debt: debt contracted or serviced in a currency other than the franc of the Financial Community of Africa (CFAF), except for CFAF-denominated debt owed to the BOAD which is also considered external debt.
  - The PC on the PV of new external debt contracted or guaranteed by the central government applies to all new external debt (whether or not concessional), including commitments contracted or guaranteed for which no value has been received.
  - Exclusions from the ceiling:
    - normal import-related commercial debts with maturity less than one year;
    - rescheduling agreements;
    - debt management operations (DMO) that restructure existing loan and/or make early payments of existing loans or bonds, that result in a reduction of the present value compared with the initial debt, and that meet the specified PV savings calculation rules (discount rate 5 percent);
    - IMF disbursements.
  - For program purposes, external debt is deemed contracted or guaranteed once all conditions for its entrance into effect have been met, including government approval where necessary.
  - For eurobonds, the amount deemed contracted is the amount subscribed/purchased at the end of the subscription/purchase period as specified in the final clauses.
  - For program purposes, the value in U.S. dollars of new external debt is calculated using the average exchange rate for December 2022 in the IMF’s International Financial Statistics (IFS) database:
    - 619.481 FCFA per U.S. dollar
    - 1.059 U.S. dollar per euro
    - 135.42 Japanese Yen per U.S. dollar
    - 1.329 U.S. dollar per SDR
  - PV calculation rules:
    - PV of new external debt is calculated by discounting all future debt service payments (principal and interest) using a program discount rate of 5 percent, accounting for maturity, grace period, payment schedule, front-end fees and management fees.
    - A debt is considered concessional if on the date it is contracted the ratio of its present value to its face value is less than 65 percent (equivalent to a grant element of at least 35 percent).
    - For loans with grant element zero or less than zero, the PV is set equal to the face value.

*International Monetary Fund — Côte d’Ivoire: excerpts from the RSF Reform Measure Matrix and Technical Memorandum of Understanding*

### 15. In the case of variable interest rate debt in the form of a reference interest rate plus a

### 15–36: Debt Valuation, Borrowing Plans, Fiscal Floors, Arrears, Targeted Spending, and Monitoring

### Interest rate assumptions and present-value (PV) calculation for variable-rate debt
- For variable interest rate debt structured as a reference interest rate plus a fixed margin, the PV of the debt is calculated on the basis of the program reference rate plus the fixed margin (in basis points) specified in the loan agreement.
- The program reference rate for the euro six-month FIRF is 2.63 percent and will remain unchanged for the duration of the program.
- The spread of the US$ six-month FIRF over the euro six-month FIRF is 50 basis points.

### Adjustors to the performance criterion (PC) on the PV of new external debt and notification requirements
- The program ceiling applicable to the PV of new external debt is adjusted upward up to a maximum of 5 percent of the ceiling on the PV of external debt when differences vis-à-vis the PC on the PV of new debt are caused by a variation in financing conditions (interest, maturity, grace period, payment schedule, front-end fees, management fees) of the debt or debts.
- The adjustor may not be applied when differences are the result of an increase in the face value of the total debt contracted or guaranteed.
- The authorities will inform IMF staff of any planned external borrowing and the conditions on such borrowing before the loans are either contracted or guaranteed by the government.
- The authorities will consult with Fund staff on any proposed new external debt and will inform Fund staff of the signature of any new external debt contracted or guaranteed by the government, including the conditions on such debt. Data on new external debt, the amount outstanding, and the accumulation and repayment of external payments arrears will be reported monthly within six weeks of the end of each month.

