## 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 _IMF News, June 14, 2019_ ## Source details **Canonical URL:** [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](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) ## Other formats - [Markdown version](/en/news/articles/2019/06/14/pr19218-cote-divoire-imf-exec-board-comp-5th-rev-ecf-ext-arrangement-under-eff-approves-disbursement/index.md) - [Structured JSON version](/en/news/articles/2019/06/14/pr19218-cote-divoire-imf-exec-board-comp-5th-rev-ecf-ext-arrangement-under-eff-approves-disbursement/index.json) - [Bundle manifest](/en/news/articles/2019/06/14/pr19218-cote-divoire-imf-exec-board-comp-5th-rev-ecf-ext-arrangement-under-eff-approves-disbursement/bundle-manifest.json) ## Bibliographic details - Published: June 14, 2019 --- ### Executive action and financing - 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 objectives and performance - Program aims: - Foster inclusive growth and poverty reduction. - Support fiscal discipline. - Enhance domestic revenue mobilization. - Ensure debt sustainability. - Achieve a sustainable balance of payments position. - Performance under the IMF-supported program: - All performance criteria met at end-December 2018. - All but one indicative target met at end-December 2018. - Five out of six structural benchmarks were met. - Authorities’ fiscal commitment: - Reiterated commitment to reach a budget deficit of 3 percent of GDP in 2019 and onwards (WAEMU regional norm). - Emphasis on additional tax revenue mobilization and revenue administration reforms. - Need to broaden the tax base to tap currently untapped revenue potential. - Debt and borrowing guidance: - To preserve debt sustainability, continue prudent management of public debt, including limiting contingent liabilities. - Borrowing policy should carefully assess the cost and benefits of new loans to keep debt on a sustainable path. - Structural reforms: - Ongoing reforms to strengthen revenue administration and public financial management. - Efforts to consolidate banking sector stability, promote inclusive growth, improve the business climate, and reinforce the statistical apparatus. ### Economic outlook and projections - Overall outlook: - “The country’s economic outlook remains strong, with growth projected at about 7½ percent in 2019.” - “The medium-term growth outlook is expected to remain robust, predicated on sound policies to lock in macroeconomic stability and improve the business environment.” - Key projected and estimated indicators (2016–21): - National income — GDP at constant prices (annual percentage changes): - 2016: 8.0 - 2017: 7.7 - 2018 Est.: 7.4 - 2019 Projections: 7.5 - 2020: 7.3 - 2021: 7.0 - GDP deflator: - 2016: -1.1 - 2017: -1.7 - 2018 Est.: 0.4 - 2019 Projections: 1.0 - 2020: 1.6 - Consumer price index (annual average): - 2016: 0.7 - 2017: 2.0 - External sector — Exports of goods, f.o.b., at current prices (annual percentage changes): - 2016: -7.0 - 2017: 6.8 - 2018 Est.: -4.9 - 2019 Projections: 7.9 - 2020: 9.5 - 2021: 8.4 - Imports of goods, f.o.b., at current prices (annual percentage changes): - 2016: -8.5 - 2017: 6.5 - 2018 Est.: 7.1 - 2019 Projections: 2.9 - 2020: 11.8 - 2021: 8.8 - Money and credit: - Money and quasi-money (M2) (annual percentage changes): - 2016: 10.1 - 2017: 13.5 - 2018 Est.: 11.0 - 2019 Projections: 12.3 - Credit to the economy (annual percentage changes): - 2016: 13.3 - 2017: 15.2 - 2018 Est.: 11.3 - 2019 Projections: 13.2 - (Percent of GDP unless otherwise indicated) - Total revenue and grants: - 2016: 20.0 - 2017: 20.4 - 2018 Est.: 19.9 - 2019 Projections: 20.3 - Total revenue: - 2016: 18.6 - 2017: 19.2 - 2018 Est.: 18.8 - 2019 Projections: 19.0 - 2020: 19.5 - Total expenditure: - 2016: 24.0 - 2017: 24.9 - 2018 Est.: 23.8 - 2019 Projections: 23.3 - 2020: 23.4 - Overall balance, incl. grants, payment order basis: - 2016: -4.0 - 2017: -4.5 - 2018 Est.: -3.0 - 2019 Projections: -2.9 - Gross investment: - 2016: 17.7 - 2017: 20.8 - 2018 Est.: 22.0 - 2019 Projections: 22.9 - Central government (percent of GDP): - 2016: 6.9 - 2017: 7.2 - Nongovernment sector (percent of GDP): - 2016: 10.3 - 2017: 12.0 - 2018 Est.: 13.7 - 2019 Projections: 15.1 - 2020: 15.8 - 2021: 16.6 - Gross domestic saving: - 2016: 22.1 - 2017: 21.3 - 2018 Est.: 23.7 - 2019 Projections: 24.4 - 2020: 25.2 - Current account balance (percent of GDP): - 2016: -1.2 - 2017: -2.7 - 2018 Est.: -4.7 - 2019 Projections: -3.5 - 2020: -3.3 - 2021: -3.1 - Overall balance (percent of GDP): - 2016: 1.7 - 2017: 0.8 - 2018 Est.: -0.1 - 2019 Projections: 0.6 - Central government debt, gross (percent of GDP): - 2016: 48.4 - 2017: 49.8 - 2018 Est.: 53.2 - 2019 Projections: 52.5 - 2020: 51.2 - 2021: 49.6 - Central government debt (excluding C2D) (percent of GDP): - 2016: 43.1 - 2017: 45.3 - 2018 Est.: 49.7 - 2019 Projections: 49.9 - 2020: 49.3 - 2021: 48.0 - External debt (percent of GDP): - 2016: 29.0 - 2017: 30.5 - 2018 Est.: 36.5 - 2019 Projections: 37.8 - 2020: 35.3 - 2021: 34.8 - External debt (excluding C2D) (percent of GDP): - 2016: 25.4 - 2017: 32.5 - 2018 Est.: 34.7 - 2019 Projections: 33.1 - 2020: 32.9 - Memorandum item — Nominal GDP (CFAF billions): - 2016: 20,931 - 2017: 22,151 - 2018 Est.: 23,900 - 2019 Projections: 25,955 - 2020: 28,308 - 2021: 30,786 ### Key messages from the Acting Chair (Mr. Furusawa) - 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. *IMF Press Release No. 19/218, June 14, 2019* --- ## References - [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) _Source: 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_