{
  "title": "IMF Executive Board Approves US$658.9 Million Under the ECF and EFF Arrangements for Côte d’Ivoire",
  "publication": "IMF News, December 13, 2016",
  "sourceUrl": "https://www.imf.org/en/news/articles/2016/12/13/pr16554-cote-d-ivoire-imf-executive-board-approves-under-ecf-eff",
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  "summary": "On December 12, 2016 the Executive Board approved two three-year arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) for Côte d’Ivoire for a combined total of SDR 487.8 million (about US$658.9 million, or 75 percent of Côte d’Ivoire’s quota).",
  "publishDate": "2016-12-13",
  "sections": [
    {
      "heading": "Approval and financing",
      "content": "- On December 12, 2016 the Executive Board approved two three-year arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) for Côte d’Ivoire for a combined total of SDR 487.8 million (about US$658.9 million, or 75 percent of Côte d’Ivoire’s quota).\n- The Executive Board’s decision enables an immediate disbursement of SDR 69.686 million (about US$94.1 million).\n- The remaining amount will be phased over the duration of the program, subject to semi-annual reviews.\n- Côte d’Ivoire has an IMF quota of SDR 650.40 million."
    },
    {
      "heading": "Program objectives and policy focus",
      "content": "- The program will support the authorities’ economic and financial reform program to:\n  - achieve a sustainable balance of payments position;\n  - promote inclusive growth and poverty reduction by investing in infrastructure and priority social projects;\n  - contain current spending, catalyze official and private financing, and build resilience to future economic shocks.\n- Program priorities include:\n  - creating fiscal space for infrastructure investment and social spending while strengthening policy buffers;\n  - maintaining public debt on a sustainable path and facilitating debt restructuring of the national oil refinery;\n  - enhancing monitoring of the debts of state-owned enterprises and addressing vulnerabilities in public banks;\n  - improving tax administration and adopting new tax policy measures to increase revenue mobilization;\n  - containing current spending and strengthening public financial and debt management to ensure debt sustainability;\n  - enhancing surveillance of public enterprises and extending budget coverage to extra-budgetary entities;\n  - reinforcing the framework for public-private partnerships and pressing ahead with the reform of public enterprises to mitigate fiscal risks;\n  - promoting financial inclusion and recapitalizing and strengthening public banks to sustain healthy credit expansion and private sector-led growth;\n  - improving the business environment, particularly in paying taxes, obtaining permits, and facilitating trade;\n  - improving the quality and dissemination of economic statistics."
    },
    {
      "heading": "Recent economic developments and outlook",
      "content": "- Real GDP grew by 9 percent per year on average during 2012–15, driven by investment and consumption, and is expected to remain strong over the medium term, averaging 7.7 percent per year during 2017-19.\n- Solid macroeconomic performance continued in the first half of 2016 notwithstanding the impact of a drought on agriculture; real GDP growth is projected at around 8 percent for 2016.\n- The budget deficit is projected at 4 percent of GDP in 2016, reflecting higher spending, including for security, health and education.\n- Inflation is projected to remain below 3 percent.\n- Reflecting investment-driven imports, the external current account deficit would widen to about 2.5 percent of GDP."
    },
    {
      "heading": "Program summary and targets",
      "content": "- Under the program’s planned policies, the government’s budget deficit would converge to the West African Economic and Monetary Union norm of 3 percent of GDP by 2019 to preserve public debt sustainability and support the regional international reserves pool.\n- Prudent public financial and debt management practices along with public enterprise reform would ensure fiscal sustainability and mitigate fiscal risks.\n- Financial sector policies would focus on reducing vulnerabilities, including in the public banks, and fostering financial inclusion.\n- Structural reforms will improve the business environment.\n- Measures to improve the quality and dissemination of economic statistics will support policy making and investment.\n- The program is expected to catalyze official and private financing and builds on performance under the previous Fund-supported program in 2011–15."