### External Borrowing Plan (2025–March 2026) — designated categories and uses (as reported by Ivoirian authorities)
- PPG External Debt by Sources of Debt Financing: 1925.0 1780.9 2945.2 2667.1 4015.4 3625.7 4729.3 4238.1 1880.3 1732.8
- Concessional Debt: 0.0 0.0 13.3 7.4 94.6 84.3 103.9 53.5 168.4 114.9
- Multilateral debt: 0.0 0.0 13.3 7.4 94.6 84.3 103.9 53.5 0.0 0.0
- Bilateral debt: 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
- Others: 0.0 0.0 0.0 0.0 0.0 0.0 0.0 168.4 114.9
- Non-Concessional Debt 2/: 1925.0 1780.9 2931.9 2659.7 3920.8 3577.4 4625.3 4184.7 1711.9 1618.0
- Semi-concessional debt 3/: 1100.6 956.5 1962.9 1690.7 2568.3 2224.9 3211.8 2771.1 0.0 0.0
- Commercial terms 4/: 824.4 824.4 969.0 969.0 1352.5 1352.5 1413.6 1413.6 1711.9 1618.0
- Uses of Debt Financing (total): 1925.0 1780.9 2945.2 2667.1 4015.4 3625.7 4729.3 4238.1 1880.3 1732.8
- Infrastructure: 1311.5 1.2 245.7 1649.9 1554.1 2505.5 2361.1 2745.7 2577.9 0.0 0.0
- Social expenditure: 393.7 339.9 796.6 673.6 996.6 813.1 1470.2 1208.7 0.0 0.0
- Budget financing: 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 162.4 162.4
- Other: 219.8 195.3 498.7 439.4 513.3 451.5 513.3 451.5 171.9 570.4
- Source: Ivoirian authorities.
- Notes provided in the plan: 2/ Concessional debt is defined as debt with a grant element that exceeds the minimum threshold of 35 percent. 3/ Debt with a positive grant element which does not meet the minimum grant element. 4/ Debt without a positive grant element. For commercial debt, the present value would be defined as the nominal/face value.

### Fiscal floors, definitions, and aggregation rules for tax revenue and spending
- Total tax revenue is defined as all fungible tax revenue collected by the General Directorate of Taxes (DGI), the General Directorate of the Treasury and Public Accounting (DGTCP) and the General Directorate of Customs (DGD), as well as earmarked tax revenue as defined in the fiscal reporting table (TOFE). It excludes all revenues from asset sales, grants, and non-tax revenues.
- The program will have a floor on central government tax revenues set at 95 percent of the projected tax revenue for the rest of the current year to take into account fluctuations in revenue due to unforeseen factors beyond the government's control.
  - The margin of 95 percent does not apply to realized quarterly tax revenue.
- The revenue target is calculated as the cumulative flow from the beginning of the calendar year.
- Starting with the 2024 budget, inclusion of previously off-budget revenue items as tax revenue in the budget, or reclassification of non-tax revenue to tax revenue, are subject to specific monitoring. The authorities will notify the Fund of any changes by updating the prescribed list at each review.

### Arrears, amounts payable, floating debt, and ceilings
- External arrears: nonpayment of interest or principal on due dates (taking into account any contractual grace periods). The PC applies to arrears on external debt contracted by the government and external debt guaranteed by the government for which the guarantee has been called.
- “Amounts payable” (or “balances outstanding”) include domestic arrears and floating debt and represent the government’s overdue obligations; they are expenditures assumed (prise en charge) by the public accountant but yet to be paid, and for program purposes include (i) bills due and not paid to nonfinancial public and private companies; and (ii) the domestic debt service.
- Domestic payment arrears definitions:
  - Arrears to suppliers: overdue obligations of the government to nonfinancial and private companies for which the payment delay exceeds the regulatory delay of 90 days.
  - Arrears on the domestic debt service: debt service obligations for which the payment delay exceeds 30 days beyond the time stipulated in the contracts, including any applicable grace period.
- Floating debt: balances outstanding for which the payment delay does not exceed the regulatory delay (90 days for debt to nonfinancial companies and 30 days for debt service).
- Balances outstanding are broken down by payer and type, as well as by maturity and length of time overdue (< 90 days, 90–365 days, > 1 year for amounts owing to nonfinancial companies, and <30 days, 30-365 days, > 1 year for amounts owing to financial institutions).
- For program purposes, the ceiling on the accumulation of new domestic payments arrears is zero. This continuous performance criterion will be monitored continuously by the authorities and any non-observance will be reported promptly to the Fund.

