{
  "title": "IMF Staff Concludes Mission to Côte d’Ivoire",
  "publication": "IMF News, March 15, 2023",
  "sourceUrl": "https://www.imf.org/en/news/articles/2023/03/15/pr2374-cote-divoire-imf-staff-concludes-mission",
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  "summary": "An International Monetary Fund (IMF) mission, led by Mr. Olaf Unteroberdoerster, visited Abidjan during March 1-14 to discuss potential IMF financial support for the authorities’ program of economic policies and reforms",
  "publishDate": "2023-03-15",
  "sections": [
    {
      "heading": "Mission and context",
      "content": "- Mission led by Mr. Olaf Unteroberdoerster visited Abidjan during March 1-14.\n- Press Release No. PR23/74 dated March 15, 2023.\n- Purpose: discuss potential IMF financial support for the authorities’ program of economic policies and reforms.\n- Statement clarifies: views expressed are those of IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion."
    },
    {
      "heading": "Agreement reached and program financing",
      "content": "- Broad agreement reached on the authorities’ economic reform program that could be supported by an IMF financial arrangement.\n- Expectation to finalize a staff-level agreement, including on the level of access to Fund resources of at least 300 percent of quota (equivalent to about US$2.6 billion), in the coming days.\n- Final program arrangement would be subject to approval by the IMF’s Executive Board."
    },
    {
      "heading": "Economic assessment and recent shocks",
      "content": "- The Ivorian economy proved resilient to the pandemic, but the economic rebound has softened.\n- Identified shocks and pressures:\n  - Triple shock: the Covid-19 pandemic, global financial tightening, and adverse spillovers from Russia’s war in Ukraine.\n  - Indirect and direct subsidies to curb price pressures.\n  - Higher security spending.\n  - Worsening terms-of-trade amid robust domestic demand.\n- These factors \"have led to a widening of macroeconomic imbalances in 2022.\""
    },
    {
      "heading": "Program objectives and reform priorities",
      "content": "- Authorities requested Fund support under a blended ECF/EFF arrangement.\n- Program aims:\n  - Preserve fiscal and debt sustainability.\n  - Anchor the 2021-25 National Development Plan (NDP) in key structural priorities.\n  - Promote more inclusive growth led by the private sector.\n  - Facilitate Côte d’Ivoire’s transition towards a middle-income country.\n- IMF staff support and emphasized priorities:\n  - Boost revenue mobilization to preserve macroeconomic stability and create fiscal space for critical social spending, security and investment needs.\n  - Key structural reforms include:\n    - Strengthening social protection for vulnerable households.\n    - Improving public financial management and investment efficiency.\n    - Promoting private-sector led and more inclusive growth by creating new employment opportunities, including for Côte d’Ivoire’s large young population."
    },
    {
      "heading": "Engagement and meetings",
      "content": "- IMF team met with:\n  - Vice President Tiémoko Koné.\n  - Prime Minister Patrick Achi.\n  - Minister of State and Agriculture Kobenan Adjoumani.\n  - Minister of Planning and Development Nialé Kaba.\n  - Minister of Petroleum, Mines and Energy Sangafowa Coulibaly.\n  - Minister of Economy and Finance Adama Coulibaly.\n  - Minister of Budget and State Holdings Moussa Sanogo.\n  - Minister of Commerce and Industry Souleymane Diarrassouba.\n  - Minister and Secretary General of the Presidency Abdourahmane Cissé.\n  - Other senior government and BCEAO officials, as well as representatives of the business and donor communities.\n\nIMF Press Release No. PR23/74, March 15, 2023.\n\n---\n\n\n References\n\n- Press Releases\n- PRESS CENTER\n- Extended Fund Facility\n- Extended Credit Facility\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2023/03/15/pr2374-cote-divoire-imf-staff-concludes-mission"
    }
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    "Published: March 15, 2023",
    "Mission led by Mr. Olaf Unteroberdoerster visited Abidjan during March 1-14.",
    "Press Release No. PR23/74 dated March 15, 2023.",
    "Purpose: discuss potential IMF financial support for the authorities’ program of economic policies and reforms.",
    "Statement clarifies: views expressed are those of IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.",
    "Broad agreement reached on the authorities’ economic reform program that could be supported by an IMF financial arrangement.",
    "Expectation to finalize a staff-level agreement, including on the level of access to Fund resources of at least 300 percent of quota (equivalent to about US$2.6 billion), in the coming days.",
    "Final program arrangement would be subject to approval by the IMF’s Executive Board.",
    "The Ivorian economy proved resilient to the pandemic, but the economic rebound has softened.",
    "Identified shocks and pressures:",
    "These factors \"have led to a widening of macroeconomic imbalances in 2022.\"",
    "Authorities requested Fund support under a blended ECF/EFF arrangement.",
    "Program aims:",
    "IMF staff support and emphasized priorities:",
    "IMF team met with:",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[Extended Fund Facility](https://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/20/56/Extended-Fund-Facility)",
    "[Extended Credit Facility](https://www.imf.org/en/About/Factsheets/Sheets/2016/08/02/21/04/Extended-Credit-Facility)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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