{
  "title": "IMF Executive Board Completes Fifth Reviews under Extended Credit Facility Arrangement and Extended Arrangement under the Extended Fund Facility for Côte d’Ivoire and Approves US$133.9 Million Disbursement",
  "publication": "IMF News, June 14, 2019",
  "sourceUrl": "https://www.imf.org/en/news/articles/2019/06/14/pr19218-cote-divoire-imf-exec-board-comp-5th-rev-ecf-ext-arrangement-under-eff-approves-disbursement",
  "canonical": "https://www.imf.org/en/news/articles/2019/06/14/pr19218-cote-divoire-imf-exec-board-comp-5th-rev-ecf-ext-arrangement-under-eff-approves-disbursement",
  "overlayPath": "/en/news/articles/2019/06/14/pr19218-cote-divoire-imf-exec-board-comp-5th-rev-ecf-ext-arrangement-under-eff-approves-disbursement/index.md",
  "summary": "On June 14, 2019, the Executive Board completed the fifth reviews under the Extended Credit Facility (ECF) arrangement and the extended arrangement under the Extended Fund Facility (EFF) for Côte d’Ivoire.",
  "publishDate": "2019-06-14",
  "sections": [
    {
      "heading": "Executive action and financing",
      "content": "- On June 14, 2019, the Executive Board completed the fifth reviews under the Extended Credit Facility (ECF) arrangement and the extended arrangement under the Extended Fund Facility (EFF) for Côte d’Ivoire.\n- Completion of the reviews enables the immediate disbursement of SDR 96.786 million (about US$133.9 million).\n- Total disbursements under the arrangements now total SDR 553.6 million (about US$765.8 million).\n- The three-year ECF/EFF arrangements have total access of SDR 650.4 million (about US$889.7 million or 100 percent of Côte d’Ivoire’s quota) and were approved on December 12, 2016."
    },
    {
      "heading": "Program objectives and performance",
      "content": "- Program aims:\n  - Foster inclusive growth and poverty reduction.\n  - Support fiscal discipline.\n  - Enhance domestic revenue mobilization.\n  - Ensure debt sustainability.\n  - Achieve a sustainable balance of payments position.\n- Performance under the IMF-supported program:\n  - All performance criteria met at end-December 2018.\n  - All but one indicative target met at end-December 2018.\n  - Five out of six structural benchmarks were met.\n- Authorities’ fiscal commitment:\n  - Reiterated commitment to reach a budget deficit of 3 percent of GDP in 2019 and onwards (WAEMU regional norm).\n  - Emphasis on additional tax revenue mobilization and revenue administration reforms.\n  - Need to broaden the tax base to tap currently untapped revenue potential.\n- Debt and borrowing guidance:\n  - To preserve debt sustainability, continue prudent management of public debt, including limiting contingent liabilities.\n  - Borrowing policy should carefully assess the cost and benefits of new loans to keep debt on a sustainable path.\n- Structural reforms:\n  - Ongoing reforms to strengthen revenue administration and public financial management.\n  - Efforts to consolidate banking sector stability, promote inclusive growth, improve the business climate, and reinforce the statistical apparatus."
    },
    {
      "heading": "Economic outlook and projections",
      "content": "- Overall outlook:\n  - “The country’s economic outlook remains strong, with growth projected at about 7½ percent in 2019.”\n  - “The medium-term growth outlook is expected to remain robust, predicated on sound policies to lock in macroeconomic stability and improve the business environment.”\n- Key projected and estimated indicators (2016–21):\n  - National income — GDP at constant prices (annual percentage changes):\n    - 2016: 8.0\n    - 2017: 7.7\n    - 2018 Est.: 7.4\n    - 2019 Projections: 7.5\n    - 2020: 7.3\n    - 2021: 7.0\n  - GDP deflator:\n    - 2016: -1.1\n    - 2017: -1.7\n    - 2018 Est.: 0.4\n    - 2019 Projections: 1.0\n    - 2020: 1.6\n  - Consumer price index (annual average):\n    - 2016: 0.7\n    - 2017: 2.0\n  - External sector — Exports of goods, f.o.b., at current prices (annual percentage changes):\n    - 2016: -7.0\n    - 2017: 6.8\n    - 2018 Est.: -4.9\n    - 2019 Projections: 7.9\n    - 2020: 9.5\n    - 2021: 8.4\n  - Imports of goods, f.o.b., at current prices (annual percentage changes):\n    - 2016: -8.5\n    - 2017: 6.5\n    - 2018 Est.: 7.1\n    - 2019 Projections: 2.9\n    - 2020: 11.8\n    - 2021: 8.8\n  - Money and credit:\n    - Money and quasi-money (M2) (annual percentage changes):\n      - 2016: 10.1\n      - 2017: 13.5\n      - 2018 Est.: 11.0\n      - 2019 Projections: 12.3\n    - Credit to the economy (annual percentage changes):\n      - 2016: 13.3\n      - 2017: 15.2\n      - 2018 Est.: 11.3\n      - 2019 Projections: 13.2\n  - (Percent of GDP unless otherwise indicated)\n    - Total revenue and grants:\n      - 2016: 20.0\n      - 2017: 20.4\n      - 2018 Est.: 19.9\n      - 2019 Projections: 20.3\n    - Total revenue:\n      - 2016: 18.6\n      - 2017: 19.2\n      - 2018 Est.: 18.8\n      - 2019 Projections: 19.0\n      - 2020: 19.5\n    - Total expenditure:\n      - 2016: 24.0\n      - 2017: 24.9\n      - 2018 Est.: 23.8\n      - 2019 Projections: 23.3\n      - 2020: 23.4\n    - Overall balance, incl. grants, payment order basis:\n      - 2016: -4.0\n      - 2017: -4.5\n      - 2018 Est.: -3.0\n      - 2019 Projections: -2.9\n    - Gross investment:\n      - 2016: 17.7\n      - 2017: 20.8\n      - 2018 Est.: 22.0\n      - 2019 Projections: 22.9\n    - Central government (percent of GDP):\n      - 2016: 6.9\n      - 2017: 7.2\n    - Nongovernment sector (percent of GDP):\n      - 2016: 10.3\n      - 2017: 12.0\n      - 2018 Est.: 13.7\n      - 2019 Projections: 15.1\n      - 2020: 15.8\n      - 2021: 16.6\n    - Gross domestic saving:\n      - 2016: 22.1\n      - 2017: 21.3\n      - 2018 Est.: 23.7\n      - 2019 Projections: 24.4\n      - 2020: 25.2\n    - Current account balance (percent of GDP):\n      - 2016: -1.2\n      - 2017: -2.7\n      - 2018 Est.: -4.7\n      - 2019 Projections: -3.5\n      - 2020: -3.3\n      - 2021: -3.1\n    - Overall balance (percent of GDP):\n      - 2016: 1.7\n      - 2017: 0.8\n      - 2018 Est.: -0.1\n      - 2019 Projections: 0.6\n    - Central government debt, gross (percent of GDP):\n      - 2016: 48.4\n      - 2017: 49.8\n      - 2018 Est.: 53.2\n      - 2019 Projections: 52.5\n      - 2020: 51.2\n      - 2021: 49.6\n    - Central government debt (excluding C2D) (percent of GDP):\n      - 2016: 43.1\n      - 2017: 45.3\n      - 2018 Est.: 49.7\n      - 2019 Projections: 49.9\n      - 2020: 49.3\n      - 2021: 48.0\n    - External debt (percent of GDP):\n      - 2016: 29.0\n      - 2017: 30.5\n      - 2018 Est.: 36.5\n      - 2019 Projections: 37.8\n      - 2020: 35.3\n      - 2021: 34.8\n    - External debt (excluding C2D) (percent of GDP):\n      - 2016: 25.4\n      - 2017: 32.5\n      - 2018 Est.: 34.7\n      - 2019 Projections: 33.1\n      - 2020: 32.9\n  - Memorandum item — Nominal GDP (CFAF billions):\n    - 2016: 20,931\n    - 2017: 22,151\n    - 2018 Est.: 23,900\n    - 2019 Projections: 25,955\n    - 2020: 28,308\n    - 2021: 30,786"
    },
    {
      "heading": "Key messages from the Acting Chair (Mr. Furusawa)",
      "content": "- Commended implementation: program performance “has been commendable.”\n- Fiscal discipline: 2018 budget deficit target was met; commitment to 3 percent of GDP deficit in 2019 and onwards is critical for domestic macroeconomic stability and regional external stability in WAEMU.\n- Revenue mobilization: authorities have embarked on revenue administration reforms; broadening the tax base offers untapped revenue potential to create fiscal space for socio-economic and infrastructure needs.\n- Debt management: prudent public debt management and limiting contingent liabilities remain essential.\n- Structural reforms: need to be sustained across revenue administration, public financial management, banking sector stability, inclusive growth, business climate improvements, and statistical systems.\n\nIMF Press Release No. 19/218, June 14, 2019\n\n---\n\n\n References\n\n- https://www.imf.org/-/media/images/imf/bios/imfboard.jpg\n- The Executive Board\n- PRESS CENTER\n- ECF\n- EFF\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2019/06/14/pr19218-cote-divoire-imf-exec-board-comp-5th-rev-ecf-ext-arrangement-under-eff-approves-disbursement"
    }
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    "Published: June 14, 2019",
    "On June 14, 2019, the Executive Board completed the fifth reviews under the Extended Credit Facility (ECF) arrangement and the extended arrangement under the Extended Fund Facility (EFF) for Côte d’Ivoire.",
    "Completion of the reviews enables the immediate disbursement of SDR 96.786 million (about US$133.9 million).",
    "Total disbursements under the arrangements now total SDR 553.6 million (about US$765.8 million).",
    "The three-year ECF/EFF arrangements have total access of SDR 650.4 million (about US$889.7 million or 100 percent of Côte d’Ivoire’s quota) and were approved on December 12, 2016.",
    "Program aims:",
    "Performance under the IMF-supported program:",
    "Authorities’ fiscal commitment:",
    "Debt and borrowing guidance:",
    "Structural reforms:",
    "Overall outlook:",
    "Key projected and estimated indicators (2016–21):",
    "Commended implementation: program performance “has been commendable.”",
    "Fiscal discipline: 2018 budget deficit target was met; commitment to 3 percent of GDP deficit in 2019 and onwards is critical for domestic macroeconomic stability and regional external stability in WAEMU.",
    "Revenue mobilization: authorities have embarked on revenue administration reforms; broadening the tax base offers untapped revenue potential to create fiscal space for socio-economic and infrastructure needs.",
    "Debt management: prudent public debt management and limiting contingent liabilities remain essential.",
    "Structural reforms: need to be sustained across revenue administration, public financial management, banking sector stability, inclusive growth, business climate improvements, and statistical systems.",
    "[https://www.imf.org/-/media/images/imf/bios/imfboard.jpg](https://www.imf.org/-/media/images/imf/bios/imfboard.jpg)",
    "[The Executive Board](https://www.imf.org/external/np/sec/memdir/eds.aspx)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[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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