## IMF Staff Completes 2022 Article IV Mission to Côte d’Ivoire

_IMF News, April 15, 2022_

## Source details

**Canonical URL:** [IMF Staff Completes 2022 Article IV Mission to Côte d’Ivoire](https://www.imf.org/en/news/articles/2022/04/15/pr22120-cote-divoire-imf-staff-completes-2022-article-iv-mission)

## Other formats

- [Markdown version](/en/news/articles/2022/04/15/pr22120-cote-divoire-imf-staff-completes-2022-article-iv-mission/index.md)
- [Structured JSON version](/en/news/articles/2022/04/15/pr22120-cote-divoire-imf-staff-completes-2022-article-iv-mission/index.json)
- [Bundle manifest](/en/news/articles/2022/04/15/pr22120-cote-divoire-imf-staff-completes-2022-article-iv-mission/bundle-manifest.json)

## Bibliographic details
- Published: April 15, 2022

---

### Mission summary
- Mission led by Mr. Luca Antonio Ricci; Article IV consultation discussions held during April 5 ‒15, 2022.
- End-of-Mission press release conveying preliminary findings; views are those of IMF staff and do not necessarily represent the IMF’s Executive Board.
- IMF team met with Prime Minister Patrick Achi and a broad set of ministers, BCEAO National Director Chalouho Coulibaly, other senior government and BCEAO officials, and representatives of the business and donor communities.

### Economic performance and outlook
- COVID-related fatalities described as "low by international standards."
- Vaccination status: "about half of the target population having received a first dose so far."
- Growth:
  - 2020: slowed to 2 percent.
  - 2021: estimated recovery to 7 percent, driven by a rebound in consumption and investment.
  - 2022 IMF staff forecast: growth to slow to 6 percent due to subdued global demand, deterioration of the terms of trade, and increased uncertainty.
- Inflation:
  - Reached 5.6 percent in December 2021, mainly reflecting a surge in global prices.
  - Declined to 4.5 percent in March (2022).
- Fiscal balance:
  - Overall fiscal deficit reached 5.1 percent of GDP in 2021—½ percent of GDP lower than anticipated in the budget—mainly owing to gains from strengthened tax administration and ongoing digitalization efforts, which offset higher security spending.

### External environment and risks
- Main downside external risks identified:
  - Global repercussions of the war in Ukraine.
  - Tighter monetary policy in advanced countries and associated increase in borrowing cost.
  - Continued instability in some neighboring countries.
- Upside risks noted:
  - Recent substantial oil and gas discovery.
  - Resolute implementation of reforms under the 2021-25 National Development Plan (NDP).
- Authorities' temporary measures in response to the war in Ukraine:
  - Price ceilings on several food items.
  - Subsidies on petroleum products.
  - Permit requirements for exporting some staple foods.
- Staff advice on these measures:
  - Evaluate impacts closely.
  - Ensure measures do not generate market distortions, remain temporary, are well-targeted toward the most vulnerable, and are kept in line with medium-term fiscal sustainability targets.

### Fiscal policy and debt sustainability
- Staff emphasised preserving macroeconomic and debt sustainability by adequately anchoring expectations.
- Fiscal target:
  - Staff envisages that, to the extent the external situation improves, reaching the WAEMU convergence criterion of a 3 percent fiscal deficit target by 2024 remains feasible.
- Recommendation to rebuild buffers over time.

### Revenue mobilization and public spending
- Agreement between Ivorian authorities and IMF staff on the need to continue strengthening domestic revenue mobilization to finance critical spending and enhance macroeconomic resilience.
- Observation: Despite recent efforts, tax revenues remain "relatively low by international standards."
- Staff pointed to the need to mobilize additional domestic resources for:
  - Priority spending to promote social convergence.
  - Critical public infrastructure and services.
- Fiscal performance contribution: gains from strengthened tax administration and ongoing digitalization efforts helped reduce the 2021 deficit by ½ percent of GDP versus budget.

### Structural reforms, NDP, and social inclusion
- IMF staff welcomed the 2021-25 National Development Plan (NDP) approved in December 2021; NDP aims to accelerate economic and social transformation by emphasizing:
  - Enhancing the role of the private sector.
  - Industrialization.
  - Human capital.
  - Productivity.
  - Governance.
- Policy recommendations to support NDP objectives:
  - Continue improving the business environment and infrastructure.
  - Safeguard property rights.
  - Promote access to credit.
  - Boost export diversification.
  - Continue developing sustainable policies for adaptation to climate change and mitigation of associated risks.
- Public services and social convergence:
  - Continue enhancing provision of public services and deepening social convergence for more inclusive and sustainable growth.
  - Noted achievements under the 2019-20 government social program PSGouv, including expanding access to electricity, clean water, and education nationwide.
  - Need to continue efforts to enhance spending efficiency and access to more efficient public services.
  - Ongoing efforts welcomed: enhance access to healthcare, broaden training of healthcare practitioners, and strengthen vocational training programs.

### Closing statement
- IMF team expressed gratitude to the authorities and other stakeholders for open and constructive discussions.

*Source: Press Release No. 22/120, IMF Staff Completes 2022 Article IV Mission to Côte d’Ivoire, April 15, 2022.*

---


## References

- [IMF COVID-19 Hub](https://www.imf.org/en/Topics/imf-and-covid19)
- [Policy Tracker](https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19)
- [Financial Assistance](https://www.imf.org/en/Topics/imf-and-covid19/COVID-Lending-Tracker)
- [Questions & Answers](https://www.imf.org/en/About/FAQ/imf-response-to-covid-19)
- [Côte d'Ivoire and the IMF](http://www.imf.org/external/country/CIV/index.htm)
- [IMF Policy Advice -- A Factsheet](https://www.imf.org/en/about/factsheets/imf-surveillance)
- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2022/04/15/pr22120-cote-divoire-imf-staff-completes-2022-article-iv-mission_