IMF Staff and Côte d’Ivoire Reach Staff-Level Agreement on Resilience and Sustainability Facility (RSF)
IMF News, February 16, 2024
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- Published: February 16, 2024
Overview and agreement
- The Ivorian authorities and IMF staff reached a staff level agreement on a reform program to fight climate change supported by the Resilience and Sustainability Facility (RSF) for an amount of SDR 975.6 million (approximately US$ 1.3 billion).
- The staff level agreement will be subject to final approval by the IMF Executive Board.
- A virtual IMF mission led by Mr. Olaf Unteroberdoerster was held from January 23 to February 14, 2024.
Program scope and links with other IMF arrangements
- The RSF package covers reform measures for 2024-26 in line with RSF objectives for an amount of SDR 975.6 million (about US$ 1.3 billion, or 150 percent of quota).
- The RSF program reviews will coincide with reviews of the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangements approved in May 2023 for an amount of about SDR 2,601.6 million, or 400 percent of quota.
- The ECF/EFF arrangements support the government's economic program over 2023-2026 for macroeconomic stability and structural economic transformation to transition Côte d’Ivoire towards an upper middle-income country.
Climate exposure, vulnerabilities, and policy focus
- Identified climate risks and vulnerabilities:
- Rising temperatures
- Rainfall disruptions
- Flooding
- Rising sea levels and coastal erosion
- Increased greenhouse gas emissions and urban pollution
- Sectors highlighted as especially exposed:
- Agricultural sector
- Economic activity in coastal areas
- RSF support areas:
- Strengthening adaptation and mitigation, particularly in the areas of agriculture, transport, infrastructure, and public financial management.
RSF program objectives and reform measures
- The RSF program will aim to improve resilience to climate change by implementing a set of ambitious reform measures to address the identified challenges, which are:
- (i) the integration of climate into public financial management;
- (ii) strengthening the governance of climate policies;
- (iii) reducing exposure and vulnerability of the agricultural sector;
- (iv) increasing green and sustainable financing;
- (v) reducing vulnerability to flooding and coastal erosion; and
- (vi) reducing greenhouse gas emissions.
Implementation support and partnerships
- Technical assistance from partners should continue to play an important role; partners mentioned include:
- the IMF
- the World Bank Group
- the African Development Bank
- the European Unions
- bilateral partners
Mission engagements
- The IMF team met with:
- Minister of State for Agriculture, Rural Development and Food Production Kobenan Kouassi Adjoumani;
- Minister of Finance and Budget Adama Coulibaly;
- Minister of Economy, Planning and Development Nialé Kaba;
- Minister of Petroleum, Mines and Energy Sangawofa Coulibaly;
- the Minister of the Environment, Sustainable Development and Ecological Transition Konan Jacques Assahoré; and other senior government officials.
Press Release No. 24/50, February 16, 2024, International Monetary Fund.