{
  "title": "IMF Executive Board Completes the Third Reviews of the EFF/ECF Arrangements and the Second Review of the RSF Arrangement and Concludes 2024 Article IV Consultation with Côte d’Ivoire",
  "publication": "IMF News, December 12, 2024",
  "sourceUrl": "https://www.imf.org/en/news/articles/2024/12/12/pr-24464-cote-divoire-imf-completes-3rd-rev-eff-ecf-arr-2nd-rev-rsf-arr-concludes-2024-aiv-cons",
  "canonical": "https://www.imf.org/en/news/articles/2024/12/12/pr-24464-cote-divoire-imf-completes-3rd-rev-eff-ecf-arr-2nd-rev-rsf-arr-concludes-2024-aiv-cons",
  "overlayPath": "/en/news/articles/2024/12/12/pr-24464-cote-divoire-imf-completes-3rd-rev-eff-ecf-arr-2nd-rev-rsf-arr-concludes-2024-aiv-cons/index.md",
  "summary": "The Executive Board of the International Monetary Fund (IMF) completed the Third Reviews of the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) Arrangements and the Second Review of the Resilience and Sustainability Facility Arrangement (RSF), and concluded the 2024 Article IV consultation with Cote d’Ivoire.",
  "publishDate": "2024-12-12",
  "sections": [
    {
      "heading": "Program completion, access, and disbursement",
      "content": "- Executive Board completed:\n  - Third Reviews of the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) Arrangements.\n  - Second Review of the Resilience and Sustainability Facility Arrangement (RSF).\n  - 2024 Article IV consultation with Côte d’Ivoire.\n- Combined access under the 40-month EFF/ECF arrangements: SDR 2,601.6 million (or 400 percent of quota).\n- Access under the RSF: SDR 975.6 million (or 150 percent of quota).\n- Program implementation: all performance criteria, structural benchmarks and reform measures scheduled for the reviews met or implemented.\n- Immediate disbursement upon completion of reviews: about US$ 808.5 million."
    },
    {
      "heading": "Macroeconomic outlook and recent performance",
      "content": "- Growth and activity:\n  - Real GDP Growth: 2022: 6.2; 2023: 6.1; 2024 (Proj.): 6.3.\n  - Economy described as resilient with strong consumption and investment demand in 2024 despite weaker agricultural production and construction activity.\n  - Near- to medium-term growth drivers: recovery of agricultural production; stronger extractive industries activity as the Baleine oil field fully comes onstream; growth in energy production from ongoing investment upgrades.\n- Inflation:\n  - Headline annual average CPI inflation: 2023: 4.4 percent (yoy); projected to fall to 3.8 percent (yoy) by end-2024.\n  - Table shows inflation (annual average, %): 2022: 5.2; 2023: 4.4; 2024 (Proj.): 4.0; 2025 (Proj.): 3.0; 2026 (Proj.): 2.2.\n- Financial sector: described as sound.\n- Climate finance: commitments announced during the November COP 29 expected to help catalyze climate financing in Côte d’Ivoire."
    },
    {
      "heading": "Fiscal and external developments",
      "content": "- Fiscal consolidation and debt:\n  - Fiscal deficit: 2022: -6.8 percent of GDP; 2023: -5.2 percent of GDP.\n  - Projection: fiscal deficit of -4.0 percent of GDP in 2024 and -3.0 percent of GDP in 2025.\n  - Revenues (% GDP): 2022: 14.7; 2023: 15.6; 2024 (Proj.): 16.3; 2025 (Proj.): 17.3; 2026 (Proj.): 17.8.\n  - Expenditure (% GDP): 2022: 22.1; 2023: 21.5; 2024 (Proj.): 20.8; 2025 (Proj.): 21.2.\n  - Public debt (% GDP): 2022: 56.6; 2023: 58.1; 2024 (Proj.): 59.3; 2025 (Proj.): 56.0; 2026 (Proj.): 54.3.\n  - Risk of debt distress: confirmed as moderate; debt outlook improved mainly due to improved liquidity ratios and proactive debt management operations.\n- External sector:\n  - Current account (% GDP): 2022: -7.7; 2023: -7.9; 2024 (Proj.): -5.1; 2025 (Proj.): -1.7; 2026 (Proj.): -2.4.\n  - Improvement in 2024 expected on the back of significant terms-of-trade gains, record-high cocoa prices, and increased production prospects supporting export revenue.\n  - Net FDI Inflows (% GDP): 2022: 2.0; 2023: 1.7; 2024 (Proj.): 3.8.\n  - External public debt (% GDP): 2022: 34.5; 2023: 35.9; 2024 (Proj.): 36.2; 2025 (Proj.): 35.5.\n  - REER (% change, depreciation –): 2022: -4.9; 2023: 4.2."
