Côte d'Ivoire: First Reviews Under the Extended Arrangement Under the Extended Fund Facility and Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Côte d'Ivoire

IMF Staff Country Reports, December 12, 2023

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Côte d'Ivoire: First Reviews Under the Extended Arrangement Under the Extended Fund Facility and Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Côte d'Ivoire

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Bibliographic details

• Published: December 12, 2023
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9798400261374.002

Overview and Context

• Presents Côte d’Ivoire’s First Review under the Extended Arrangement under the Extended Fund Facility and Arrangement under the Extended Credit Facility.
• The Ivorian economy has been affected by:
  • adverse spillovers from the war in Ukraine;
  • global monetary tightening;
  • the triple shock of the coronavirus disease 2019 pandemic, global financial tightening, and adverse spillovers from Russia’s war in Ukraine.
• Indirect and direct subsidies to curb price pressures, higher security spending, and worsening terms-of-trade amid robust domestic demand contributed to widening macroeconomic imbalances in 2022.

Program Implementation and Targets

• Program implementation has been strong so far with all quantitative criteria and structural benchmarks met.
• Côte d’Ivoire pursues a commitment to revenue based fiscal consolidation to:
  • ensure fiscal and debt sustainability;
  • create fiscal space to implement its ambitious structural reforms’ agenda.

Macroeconomic Challenges and Recent Policy Measures

• Recent widening of fiscal and external imbalances was driven by:
  • subsidies (indirect and direct) aimed at curbing price pressures;
  • higher security spending;
  • worsening terms-of-trade while domestic demand remained robust.
• The Ivorian authorities have taken measures to strengthen macroeconomic stability and reverse widening fiscal and external imbalances.

Subject Areas and Keywords

• Subject: Debt sustainability, External debt, Government debt management, International organization, Monetary policy, Public debt, Public financial management (PFM), Revenue administration
• Keywords: Debt sustainability, EFF arrangement, Global, Government debt management, government program, IMF staff estimate, IMF team, Ivorian authorities, West Africa

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