Press Release No. 25/404

Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the Fifth Reviews of the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) Arrangements and the Fourth Review of the Resilience and Sustainability Facility (RSF) Arrangement for Côte d’Ivoire.

The EFF/ECF-supported program approved in May 2023 in the amount of SDR 2,601.6 million (equivalent to 400 percent of quota or about US$3.5 billion) has substantially reduced imbalances and preserved Côte d’Ivoire’s moderate risk of debt distress rating. In parallel, important reforms under the RSF arrangement, amounting to SDR 975.6 million (equivalent to 150 percent of quota or about US$1.3 billion), are contributing to prospective balance of payments stability and economic resilience to climate-induced shocks.

Following the October 2025 presidential elections, the authorities’ continued commitment to reforms under both programs should support Côte d’Ivoire’s transformation toward upper middle-income status over the medium-term. Program implementation has been strong: all end-June performance criteria were met, and progress on structural benchmarks has been satisfactory. Moreover, all reform measures under the RSF arrangement for this review have been implemented. The successful completion of these reviews enables an immediate disbursement of about US$839.7 million under the multi-year Fund arrangements.

Côte d’Ivoire’s economy remains resilient amid persistent global uncertainty. For 2025, growth is projected to reach 6.3 percent thanks to robust secondary and tertiary sectors, sustained investment, and rising household incomes. Average inflation is expected to decrease to around 1 percent. The current account deficit is projected to narrow to around 1½ percent of GDP, supported by favorable terms of trade, while the fiscal deficit is expected to meet the WAEMU deficit ceiling of 3 percent of GDP. The medium-term outlook remains positive, underpinned by stronger fundamentals and a more diversified economy, with hydrocarbon and mining sectors contributing to broad-based growth. Risks remain broadly balanced.

The authorities remain firmly committed to boosting tax revenue in the medium term and implementing the medium-term revenue strategy (MTRS) approved in May 2024. Additional revenue measures of about 0.5 percent of GDP are planned for 2026, with the goal of increasing tax revenue to 20 percent of GDP over the medium term through self-sustaining tax policy and administration reforms.

Structural reforms continue to focus on improving the business climate and enhancing private sector participation in the country’s development. Key priorities include enhancing transparency and accountability in public enterprises, reinforcing governance and financial integrity (particularly the AML/CFT framework), investing in human capital, deepening financial inclusion, and advancing climate resilience. These measures will be instrumental in supporting higher productivity growth.

Following the Executive Board discussion, Mr. Okamura, Acting Chair and Deputy Managing Director, made the following statement:

“Côte d’Ivoire’s performance under the Fund-supported programs continues to be strong, reflecting the authorities’ commitment to entrenching macroeconomic stability. Sustained reforms have delivered solid progress toward eliminating macroeconomic imbalances.

Successful execution of revenue-based fiscal consolidation will support bringing the fiscal deficit to 3 percent of GDP in 2025, in line with the WAEMU ceiling. Further high-quality and permanent tax policy measures and revenue administration reforms are included in the 2026 budget, which should allow a reprioritization of capital expenditures while keeping the overall fiscal deficit at 3 percent of GDP.

“Sustained domestic revenue mobilization over the medium-term remains a priority to generate fiscal space to finance social and development spending and a transformation toward upper middle-income status. Ongoing implementation of the Medium-term Revenue Mobilization Strategy (MTRS) will continue to require significant engagement with stakeholders to ensure buy-in for a further expansion of the tax base, while streamlining VAT tax exemptions and other tax expenditures.

“Preserving fiscal space will be aided by the authorities’ commitments to enhance the coverage, transparency, and management of public finances. The authorities’ continued active debt management remains critical in safeguarding debt sustainability.

“Sustaining structural reform momentum and continuous improvements in safeguarding financial integrity and governance are important in fostering private-sector-led growth. Bringing the AML/CFT framework in compliance with FATF standards will facilitate a prompt exit from the FATF grey list and bolster investor confidence. Further investments in human capital development, especially amongst youth and women, along with the reduction of informality, will enhance broad-based growth. Continued efforts toward a green transition will also be important to strengthen economic and balance-of-payments resilience.”

 

Table 1. Côte d’Ivoire: Selected Economic and Financial Indicators, 2022–26 Population (2024): 32 million Gini Index (2021): 35.3 Per capita GDP (2024): 2,710 USD Life Expectancy (2023): 62 Share of population below the poverty line (2021): 37.5%   2022 2023 2024 2025 2026       Prel. Proj. Proj Output           Real GDP Growth (%) 6.4 6.5 6.0 6.3 6.4   Prices           Inflation (annual average, %) 5.2 4.4 3.4 1.0 1.5   Central government finances           Revenues (% GDP) 14.6 15.4 15.9 17.0 17.6 Expenditure (% GDP) 21.9 21.3 20.4 20.2 21.0 Fiscal balance (% GDP) -6.7 -5.2 -4.0 -3.0 -3.0 Public debt (% GDP) 56.0 57.5 59.5 56.8 55.0   Money and Credit           Broad money (% change) 9.0 3.3 13.6 15.7 13.3 Credit to private sector (% change) 7.3 16.2 11.6 11.2 13.0   Balance of payments           Current account (% GDP) -7.6 -8.2 -4.0 -1.6 -1.4 Net FDI Inflows (% GDP) 2.0 1.7 3.8 3.8 2.5 WAEMU reserves (in months of imports) 4.1 3.5 4.6 … … External public debt (% GDP) 34.1 35.5 37.8 34.0 33.7   Exchange rate           REER (% change, depreciation –) -4.8 4.3 2.5 … … Sources: Ivorian authorities, World Bank, and IMF staff estimates