## IMF Reaches Staff-Level Agreement with Côte d’Ivoire on a $3.5 billion EFF/ECF Arrangement

_IMF News, April 5, 2023_

## Source details

**Canonical URL:** [IMF Reaches Staff-Level Agreement with Côte d’Ivoire on a $3.5 billion EFF/ECF Arrangement](https://www.imf.org/en/news/articles/2023/04/05/pr23110-cote-divoire-imf-reached-agreement-usd-under-medc-ecf)

## Other formats

- [Markdown version](/en/news/articles/2023/04/05/pr23110-cote-divoire-imf-reached-agreement-usd-under-medc-ecf/index.md)
- [Structured JSON version](/en/news/articles/2023/04/05/pr23110-cote-divoire-imf-reached-agreement-usd-under-medc-ecf/index.json)
- [Bundle manifest](/en/news/articles/2023/04/05/pr23110-cote-divoire-imf-reached-agreement-usd-under-medc-ecf/bundle-manifest.json)

## Bibliographic details
- Published: April 5, 2023

---

### Agreement overview
- A staff-level agreement was reached between the Ivorian authorities and IMF staff on economic policies and reforms to be supported by a new 40-month arrangement of about US$ 3.5 billion under the Extended Fund Facility (EFF)/ Extended Credit Facility (ECF).
- The staff-level arrangement includes access to Fund resources of 400 percent of quota (equivalent to about US$ 3.5 billion).
- The final program arrangement is subject to approval by the IMF’s Executive Board.

### Program objectives and policy focus
- Aim: preserve fiscal and debt sustainability and advance the authorities’ reform agenda for deeper economic transformation under the 2021-25 National Development Plan (NDP).
- Focus on anchoring the 2021-25 NDP in key structural priorities to promote more inclusive growth led by the private sector and facilitate Côte d’Ivoire’s transition towards a middle-income country.
- Support measures to strengthen macroeconomic stability and reverse widening fiscal and external imbalances.

### Economic context and challenges
- The economy was hit hard by a triple shock: the Covid-19 pandemic, global financial tightening, and adverse spillovers from Russia’s war in Ukraine.
- In 2022, indirect and direct subsidies to curb price pressures, higher security spending, worsening terms-of-trade amid robust domestic demand contributed to widening macroeconomic imbalances.
- The Ivorian economic rebound softened due to adverse spillovers from Russia’s war in Ukraine and global monetary tightening.

### Mission, consultations, and stakeholders
- An IMF staff team, led by Mr. Olaf Unteroberdoerster, visited Abidjan during March 1-14.
- The team agreed with the Ivorian authorities on all policy objectives and reforms for an economic reform program that could be supported by an IMF financial arrangement under the EFF/ECF.
- The 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; and representatives of the business and donor communities.

### IMF staff assessment and support
- Staff fully supports the authorities’ reform agenda and welcomes their deep commitment to fiscal and debt sustainability, and to building a more prosperous and inclusive society amid rapid demographic change and significant external challenges.
- The IMF-supported program would aim to preserve fiscal and debt sustainability and advance structural reforms to support economic transformation in line with the 2021-25 NDP.

*Press Release No. 23/110 — IMF Reaches Staff-Level Agreement with Côte d’Ivoire on a $3.5 billion EFF/ECF Arrangement (April 5, 2023).*

---


## References

- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [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)
- [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)

_Source: https://www.imf.org/en/news/articles/2023/04/05/pr23110-cote-divoire-imf-reached-agreement-usd-under-medc-ecf_