IMF Executive Board Completes the Sixth Reviews Under the EFF/ECF Arrangements and the Fifth Review Under the RSF Arrangement for Côte d’Ivoire

IMF News, June 24, 2026

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Canonical URL: IMF Executive Board Completes the Sixth Reviews Under the EFF/ECF Arrangements and the Fifth Review Under the RSF Arrangement for Côte d’Ivoire

The Executive Board completed the Sixth Reviews of Côte d’Ivoire’s EFF and ECF Arrangements and the Fifth Review of the RSF Arrangement.
Completion makes available SDR 247.774 million under the EFF, SDR 123.884 million under the ECF, and SDR 243.9 million under the RSF, equivalent to about US$832.8 million.
Original program sizes:
- EFF/ECF-supported program (approved in May 2023): SDR 2,601.6 million (equivalent to 400 percent of quota or US$3.5 billion).
- RSF arrangement (approved in March 2024): SDR 975.6 million (equivalent to 150 percent of quota or US$1.3 billion).

All end-December 2025 quantitative performance criteria under the EFF/ECF arrangements were met.
All structural benchmarks for the sixth reviews under EFF/ECF were implemented.
All RSF-supported reform measures were implemented, marking completion of all RSF reform measures.
Macroeconomic improvements attributed to the program:
- Fiscal deficit reduced to the WAEMU ceiling of 3 percent of GDP in 2025.
- Current account deficit narrowed significantly (reaching near balance in 2025).
- Public debt declined as a percentage of GDP for the first time in more than a decade.
- Debt sustainability assessment improved from moderate to low risk of debt distress under the LIC-DSF.
- Regional pooled reserves rebuilt to remain comfortable at over eight months of imports.

RSF reforms implemented include:
- Measures related to climate risk insurance in agriculture.
- Approval of a carbon taxation strategy.
- Reforms to support cleaner vehicles.
- Finalization of the tendering process for two solar photovoltaic power plants.
RSF objective: strengthen resilience to climate-related shocks and reduce prospective balance-of-payments risks.

Real GDP growth projections:
- 2025: 6.5 percent (reported actual/proj).
- 2026: expected to moderate to 6 percent.
Inflation:
- Declined to near zero in 2025.
- Projected to average 3.3 percent in 2026, driven by higher food and energy prices.
Current account:
- Reached near balance in 2025.
- Projected to widen to -2.3 percent of GDP in 2026.
Reserves:
- Regional pooled reserves remain comfortable at over eight months of imports.
Fiscal stance:
- Authorities plan a temporary and moderate relaxation of the fiscal deficit target to -3.8 percent of GDP in 2026, from the initial objective of -3 percent of GDP, to accommodate revenue shortfalls and preserve priority investments.
- Authorities committed to returning to the WAEMU deficit ceiling of -3 percent of GDP by 2028.
External uncertainty noted: weaker external demand amid the war in the Middle East and heightened global uncertainty.

Medium-term drivers of favorable outlook:
- Strong household consumption and investment.
- Continued expansion of the hydrocarbon and mining sectors.
- Authorities’ reform agenda under the 2026–30 National Development Plan.
Policy and reform priorities emphasized:
- Continued implementation of the Medium-Term Revenue Strategy to consolidate revenue gains.
- Priorities within revenue strategy: broadening the tax base, simplifying and modernizing the tax system, improving corporate taxation and transfer pricing rules, rolling out e-invoicing, strengthening tax expenditure analysis, and enhancing data-driven compliance tools.
- Prudent debt management and maintaining a cautious borrowing strategy.
- Stronger public financial management.
- Reforms to improve the business climate, governance, financial integrity, and statistical capacity.
- Sustained implementation of climate reforms beyond the program period to realize resilience and green-transition benefits.

Program performance remains strong, reflecting authorities’ sustained commitment to macroeconomic stability and reform.
Program achievements recapped: reduction of fiscal deficit to WAEMU ceiling of 3 percent of GDP in 2025; narrowed external imbalances; rebuilt reserve buffers; improvement in debt sustainability from moderate to low risk of debt distress.
The temporary and moderate relaxation of the 2026 fiscal deficit target is appropriate given external spillovers (fuel revenues, cocoa receipts, impact on vulnerable households).
Emphasis on careful implementation of targeted and temporary support measures, revenue mobilization efforts, and sustained application of the fuel price adjustment mechanism to preserve fiscal sustainability and protect priority spending.
Importance of continuing structural reforms to support inclusive, private-sector-led growth and the transition toward upper-middle-income status.
The completion of all RSF reform measures is a significant achievement for climate resilience and reducing balance-of-payments risks.

Source: IMF Executive Board press release, June 24, 2026.