### Treasury advances and limits
- Treasury advances are defined as spending paid for by the Treasury outside normal and simplified execution and control procedures (see Decree No. 1998-716) that have not been subject to prior commitment and authorization. They exclude the “régies d’avances” and extraordinary procedures for externally financed expenditures, wages, subsidies and transfers, and debt service.
- The cumulative amount of expenditures by treasury advance as defined by the program will not exceed the cumulative quarterly ceilings representing 10 percent of quarterly budget allocations (excluding externally financed expenditures, wages, subsidies and transfers, and debt service).
- The nominative and restrictive list of expenditures eligible as treasury advances is as defined by ministerial Decree No. 178/MEF/CAB-01/26 of March 13, 2009.

### Targeted social spending and pro-poor spending (official program aggregates reported by Ivorian authorities)
- Targeted social spending (SIGOBE-derived) categories include Social protection, Health (RAM-CMU, operating costs of primary health facilities, CNAM), Education, and Youth employment.
- Table 3 reported totals for targeted social spending (Billions of FCFA): TOTAL 244.0 490.6 858.3 1,127.9 268.3
- Pro-poor spending (Table 4) reported quarterly aggregates across sectors; reported total (Billions of CFA Francs): TOTAL 844.8 1 868.6 2 785.5 3 845.1 (2025).

### Primary basic fiscal balance (IT) — program definition
- The primary basic balance is defined for program purposes as:
  - Fiscal revenue (tax and nontax revenue, excluding grants) – {Total expenditure + Net lending – Interest payments – Externally financed capital expenditure (on a payment order basis for all expenditure items)}
- Government expenditures are defined as expenditures for which payment orders have been issued and which have been assumed by the Treasury.

### Monitoring, reporting, and data transmission requirements
- A quarterly assessment report on the monitoring of the quantitative performance criteria, indicative targets, and structural benchmarks will be provided by the authorities no later than 45 days following the end of each quarter.
- The government will report the information specified in Table 5 no later than 45 days following the month-end or quarter-end, except where a later transmittal is specified in Table 5.
- The government will report final data provided by the BCEAO within 45 days following the month-end, including a complete, itemized listing of public sector assets and liabilities vis-à-vis: (i) the BCEAO; (ii) the National Investment Bank (Banque Nationale d’Investissement, or BNI); and (iii) the banking system (including the BNI).
- Table 5 prescribes specific deadlines (End of month + 45 days; End of quarter + 45 days; End of year + 9 months) for a broad range of datasets, including fiscal reporting table (TOFE), detailed external debt statement, breakdown of new external loans and guarantees, projected external debt service, domestic debt statements, banking survey, BCEAO positions, and others.

### Debt sustainability assessment and risk analysis (summary findings)
- Côte d’Ivoire’s overall and external public debt remain at moderate risk of debt distress, similarly to the December 2024 DSA.
- The external debt service-to-revenue and to-export indicators ratios breach the corresponding thresholds in 2025, but the ratios remain below the thresholds during the remainder of the projection period as do all other projected external debt burden indicators under the baseline.
- All indicators are susceptible to breaches under stress scenarios, the most extreme of which involves a shock to exports.
- A customized stress test shows that the natural disaster shock is the most extreme shock to public debt.
- The space to absorb shocks remains limited as evidenced by the short-term external bridge loan contracted at end-2024, which contributed to the breach of the external debt service threshold in 2025.
- Under the revised Debt Sustainability Framework for Low-Income Countries, Côte d’Ivoire’s Composite Indicator (CI) is 2.98 based on the October 2024 WEO and the 2023 CPIA, corresponding to a medium debt carrying capacity.
- The DSA update is a streamlined DSA as per LIC-DSF GN, ¶16, p. 11, following the full December 2024 DSA. The circumstances have not changed significantly since the last DSA as macroeconomic conditions have remained broadly stable.

