The International Monetary Fund (IMF) Executive Board has completed its reviews of the Extended Fund Facility (EFF), Extended Credit Facility (ECF), and Resilience and Sustainability Facility (RSF) arrangements for Côte d’Ivoire. These arrangements were originally approved in May 2023, with a total amount equivalent to about US$4.9 billion.
The EFF/ECF program aims to reduce economic imbalances and safeguard debt stability, while the RSF arrangement focuses on climate resilience and balance of payments stability. The IMF noted that all performance criteria for December were met, and structural benchmarks were satisfactorily implemented. As a result, an immediate disbursement of approximately US$758 million is now available under these arrangements.
Côte d’Ivoire's economy is showing resilience amid global challenges, supported by recovery in agriculture, favorable trade terms, and rising household incomes. Growth for 2025 is projected at 6.3 percent with inflation expected within the WAEMU target range of 1 to 3 percent. The current account deficit is projected to narrow to 3.6 percent of GDP, while the fiscal deficit should meet the WAEMU ceiling of 3 percent of GDP.
Authorities in Côte d’Ivoire are committed to increasing tax revenue through a medium-term strategy approved in May 2024. The aim is to boost tax revenue by 0.5 percent of GDP annually until it reaches about 20 percent over the medium term.
Structural reforms are ongoing to improve business conditions and private sector involvement in development. Key areas include public enterprise transparency, governance strengthening, financial integrity improvements particularly regarding AML/CFT frameworks, human capital investment, financial inclusion enhancement, and climate resilience measures.
Following discussions at the Executive Board meeting, Mr. Okamura, Acting Chair and Deputy Managing Director stated: “Côte d’Ivoire’s performance under the Fund-supported programs has been strong... Sustained reform efforts will help safeguard fiscal and debt sustainability...”
Mr. Okamura emphasized continued fiscal consolidation through high-quality tax policy measures aligned with WAEMU standards as crucial for reducing debt risks: “Sustaining domestic revenue mobilization over the medium-term remains a priority... implementation of the Medium-term Revenue Mobilization Strategy (MTRS) will continue...”
Further investments in human capital development alongside reductions in informality are seen as key steps towards inclusive growth: “Addressing identified AML/CFT framework deficiencies... Continuing efforts to strengthen resilience to climate shocks will also be important..."