## 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

_IMF News, December 12, 2024_

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## Bibliographic details
- Published: December 12, 2024

---

### Program completion, access, and disbursement
- Executive Board completed:
  - Third Reviews of the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) Arrangements.
  - Second Review of the Resilience and Sustainability Facility Arrangement (RSF).
  - 2024 Article IV consultation with Côte d’Ivoire.
- 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.

### Macroeconomic outlook and recent performance
- Growth and activity:
  - Real GDP Growth: 2022: 6.2; 2023: 6.1; 2024 (Proj.): 6.3.
  - Economy described as resilient with strong consumption and investment demand in 2024 despite weaker agricultural production and construction activity.
  - 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.
- Inflation:
  - Headline annual average CPI inflation: 2023: 4.4 percent (yoy); projected to fall to 3.8 percent (yoy) by end-2024.
  - Table shows inflation (annual average, %): 2022: 5.2; 2023: 4.4; 2024 (Proj.): 4.0; 2025 (Proj.): 3.0; 2026 (Proj.): 2.2.
- 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 and external developments
- Fiscal consolidation and debt:
  - Fiscal deficit: 2022: -6.8 percent of GDP; 2023: -5.2 percent of GDP.
  - Projection: fiscal deficit of -4.0 percent of GDP in 2024 and -3.0 percent of GDP in 2025.
  - Revenues (% GDP): 2022: 14.7; 2023: 15.6; 2024 (Proj.): 16.3; 2025 (Proj.): 17.3; 2026 (Proj.): 17.8.
  - Expenditure (% GDP): 2022: 22.1; 2023: 21.5; 2024 (Proj.): 20.8; 2025 (Proj.): 21.2.
  - Public debt (% GDP): 2022: 56.6; 2023: 58.1; 2024 (Proj.): 59.3; 2025 (Proj.): 56.0; 2026 (Proj.): 54.3.
  - Risk of debt distress: confirmed as moderate; debt outlook improved mainly due to improved liquidity ratios and proactive debt management operations.
- External sector:
  - Current account (% GDP): 2022: -7.7; 2023: -7.9; 2024 (Proj.): -5.1; 2025 (Proj.): -1.7; 2026 (Proj.): -2.4.
  - Improvement in 2024 expected on the back of significant terms-of-trade gains, record-high cocoa prices, and increased production prospects supporting export revenue.
  - Net FDI Inflows (% GDP): 2022: 2.0; 2023: 1.7; 2024 (Proj.): 3.8.
  - External public debt (% GDP): 2022: 34.5; 2023: 35.9; 2024 (Proj.): 36.2; 2025 (Proj.): 35.5.
  - REER (% change, depreciation –): 2022: -4.9; 2023: 4.2.

### Structural challenges and policy priorities
- Identified structural impediments:
  - High and persistent informality (noted as focus of the 2024 Article IV consultation discussions).
  - Gaps in gender equality.
- Policy priorities and recommendations highlighted by Acting Chair (Mr. Okamura):
  - Fiscal policy:
    - Fiscal consolidation envisaged in the 2025 budget to be underpinned by high-quality and permanent tax policy measures, and tax and customs administration reforms.
    - Aim to reach the WAEMU deficit target of 3 percent of GDP in 2025.
    - Sustain domestic revenue mobilization over the medium term to generate fiscal space for economic transformation toward upper middle-income status.
    - Implementation of the MTRS will require significant engagement with stakeholders; focus on streamlining or eliminating VAT tax exemptions and other tax expenditures.
    - Enhance the coverage, transparency, and management of public finances, especially to cover state owned enterprises.
  - Debt management:
    - Active debt management to further reduce debt sustainability risks.
  - Structural and governance reforms:
    - Sustain structural reform momentum and continuous improvements in safeguarding financial integrity and governance to unlock private sector potential.
    - Address identified AML/CFT framework deficiencies and demonstrate an implementation track-record on AML/CFT reforms.
    - Tackle and reduce informality to support investments in human capital development, especially amongst youth and women, to make growth more inclusive.
  - Climate resilience:
    - Pursue efforts to strengthen resilience to climate risks for sustainable transformation.

### Executive Board Assessment — Key statistics and social indicators
- 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:
  - Real GDP Growth (%): 2022: 6.2; 2023: 6.1; 2024 (Proj.): 6.3.
  - Inflation (annual average, %): 2022: 5.2; 2023: 4.4; 2024 (Proj.): 4.0; 2025 (Proj.): 3.0; 2026 (Proj.): 2.2.
  - Revenues (% GDP): 2022: 14.7; 2023: 15.6; 2024 (Proj.): 16.3; 2025 (Proj.): 17.3; 2026 (Proj.): 17.8.
  - Expenditure (% GDP): 2022: 22.1; 2023: 21.5; 2024 (Proj.): 20.8; 2025 (Proj.): 21.2.
  - Fiscal balance (% GDP): 2022: -6.8; 2023: -5.2; 2024 (Proj.): -4.0; 2025 (Proj.): -3.0.
  - Public debt (% GDP): 2022: 56.6; 2023: 58.1; 2024 (Proj.): 59.3; 2025 (Proj.): 56.0; 2026 (Proj.): 54.3.
  - Broad money (% change): 2022: 9.0; 2023: 3.3.
  - Credit to private sector (% change): 2022: 7.3; 2023: 16.2.
  - Current account (% GDP): 2022: -7.7; 2023: -7.9; 2024 (Proj.): -5.1; 2025 (Proj.): -1.7; 2026 (Proj.): -2.4.
  - Net FDI Inflows (% GDP): 2022: 2.0; 2023: 1.7; 2024 (Proj.): 3.8.
  - External public debt (% GDP): 2022: 34.5; 2023: 35.9; 2024 (Proj.): 36.2; 2025 (Proj.): 35.5.
  - REER (% change, depreciation –): 2022: -4.9; 2023: 4.2.
- Sources for table data: Ivorian authorities, World Bank, and IMF staff estimates.

*Press Release No. 24/464 — IMF Communications Department, December 11, 2024*

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## References

- [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)

_Source: 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_