IMF Staff Concludes Virtual Staff Visit to Côte d’Ivoire
IMF News, February 4, 2022
Source details
- Canonical URL
- IMF Staff Concludes Virtual Staff Visit to Côte d’Ivoire
Other formats
Bibliographic details
- Published: February 4, 2022
Mission summary
- Press Release No. 25/22; dated February 4, 2022.
- IMF staff team led by Luca Antonio Ricci conducted a virtual staff visit during January 25-February 3, 2022.
- The mission will not result in a Board discussion.
- The 2022 Article IV consultation mission is tentatively planned for April 2022; Côte d’Ivoire’s next Article IV consultation is expected to take place in April 2022.
Public health and COVID-19 developments
- IMF staff noted that, despite the spread of the Omicron variant, the spike in new cases was short-lived and the increases in severe cases and hospitalizations remained limited.
- Authorities avoided the introduction of disruptive containment measures while implementing the national strategy to fight COVID-19.
- Vaccination progress:
- More than 8 million doses administered by end-January.
- Authorities plan to administer another 5 million doses before the end of February 2022.
Economic outlook and recent developments
- "The Ivorian economy continues to show signs of resilience to the pandemic and of sustained recovery in 2021."
- Inflation increased significantly in 2021, in line with international inflationary pressures and largely on account of food price inflation.
- Economic growth is expected to remain robust in 2022 and in the medium term (as noted at the time of the 2021 Article IV consultation).
Risks and upside factors
- Potential upside factors:
- Implementation of a strong reform agenda within the context of the National Development Plan.
- Discovery in 2021 of additional oil and gas reserves.
- Downside risks highlighted:
- Emergence of new COVID-19 variants.
- Disruptions to global supply chains.
- International geopolitical tensions.
- Tightening of global financial market conditions with adverse consequences for capital flows to emerging market and developing economies.
Policy priorities and recommendations
- IMF staff and Ivorian authorities agreed on a key pressing policy priority:
- Enhance domestic revenue mobilization.
- Purpose: to finance productive and social spending to support strong and inclusive growth, while preserving macroeconomic and debt sustainability and enhancing macroeconomic resilience.
Mission engagements
- IMF staff held virtual meetings with:
- Prime Minister Patrick Achi;
- Minister and Secretary General of the Presidency Abdourahmane Cissé;
- Minister of Economy and Finance Adama Coulibaly;
- Minister of Budget and State Holdings Moussa Sanogo;
- Minister of Planning and Development Nialé Kaba;
- Minister for the Promotion of Good Governance, Capacity Building and Fight against Corruption Epiphane Zoro Bi Ballo;
- other senior government and BCEAO officials, representatives of the private sector, and Côte d’Ivoire’s development partners.
- Statement from mission leader: “The IMF staff team wishes to express its gratitude to the Ivorian authorities and other stakeholders for the productive and fruitful discussions.”
IMF Press Release No. 25/22, February 4, 2022.