## IMF Staff Concludes Mission to Côte d’Ivoire

_IMF News, March 15, 2023_

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**Canonical URL:** [IMF Staff Concludes Mission to Côte d’Ivoire](https://www.imf.org/en/news/articles/2023/03/15/pr2374-cote-divoire-imf-staff-concludes-mission)

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## Bibliographic details
- Published: March 15, 2023

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### Mission and context
- 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.

### Agreement reached and program financing
- 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.

### Economic assessment and recent shocks
- The Ivorian economy proved resilient to the pandemic, but the economic rebound has softened.
- Identified shocks and pressures:
  - Triple shock: the Covid-19 pandemic, global financial tightening, and adverse spillovers from Russia’s war in Ukraine.
  - Indirect and direct subsidies to curb price pressures.
  - Higher security spending.
  - Worsening terms-of-trade amid robust domestic demand.
- These factors "have led to a widening of macroeconomic imbalances in 2022."

### Program objectives and reform priorities
- Authorities requested Fund support under a blended ECF/EFF arrangement.
- Program aims:
  - Preserve fiscal and debt sustainability.
  - Anchor the 2021-25 National Development Plan (NDP) in key structural priorities.
  - Promote more inclusive growth led by the private sector.
  - Facilitate Côte d’Ivoire’s transition towards a middle-income country.
- IMF staff support and emphasized priorities:
  - Boost revenue mobilization to preserve macroeconomic stability and create fiscal space for critical social spending, security and investment needs.
  - Key structural reforms include:
    - Strengthening social protection for vulnerable households.
    - Improving public financial management and investment efficiency.
    - Promoting private-sector led and more inclusive growth by creating new employment opportunities, including for Côte d’Ivoire’s large young population.

### Engagement and meetings
- IMF team met with:
  - Vice President Tiémoko Koné.
  - Prime Minister Patrick Achi.
  - Minister of State and Agriculture Kobenan Adjoumani.
  - Minister of Planning and Development Nialé Kaba.
  - Minister of Petroleum, Mines and Energy Sangafowa Coulibaly.
  - Minister of Economy and Finance Adama Coulibaly.
  - Minister of Budget and State Holdings Moussa Sanogo.
  - Minister of Commerce and Industry Souleymane Diarrassouba.
  - Minister and Secretary General of the Presidency Abdourahmane Cissé.
  - Other senior government and BCEAO officials, as well as representatives of the business and donor communities.

*IMF Press Release No. PR23/74, March 15, 2023.*

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_Source: https://www.imf.org/en/news/articles/2023/03/15/pr2374-cote-divoire-imf-staff-concludes-mission_