    },
    {
      "heading": "Structural challenges and policy priorities",
      "content": "- Identified structural impediments:\n  - High and persistent informality (noted as focus of the 2024 Article IV consultation discussions).\n  - Gaps in gender equality.\n- Policy priorities and recommendations highlighted by Acting Chair (Mr. Okamura):\n  - Fiscal policy:\n    - Fiscal consolidation envisaged in the 2025 budget to be underpinned by high-quality and permanent tax policy measures, and tax and customs administration reforms.\n    - Aim to reach the WAEMU deficit target of 3 percent of GDP in 2025.\n    - Sustain domestic revenue mobilization over the medium term to generate fiscal space for economic transformation toward upper middle-income status.\n    - Implementation of the MTRS will require significant engagement with stakeholders; focus on streamlining or eliminating VAT tax exemptions and other tax expenditures.\n    - Enhance the coverage, transparency, and management of public finances, especially to cover state owned enterprises.\n  - Debt management:\n    - Active debt management to further reduce debt sustainability risks.\n  - Structural and governance reforms:\n    - Sustain structural reform momentum and continuous improvements in safeguarding financial integrity and governance to unlock private sector potential.\n    - Address identified AML/CFT framework deficiencies and demonstrate an implementation track-record on AML/CFT reforms.\n    - Tackle and reduce informality to support investments in human capital development, especially amongst youth and women, to make growth more inclusive.\n  - Climate resilience:\n    - Pursue efforts to strengthen resilience to climate risks for sustainable transformation."
    },
    {
      "heading": "Executive Board Assessment — Key statistics and social indicators",
      "content": "- Population (2021): 29 million\n- Gini Index (2018): 37.3\n- Per capita GDP (2021): 2,445 USD\n- Life Expectancy (2020): 60\n- Share of population below the poverty line (2021): 36.3%\n- Selected indicators (2022–26) — values drawn from Table 1:\n  - Real GDP Growth (%): 2022: 6.2; 2023: 6.1; 2024 (Proj.): 6.3.\n  - Inflation (annual average, %): 2022: 5.2; 2023: 4.4; 2024 (Proj.): 4.0; 2025 (Proj.): 3.0; 2026 (Proj.): 2.2.\n  - Revenues (% GDP): 2022: 14.7; 2023: 15.6; 2024 (Proj.): 16.3; 2025 (Proj.): 17.3; 2026 (Proj.): 17.8.\n  - Expenditure (% GDP): 2022: 22.1; 2023: 21.5; 2024 (Proj.): 20.8; 2025 (Proj.): 21.2.\n  - Fiscal balance (% GDP): 2022: -6.8; 2023: -5.2; 2024 (Proj.): -4.0; 2025 (Proj.): -3.0.\n  - Public debt (% GDP): 2022: 56.6; 2023: 58.1; 2024 (Proj.): 59.3; 2025 (Proj.): 56.0; 2026 (Proj.): 54.3.\n  - Broad money (% change): 2022: 9.0; 2023: 3.3.\n  - Credit to private sector (% change): 2022: 7.3; 2023: 16.2.\n  - Current account (% GDP): 2022: -7.7; 2023: -7.9; 2024 (Proj.): -5.1; 2025 (Proj.): -1.7; 2026 (Proj.): -2.4.\n  - Net FDI Inflows (% GDP): 2022: 2.0; 2023: 1.7; 2024 (Proj.): 3.8.\n  - External public debt (% GDP): 2022: 34.5; 2023: 35.9; 2024 (Proj.): 36.2; 2025 (Proj.): 35.5.\n  - REER (% change, depreciation –): 2022: -4.9; 2023: 4.2.\n- Sources for table data: Ivorian authorities, World Bank, and IMF staff estimates.\n\nPress Release No. 24/464 — IMF Communications Department, December 11, 2024\n\n---\n\n\n References\n\n- Côte d'Ivoire and the IMF\n- IMF Policy Advice -- A Factsheet\n- Press Releases\n- PRESS CENTER\n- Extended Fund Facility\n- Extended Credit Facility\n- Resilience and Sustainability Facility\n- Government of Côte d'Ivoire Collaborates with International Financial Institutions, Development Partners, and the Private Sector to Catalyze Climate Finance\n- http://www.IMF.org/external/np/sec/misc/qualifiers.htm\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2024/12/12/pr-24464-cote-divoire-imf-completes-3rd-rev-eff-ecf-arr-2nd-rev-rsf-arr-concludes-2024-aiv-cons"
