## IMF Reaches Staff Level Agreement with Côte d’Ivoire on the First Review of the ECF/EFF Arrangement

_IMF News, October 4, 2023_

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**Canonical URL:** [IMF Reaches Staff Level Agreement with Côte d’Ivoire on the First Review of the ECF/EFF Arrangement](https://www.imf.org/en/news/articles/2023/10/03/pr23334-cote-divoire-imf-reaches-sla-1st-rev-ecfeff-arr)

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## Bibliographic details
- Published: October 4, 2023

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### Mission visit and staff-level agreement
- IMF staff team, led by Mr. Olaf Unteroberdoerster, visited Abidjan during September 19 - October 3.
- The visit discussed progress under the authorities’ economic program supported by an EFF/ECF arrangement in the amount of SDR 2.6 billion (about US$ 3.5 billion), approved by the IMF Executive Board on May 24, 2023.
- The Ivorian authorities and IMF staff reached a staff-level agreement on the first semi-annual review of the program.
- Completion of the review by the IMF Executive Board will lead to the disbursement of about US$500 million.
- The mission statement notes: “performance under the program has been satisfactory so far and that we reached staff-level agreement on all policies, including key parameters of the 2024 fiscal framework and reform measures going forward in line with the program‘s objective.”

### Macroeconomic developments and projections
- Growth in 2023 is estimated to reach 6.4 percent.
- Average annual inflation in 2023 is receding to about 4.7 percent.
- Improved tax revenue collection is expected to help reduce the fiscal deficit for 2023 to 5.3 percent of GDP.
- The current account deficit remains elevated and is projected to decline moderately to 5.8 percent of GDP as strong domestic demand continues to boost imports.

### Fiscal and external policy measures under the program
- The Fund-supported program aims to safeguard macroeconomic stability and support Côte d’Ivoire’s transformation towards upper-middle income status over the medium-term.
- Continued program implementation will aim to reduce the fiscal deficit further to about 4 percent of GDP in 2024.
- Measures estimated to increase revenue by 0.5 percent of GDP will be key in preserving Côte d’Ivoire moderate risk of debt distress rating.
- A further gradual reduction of the current account deficit is expected to help ease external pressures and allow Côte d’Ivoire to contribute to a gradual recovery of regional official reserves.

### Revenue mobilization and structural reforms
- Work on a comprehensive medium-term revenue mobilization strategy is underway and expected to be adopted by the government in May 2024.
- The strategy will help advance tax policy and administration reforms with a view to gradually achieving the WAEMU tax ratio target of at least 20 percent of GDP.
- Other structural reforms in the first year under the program will focus on:
  - improving the business climate to support private sector-led and more inclusive growth;
  - strengthening public financial management and financial inclusion;
  - strengthening governance and anti-corruption.

### Meetings and stakeholders
- The IMF team met with:
  - Vice President Tiémoko Koné;
  - 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 of State and Agriculture Adjoumani Kouabenan;
  - Minister of Petroleum, Mines and Energy Sangawofa Coulibaly;
  - other senior government and BCEAO officials, as well as representatives of the business and donor communities.

*Source: Press Release No. 23/334, IMF — October 4, 2023.*

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## References

- [PRESS CENTER](http://presscenter.imf.org/)
- [IMF
Executive Board Approves US $3.5 billion Extended Fund Facility and
Extended Credit Facility for Côte d’Ivoire](https://www.imf.org/en/News/Articles/2023/05/24/pr23178-imf-executive-board-approves-extended-fund-facility-and-extended-credit-facility)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2023/10/03/pr23334-cote-divoire-imf-reaches-sla-1st-rev-ecfeff-arr_