*Source: Excerpts from the IMF–Ivorian authorities program documents and joint IMF–World Bank DSA materials as provided in the source content.*

### 1. The Ivorian economy continues to display resilience. Strong consumption and

### 1. The Ivorian economy continues to display resilience. Strong consumption and investment demand underpinned robust economic activity in 2024.

### Growth, inflation, and sectoral drivers
- 2024 real GDP growth: 6.0 percent (staff estimate).
- 2023 real GDP growth: 6.5 percent.
- Drivers in 2024: weaker agriculture and construction activity in H1; agriculture recovery later in 2024 with cocoa production increasing by around 4 percent as El Niño conditions subside.
- Additional growth supports: increasing production from the Baleine oil field; robust activity in telecommunication and transportation; strong consumption and investment demand.
- 2025 growth projection: 6.3 percent (staff projection).
- Headline annual average CPI inflation: 4.4 percent (yoy) in 2023; 3.5 percent (yoy) in 2024.
- Inflation projection for 2025: 3 percent (yoy).
- Medium-term growth projection: average around 6.7 percent in 2026-30; reach 7 percent in 2029 due to strong hydrocarbon production in phase 3 of the Baleine oilfield.
- Medium-term convergence: gradual convergence to potential of around 6 percent over the medium-term.
- Medium-term inflation: expected to remain low at around 2 percent.

### Macroeconomic framework, program performance, and assumptions
- Baseline assumptions consistent with: macroeconomic framework of the fourth review of the EFF/ECF arrangements and third review of the RSF.
- Program performance (as of December 2024 / May 2025): all quantitative performance criteria and all indicative targets (except one) met as of December 2024; all but one structural benchmarks (SB) as of May 2025; all reform measures (RM) under the RSF as of May 2025 met.
- Baseline macro assumptions reflect: climate change risks and mitigation, adaptation, and transition measures.

### Fiscal outlook and revenue mobilization
- Budget deficit convergence: expected to converge to the WAEMU target of 3 percent of GDP in 2025.
- Primary fiscal deficit: 1.3 percent of GDP in 2024 (down from 2.6 percent in 2023).
- Overall fiscal deficit: 4 percent of GDP in 2024 (down from 5.2 percent in 2023).
- Tax revenue: 13.8 percent of GDP in 2024; 12.7 percent of GDP in 2022.
- Tax revenue projections: increase to 15.6 percent of GDP in 2026; reaching close to 20 percent of GDP by the end of the projection period.
- Measures to boost revenue: implementation of comprehensive medium-term revenue mobilization strategy (MTRS) adopted in May 2024; technical assistance from the Fund, the World Bank and other donors.
- Specific tax reforms underway: (i) overhaul the tax code and revise tax procedures; (ii) strengthen transfer pricing and documentation requirements; (iii) roll out electronic invoicing; (iv) improve estimates of tax expenditure.
- Additional revenue measures: advance reforms in application of the VAT to all agricultural products; expand tax base for SMEs via increased registration of informal firms.

### External sector, reserves, and current account
- External current account deficit: 8.2 percent of GDP in 2023; estimated 4.2 percent of GDP in 2024.
- Current account projection: expected to narrow further to about 3.1 percent of GDP by 2029.
- Export drivers: elevated cocoa prices; increased hydrocarbon output; implementation of National Development Plan (NDP) and Côte d’Ivoire 2030 policies supporting private sector development and export diversification.
- Official regional reserves: rebounded in 2024 and reached about 5 months of imports, or US$25 billion, as of March 2025.