    },
    {
      "heading": "Selected economic indicators (highlights and exact figures)",
      "content": "- Real GDP growth:\n  - 2015 Est.: 8.9\n  - 2016 Proj.: 7.9\n  - 2017 Proj.: 7.8\n  - 2018 Proj.: 7.3\n  - 2019 Proj.: 7.2\n  - 2020 Proj.: (not listed)\n- GDP deflator:\n  - 2015 Est.: 1.8\n  - 2016 Proj.: 1.0\n  - 2017 Proj.: 1.4\n  - 2018 Proj.: 1.9\n  - 2019 Proj.: 2.0\n- Consumer price index (annual average):\n  - 2015 Est.: 1.2\n  - 2016 Proj.: 1.5\n- Exports of goods, f.o.b., at current prices:\n  - 2015 Est.: 8.0\n  - 2016 Proj.: 3.3\n  - 2017 Proj.: 12.2\n  - 2018 Proj.: 10.8\n  - 2019 Proj.: 10.0\n  - 2020 Proj.: 9.9\n- Imports of goods, f.o.b., at current prices:\n  - 2015 Est.: 11.4\n  - 2016 Proj.: 14.9\n  - 2017 Proj.: 12.3\n  - 2018 Proj.: 11.3\n  - 2019 Proj.: 10.7\n- Export volume:\n  - 2015 Est.: 10.6\n  - 2016 Proj.: 3.1\n  - 2017 Proj.: 6.2\n  - 2018 Proj.: 5.9\n  - 2019 Proj.: 5.4\n  - 2020 Proj.: 5.1\n- Import volume:\n  - 2015 Est.: 13.8\n  - 2016 Proj.: 10.2\n  - 2017 Proj.: 8.8\n  - 2018 Proj.: 9.3\n- Total revenue and grants (percent of GDP):\n  - 2015 Est.: 18.9\n  - 2016 Proj.: 11.7\n  - 2017 Proj.: 10.4\n- Total expenditure (percent of GDP):\n  - 2015 Est.: 21.8\n  - 2016 Proj.: 16.7\n  - 2017 Proj.: 9.5\n  - 2018 Proj.: 9.8\n  - 2019 Proj.: 8.2\n  - 2020 Proj.: 9.6\n- Money and quasi-money (M2) change:\n  - 2015 Est.: 18.8\n  - 2016 Proj.: 14.3\n  - 2017 Proj.: 13.1\n- Credit to the economy (percent change):\n  - 2015 Est.: 29.6\n  - 2016 Proj.: 14.7\n  - 2017 Proj.: 13.4\n  - 2018 Proj.: 10.1\n  - 2019 Proj.: 11.9\n  - 2020 Proj.: 11.0\n- Government and saving indicators (percent of GDP unless otherwise indicated):\n  - Total revenue (series of numbers listed): 20.2; 20.7; 21.1; 21.4; 21.5; 21.7\n  - Total revenue (alternate series): 19.1; 19.6; 19.8; 20.1; 23.1; 24.7; 24.8; 24.5\n  - Overall balance, incl. grants, payment order basis: -2.9; -4.0; -3.7; -3.4; -3.0; -2.8\n  - Primary basic balance 1/: -0.4; -1.6; 0.6; 1.3\n  - Gross investment: 17.8; 19.3; 21.2\n  - Gross domestic saving: 21.6; 2.9; 2.6; 3.6; 4.2; 4.5; 4.9\n  - Gross national saving: 16.9; 17.5; 17.1; 17.4; 16.8\n- External sector balance:\n  - Current account balance (including official transfers): -1.0; -2.0; -2.5; -2.7; -2.6\n  - Current account balance (excluding official transfers): -2.4; -4.1; -4.3; -4.2\n  - Overall balance: -0.3; 1.1; 0.7; 0.2\n- Public sector debt (percent of GDP):\n  - Central government debt, gross: 47.8; 48.3; 47.9; 46.4; 44.9; 43.4\n  - Central government debt (excluding C2D): 40.5; 42.4; 43.2; 42.8; 42.2; 41.5\n  - External debt: 29.8; 28.9; 28.2; 27.4; 26.6; 25.7\n  - External debt (excluding C2D): 22.5; 23.0; 23.5; 23.8; 23.9\n- External debt-service due (CFAF billions):\n  - 2015: 412\n  - 2016: 477\n  - 2017: 523\n  - 2018: 616\n  - 2019: 702\n  - 2020: 764\n  - Percent of exports of goods and services: 6.3; 6.5; 6.8; 6.7\n  - Percent of government revenue: 11.6; 12.8; 12.5\n- Memorandum items:\n  - Nominal GDP (CFAF billions): 19,368; 21,102; 23,069; 25,344; 27,736; 30,324\n  - Nominal GDP at market prices (US$ billions): 32.8; 35.9; 39.7; 43.8; 48.2; 53.1\n  - Population (million): 23.7; 24.3; 25.0; 25.6; 26.3; 27.0\n  - Nominal GDP per capita (CFAF thousands): 817; 867; 924; 990; 1,056; 1,125\n  - Nominal GDP per capita (US$): 1,382; 1,477; 1,589; 1,709; 1,835; 1,970\n  - Real GDP per capita growth (percent): 5.3; 4.6\n  - Poverty rate (in percent): 46.3"
    },
    {
      "heading": "Key messages from Deputy Managing Director Mr. Furusawa (Acting Chair)",
      "content": "- Côte d'Ivoire’s economy has made an impressive turnaround since 2012 and its outlook remains favorable.\n- Reducing poverty and closing human capital and infrastructure gaps will take time, and structural bottlenecks pose challenges.\n- The authorities’ program under the ECF and EFF appropriately focuses on inclusive, sustainable growth; structural transformation of the economy; and poverty reduction.\n- Improving tax administration and new tax policy measures will help increase revenue mobilization.\n- Containing current spending, prudent public financial and debt management, enhanced surveillance of public enterprises, extending budget coverage to extra-budgetary entities, and reinforcing the framework for public-private partnerships will mitigate fiscal risks.\n- Recapitalizing and strengthening public banks and promoting financial inclusion will help sustain credit expansion and private sector-led growth.\n- Further improvements to the business environment—paying taxes, obtaining permits, and facilitating trade—and improved economic statistics would support policy making and private investment.\n\nPress Release No. 16/554 — IMF Communications Department, December 12, 2016.\n\n---\n\n\n References\n\n- The Executive Board\n- Mitsuhiro Furusawa\n- PRESS CENTER\n- see Press Release No. 11/399)\n- http://www.imf.org/external/country/civ/index.htm\n- ECF\n- EFF\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2016/12/13/pr16554-cote-d-ivoire-imf-executive-board-approves-under-ecf-eff"