    }
  ],
  "bullets": [
    "[Markdown version](/en/news/articles/2024/12/12/pr-24464-cote-divoire-imf-completes-3rd-rev-eff-ecf-arr-2nd-rev-rsf-arr-concludes-2024-aiv-cons/index.md)",
    "[Structured JSON version](/en/news/articles/2024/12/12/pr-24464-cote-divoire-imf-completes-3rd-rev-eff-ecf-arr-2nd-rev-rsf-arr-concludes-2024-aiv-cons/index.json)",
    "[Bundle manifest](/en/news/articles/2024/12/12/pr-24464-cote-divoire-imf-completes-3rd-rev-eff-ecf-arr-2nd-rev-rsf-arr-concludes-2024-aiv-cons/bundle-manifest.json)",
    "Published: December 12, 2024",
    "Executive Board completed:",
    "Combined access under the 40-month EFF/ECF arrangements: SDR 2,601.6 million (or 400 percent of quota).",
    "Access under the RSF: SDR 975.6 million (or 150 percent of quota).",
    "Program implementation: all performance criteria, structural benchmarks and reform measures scheduled for the reviews met or implemented.",
    "Immediate disbursement upon completion of reviews: about US$ 808.5 million.",
    "Growth and activity:",
    "Inflation:",
    "Financial sector: described as sound.",
    "Climate finance: commitments announced during the November COP 29 expected to help catalyze climate financing in Côte d’Ivoire.",
    "Fiscal consolidation and debt:",
    "External sector:",
    "Identified structural impediments:",
    "Policy priorities and recommendations highlighted by Acting Chair (Mr. Okamura):",
    "Population (2021): 29 million",
    "Gini Index (2018): 37.3",
    "Per capita GDP (2021): 2,445 USD",
    "Life Expectancy (2020): 60",
    "Share of population below the poverty line (2021): 36.3%",
    "Selected indicators (2022–26) — values drawn from Table 1:",
    "Sources for table data: Ivorian authorities, World Bank, and IMF staff estimates.",
    "[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/)",
    "[Extended Fund Facility](https://www.imf.org/en/About/Factsheets/Sheets/2023/Extended-Fund-Facility-EFF)",
    "[Extended Credit Facility](https://www.imf.org/en/About/Factsheets/Sheets/2023/Extended-Credit-Facility-ECF)",
    "[Resilience and Sustainability Facility](https://www.imf.org/en/About/Factsheets/Sheets/2023/Resilience-Sustainability-Facility-RSF)",
    "[Government of Côte d'Ivoire Collaborates with International Financial Institutions, Development Partners, and the Private Sector to Catalyze Climate Finance](https://www.imf.org/en/News/Articles/2024/11/12/pr-24414-gov-of-cote-divoire-collabs-int-fin-institutions-dev-partners-priv-sec-catalyze-clim-fin)",
    "[http://www.IMF.org/external/np/sec/misc/qualifiers.htm](http://www.imf.org/external/np/sec/misc/qualifiers.htm)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
  ],
  "alternates": {
    "markdown": "/en/news/articles/2024/12/12/pr-24464-cote-divoire-imf-completes-3rd-rev-eff-ecf-arr-2nd-rev-rsf-arr-concludes-2024-aiv-cons/index.md",
    "json": "/en/news/articles/2024/12/12/pr-24464-cote-divoire-imf-completes-3rd-rev-eff-ecf-arr-2nd-rev-rsf-arr-concludes-2024-aiv-cons/index.json",
    "bundleManifest": "/en/news/articles/2024/12/12/pr-24464-cote-divoire-imf-completes-3rd-rev-eff-ecf-arr-2nd-rev-rsf-arr-concludes-2024-aiv-cons/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-26T03:30:03.894Z"
}