### Risks and upside factors
- Risk environment: risks remain broadly balanced amid increased global uncertainty.
- Specific risks: regional instability; shifts in U.S. policies could increase public expenditure and volatility in financial conditions; indirect impact of reduced global demand through lower commodity prices; election uncertainty (presidential elections in October 2025) may dampen investment sentiment and induce social tensions; global uncertainty could induce upward inflation pressures.
- US tariffs context: headline and exemption adjusted effective tariff being 21 and 16.4 percent, respectively; direct exposure to exports to the US is less than 5 percent of total exports as of 2024.
- Upside scenarios: sustained elevated cocoa prices could enhance disposable income and cocoa-related export revenues and fiscal receipts; stronger-than-anticipated oil and gas production, new field discoveries, and discovery of significant gold reserves could bolster growth.

### Debt management, market operations, and notable transactions
- 2024 debt management operations (DMOs): two DMOs during 2024, including a debt for development swap supported by the World Bank Group’s policy-based guarantee in December.
- Late 2024 external commercial loan: contracted an external commercial loan of €1 billion to bridge market volatility before new eurobond issuance in 2025.
- March 2025 eurobond issuance: new issuance of $1.75 billion in March 2025; full amount used to finance a DMO to partially buyback the 2028 and 2032 eurobonds and to repay the bridge loan.
- March 2025 CFA francs bond: issued CFAF 220 billion (approximately €335 million) on March 26, 2025; three-year maturity; 6.875 percent coupon rate; denominated in CFA francs and settled in euros; listed in the London Stock Exchange; attracted nearly 30 international investors.
- Classification: the CFA francs bond is classified as external debt on the basis of creditors’ residency criteria.

### Innovative financing (Box 1): Debt-for-Development Swap and Sustainability-Linked Loan
- World Bank Group (WBG) Policy-Based Guarantee (PBG): €500 million provided to implement two sequential operations: (i) €240 million Debt-for-Development (D4D) swap, and (ii) a €260 million Sustainability-Linked Loan (SLL), for a total of €833 million in loans, representing about a 60 percent guarantee.
- D4D Swap specifics: WBG PBG of €240 million enabled Côte d'Ivoire to secure a €400 million commercial loan for a DMO; allowed refinancing nearly €400 million of existing high-interest debt with a 15-year commercial loan on more favorable terms; transaction will generate €330 million in budget resources over five years, with at least €60 million in net present value savings; funds to support education investments via construction of over 30 new schools benefiting 30,000 students.
- SLL (under preparation): first SLL guaranteed by the World Bank in sub-Saharan Africa, of about €433 million under preparation; March, 2025 RFP launched for €433 million SLL to use remaining €260 million portion of €500 million guarantee; KPIs in renewable energy production (excluding hydropower) and deforestation prevention and reforestation assessed as strong; renewable energy production target assessed as moderately ambitious; deforestation prevention and reforestation target assessed as ambitious.
- Note: The described operation is not part of the baseline as it has not been executed yet.

### Debt sustainability assessment (external and public)
- Debt-carrying capacity: assessed as Medium; composite indicator increased to 2.98 from 2.94 at the time of the December 2024 DSA (above the lower cut-off of 2.69 but below the strong capacity cut-off value of 3.05).
- External debt indicators (baseline):
  - PV of external debt-to-GDP: expected to decrease from around 32 percent in 2025 to about 20 percent in 2035.
  - PV of external debt-to-exports: peaks at around 126 percent at the beginning of the projection period before decreasing.
  - Debt service-to-exports ratio: expected to breach the 15 percent threshold once at 19.2 percent in 2025, then drop below 15 percent after 2025.
  - Debt service-to-revenue ratio: remains below the 18 percent threshold during the projection period except for one breach at 28.8 percent in 2025 (mainly due to the bridge loan contracted in late 2024 and debt service linked to the DMO related to the 2025 eurobond); projected to steadily decline thereafter.
- Overall debt risk: country remains at moderate risk of debt distress (same assessment as December 2024 DSA).
- Public debt indicators (baseline):
  - PV of public debt-to-GDP: below the 55 percent threshold; expected to decline gradually to around 40 percent by 2035.
  - PV of debt-to-revenue and grants: decline from 299 percent in 2025 to 206 percent in 2035.
  - Debt service-to-revenue and grants ratio: projected to soar to 63 percent in 2025 and decline to around 39 percent by the end of the projection period.
- Domestic financing strategy: authorities’ MTDS assumes increasing domestic financing share from around 40 to over 70 percent over the projection period; authorities pursuing diversification of investor base and borrowing instruments.
- Vulnerabilities and stress tests:
  - A shock to exports would cause debt-service-to-export ratio to breach threshold from 2027 onward and most shocks would cause debt-service-to-revenue to breach threshold starting in 2025, especially an exchange rate shock.
  - Standard stress tests indicate most extreme public debt vulnerability from a shock to commodity prices (commodity price stress test could lead to explosive debt service-to-revenue pattern).
  - Tailored tests display sensitivity to natural disasters (PV of debt-to-GDP and to-revenue highlight vulnerability), underscoring importance of climate reform agenda supported by the RSF.

