IMF Staff Concludes Mission to Côte d’Ivoire
IMF News, March 15, 2023
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Bibliographic details
- Published: March 15, 2023
Mission and context
- Mission led by Mr. Olaf Unteroberdoerster visited Abidjan during March 1-14.
- Press Release No. PR23/74 dated March 15, 2023.
- Purpose: discuss potential IMF financial support for the authorities’ program of economic policies and reforms.
- Statement clarifies: views expressed are those of IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.
Agreement reached and program financing
- Broad agreement reached on the authorities’ economic reform program that could be supported by an IMF financial arrangement.
- Expectation to finalize a staff-level agreement, including on the level of access to Fund resources of at least 300 percent of quota (equivalent to about US$2.6 billion), in the coming days.
- Final program arrangement would be subject to approval by the IMF’s Executive Board.
Economic assessment and recent shocks
- The Ivorian economy proved resilient to the pandemic, but the economic rebound has softened.
- Identified shocks and pressures:
- Triple shock: the Covid-19 pandemic, global financial tightening, and adverse spillovers from Russia’s war in Ukraine.
- Indirect and direct subsidies to curb price pressures.
- Higher security spending.
- Worsening terms-of-trade amid robust domestic demand.
- These factors "have led to a widening of macroeconomic imbalances in 2022."
Program objectives and reform priorities
- Authorities requested Fund support under a blended ECF/EFF arrangement.
- Program aims:
- Preserve fiscal and debt sustainability.
- Anchor the 2021-25 National Development Plan (NDP) in key structural priorities.
- Promote more inclusive growth led by the private sector.
- Facilitate Côte d’Ivoire’s transition towards a middle-income country.
- IMF staff support and emphasized priorities:
- Boost revenue mobilization to preserve macroeconomic stability and create fiscal space for critical social spending, security and investment needs.
- Key structural reforms include:
- Strengthening social protection for vulnerable households.
- Improving public financial management and investment efficiency.
- Promoting private-sector led and more inclusive growth by creating new employment opportunities, including for Côte d’Ivoire’s large young population.
Engagement and meetings
- IMF team met with:
- Vice President Tiémoko Koné.
- Prime Minister Patrick Achi.
- Minister of State and Agriculture Kobenan Adjoumani.
- Minister of Planning and Development Nialé Kaba.
- Minister of Petroleum, Mines and Energy Sangafowa Coulibaly.
- Minister of Economy and Finance Adama Coulibaly.
- Minister of Budget and State Holdings Moussa Sanogo.
- Minister of Commerce and Industry Souleymane Diarrassouba.
- Minister and Secretary General of the Presidency Abdourahmane Cissé.
- Other senior government and BCEAO officials, as well as representatives of the business and donor communities.
IMF Press Release No. PR23/74, March 15, 2023.