Washington, DC:
An International Monetary Fund (IMF) staff team, led by Mr. Olaf
Unteroberdoerster, visited Abidjan during March 1-14 and agreed with the
Ivorian authorities on all policy objectives and reforms for an economic
reform program that could be supported by an IMF financial arrangement (see
PR of March 15, 2023
IMF Staff Concludes Mission to Côte d’Ivoire
) under the
Extended Fund Facility
(EFF)/
Extended Credit Facility
(ECF). A staff-level agreement has now been reached, including on the level
of access to Fund resources of 400 percent of quota (equivalent to about
US$ 3.5 billion) under the Extended Fund Facility (EFF)/Extended Credit
Facility (ECF).
Mr. Unteroberdoerster issued the following statement today:
“The Ivorian economy proved resilient to the pandemic, but the economic
rebound has softened in the face of adverse spillovers from the Russia’s
war in Ukraine and global monetary tightening. Indirect and direct
subsidies to curb price pressures, higher security spending, and worsening
terms-of-trade amid robust domestic demand have led to a widening of
macroeconomic imbalances in 2022.
“Against this challenging backdrop, the authorities have requested Fund
support under a blended EFF/ECF arrangement for their economic program. It
aims to preserve fiscal and debt sustainability and anchor the 2021-25
National Development Plan (NDP) in key structural priorities to promote
more inclusive growth led by the private sector and facilitate Côte
d’Ivoire’s transition towards a middle-income country.
“Staff fully supports the authorities’ reform agenda and welcomes their
deep commitment to fiscal and debt sustainability, and to building a more
prosperous and inclusive society amid rapid demographic change and
significant external challenges.”
“The 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; and other senior government
and BCEAO officials, as well as representatives of the business and donor
communities”.