### Policy implications and priorities highlighted
- Strengthen domestic revenue mobilization to provide sustainable funding for development needs and buffers on debt service.
- Continue active debt management to meet gross financing needs while ensuring debt sustainability; moderate reliance on non-concessional external borrowing for liquidity management.
- Accelerate diversification policies to reduce dependence on a few commodities.
- Advance climate reform agenda and mitigation/adaptation measures to reduce vulnerability to natural disasters and commodity shocks.
- Implement tax and public financial management reforms listed under MTRS to reach revenue targets and WAEMU objectives.

*Source: International Monetary Fund*

### 14. The authorities agreed that Côte d’Ivoire remains at moderate risk of debt distress.

### 14. The authorities agreed that Côte d’Ivoire remains at moderate risk of debt distress

### Debt-risk status and recent debt actions
- The authorities agreed that Côte d’Ivoire remains at moderate risk of debt distress.
- Commitment to maintain the moderate risk status through continued prudent fiscal and debt management policies, illustrated by:
  - issuance of CFAF denominated bond and debt buybacks in March 2025.

### Recent economic developments and outlook
- Growth and macro performance:
  - Real GDP grew by 6 per cent in 2024.
  - Average real GDP growth over 2021-2025: 6.5 per cent.
  - GDP growth in 2025 and beyond is expected to be 6.5 per cent.
- Fiscal outcomes and targets:
  - Fiscal deficit: 5.2 per cent of GDP in 2023; 4.0 per cent of GDP in 2024.
  - Deficit projected to meet the WAEMU norm of 3.0 per cent of GDP in 2025.
- Inflation and external metrics:
  - Inflation: 4.4 percent (yoy) in 2023; 3.5 per cent in 2024; expected 3 percent in 2025 (WAEMU target 1-3 percent).
  - Current account deficit halved to 4.2 per cent of GDP (from 8.2 per cent in 2023).
  - Official reserves recovered to about 5 months of imports, as of March 2025.
  - Staff estimated reserve adequacy range: 4.4-6.4 months of imports.
- Program performance and market access:
  - All end-December 2024 performance criteria met; all but one structural benchmark and indicative targets met (remaining benchmark substantially met).
  - Successful Eurobonds issuance in January 2024 and March 2025, and first bond issuance in Africa in local currency, reflecting investor confidence.

### Key social and institutional indicators cited by authorities
- UNDP Human Development Index value (2023): 0.582 (improvement of 25 per cent between 2012-2023).
- Life expectancy at birth: 61.9 years (increase of 6.6 years since 2012).
- World Bank GINI coefficient: 35.3.
- Transparency International ranking: 69 out of 180 countries (5-point improvement vs 2023).
- Upcoming elections: scheduled for October 2025.