    }
  ],
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    "Published: December 13, 2016",
    "On December 12, 2016 the Executive Board approved two three-year arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) for Côte d’Ivoire for a combined total of SDR 487.8 million (about US$658.9 million, or 75 percent of Côte d’Ivoire’s quota).",
    "The Executive Board’s decision enables an immediate disbursement of SDR 69.686 million (about US$94.1 million).",
    "The remaining amount will be phased over the duration of the program, subject to semi-annual reviews.",
    "Côte d’Ivoire has an IMF quota of SDR 650.40 million.",
    "The program will support the authorities’ economic and financial reform program to:",
    "Program priorities include:",
    "Real GDP grew by 9 percent per year on average during 2012–15, driven by investment and consumption, and is expected to remain strong over the medium term, averaging 7.7 percent per year during 2017-19.",
    "Solid macroeconomic performance continued in the first half of 2016 notwithstanding the impact of a drought on agriculture; real GDP growth is projected at around 8 percent for 2016.",
    "The budget deficit is projected at 4 percent of GDP in 2016, reflecting higher spending, including for security, health and education.",
    "Inflation is projected to remain below 3 percent.",
    "Reflecting investment-driven imports, the external current account deficit would widen to about 2.5 percent of GDP.",
    "Under the program’s planned policies, the government’s budget deficit would converge to the West African Economic and Monetary Union norm of 3 percent of GDP by 2019 to preserve public debt sustainability and support the regional international reserves pool.",
    "Prudent public financial and debt management practices along with public enterprise reform would ensure fiscal sustainability and mitigate fiscal risks.",
    "Financial sector policies would focus on reducing vulnerabilities, including in the public banks, and fostering financial inclusion.",
    "Structural reforms will improve the business environment.",
    "Measures to improve the quality and dissemination of economic statistics will support policy making and investment.",
    "The program is expected to catalyze official and private financing and builds on performance under the previous Fund-supported program in 2011–15.",
    "Real GDP growth:",
    "GDP deflator:",
    "Consumer price index (annual average):",
    "Exports of goods, f.o.b., at current prices:",
    "Imports of goods, f.o.b., at current prices:",
    "Export volume:",
    "Import volume:",
    "Total revenue and grants (percent of GDP):",
    "Total expenditure (percent of GDP):",
    "Money and quasi-money (M2) change:",
    "Credit to the economy (percent change):",
    "Government and saving indicators (percent of GDP unless otherwise indicated):",
    "External sector balance:",
    "Public sector debt (percent of GDP):",
    "External debt-service due (CFAF billions):",
    "Memorandum items:",
    "Côte d'Ivoire’s economy has made an impressive turnaround since 2012 and its outlook remains favorable.",
    "Reducing poverty and closing human capital and infrastructure gaps will take time, and structural bottlenecks pose challenges.",
    "The authorities’ program under the ECF and EFF appropriately focuses on inclusive, sustainable growth; structural transformation of the economy; and poverty reduction.",
    "Improving tax administration and new tax policy measures will help increase revenue mobilization.",
    "Containing current spending, prudent public financial and debt management, enhanced surveillance of public enterprises, extending budget coverage to extra-budgetary entities, and reinforcing the framework for public-private partnerships will mitigate fiscal risks.",
    "Recapitalizing and strengthening public banks and promoting financial inclusion will help sustain credit expansion and private sector-led growth.",
    "Further improvements to the business environment—paying taxes, obtaining permits, and facilitating trade—and improved economic statistics would support policy making and private investment.",
    "[The Executive Board](http://www.imf.org/external/np/sec/memdir/eds.aspx)",
    "[Mitsuhiro Furusawa](http://www.imf.org/external/np/omd/bios/mf.htm)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[see Press Release No. 11/399)](http://www.imf.org/external/np/sec/pr/2011/pr11399.htm)",
    "[http://www.imf.org/external/country/civ/index.htm](http://www.imf.org/external/country/civ/index.htm)",
    "[ECF](https://www.imf.org/external/np/exr/facts/ecf.htm)",
    "[EFF](http://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/20/56/Extended-Fund-Facility)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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