### Debt sustainability findings (high-level)
- Authorities aim to maintain moderate debt distress rating and progressively reach low debt distress rating in the medium term.
- Commitment to favor concessional borrowing and domestic financing and to pursue a prudent debt management strategy.
- Selected indicators and projections referenced in the DSA and public DSA (as presented in figures and tables) include:
  - PV of PPG external debt-to-GDP ratio (examples shown in DSA figures/tables): 32.5, 32.3, 31.5, 30.2, 28.6, 27.1, 25.5, 20.5, 14.5 (series presented across projection vintages).
  - PV of PPG external debt-to-exports ratio (examples presented): 131.2, 126.3, 116.8, 114.0, 112.4, 106.6, 102.4, 85.5, 63.9 (series presented across vintages).
  - PPG debt service-to-exports ratio (examples presented): 9.1, 11.6, 21.4, 19.2, 11.5, 10.9, 12.5, 11.1, 11.7, 9.9, 7.2 (series presented).
  - PPG debt service-to-revenue ratio (examples presented): 15.1, 17.1, 33.0, 28.8, 17.6, 15.8, 17.0, 14.8, 15.0, 12.2, 7.3 (series presented).
  - Gross external financing need (Million of U.S. dollars, examples presented): 7,670.4; 9,152.3; 10,477.3; 10,346.5; 7,374.9; 9,718.1; 11,913.1; 10,424.4; 11,472.4; 15,553.5; 22,839.1 (series presented).
  - Nominal GDP (Million of US dollars, examples presented): 71,075; 79,630; 87,096; 94,483; 103,102; 111,880; 121,578; 132,669; 144,524; 211,129; 443,801 (series presented).
- Stress test outputs and sensitivity tables indicate scenarios and tailored stress tests (commodity price, natural disaster, market financing, combined contingent liabilities, etc.) with explicit projection series and benchmarks; a breach is indicated by bold values in the tables.

### Policies and commitments going forward
- Fiscal policy:
  - Intensify revenue-led fiscal consolidation using the Medium-Term Revenue Mobilization Strategy.
  - Target: increase tax revenues by 0.5 per cent of GDP each year.
  - Continue to broaden the tax base, improve tax compliance (digitalization and administrative reforms), and improve public expenditure efficiency.
  - Continue reforms to fully expand the treasury single account.
  - Favor concessional borrowing and domestic financing; ensure borrowing aligns with long-term development goals.
- Monetary and financial sector policies:
  - Monetary policy set by BCEAO with mandate for price and external stability; BCEAO cut policy rate by 25 basis points (to stimulate activity) and enhanced liquidity.
  - Financial sector reforms: implement national Financial Sector Development Strategy; promote financial inclusion, digital financial services, Fintech, strengthen supervision.
  - Banking sector capital: minimum paid-in capital requirement for banks doubled from 10 billion CFA francs to 20 billion CFA francs.
  - AML/CFT: assessed largely compliant or compliant on 30 out of 40 FATF recommendations; partial compliance on 7 of the remaining 10; ongoing measures to exit the gray list.
- Structural reforms:
  - Modernize agriculture, develop industrial clusters, invest in infrastructure (transportation, renewable energy, telecommunications).
  - Deepen energy sector reforms to become a subregional energy hub; strengthen regulatory framework and financial sustainability.
  - Enhance education and vocational training; scale up SME financing and business environment reforms (digitalization, Single Window for Business Development).
  - Leverage RSF reforms to mobilize climate finance and strengthen resilience to climate change.

### Program status and requests
- Program implementation under the ECF/EFF and RSF arrangements described as strong; authorities seek Executive Directors’ favorable conclusion of:
  - the fourth reviews of the arrangements under the Extended Fund Facility and the Extended Credit Facility, and
  - the third review under the Resilience and Sustainability Facility arrangement.

*Source: 1civea2025002-source-pdf - 14. The authorities agreed that Côte d’Ivoire remains at moderate risk of debt distress.*

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_Source: https://www.imf.org/-/media/files/publications/cr/2025/english/1civea2025002-source-pdf.pdf_