Côte d’Ivoire: IMF Board approves US$133.8 m disbursement to Côte d’Ivoire

Abidjan, Côte d’Ivoire (PANA) - The Executive Board of the International Monetary Fund (IMF) has augmented Côte d’Ivoire's access to the Extended Credit Facility (ECF) and Extended Arrangement under the Extended Fund Facility (EFF) by US$224.8 million, the Board announced on Tuesday after completing first reviews of the country's economic programme.

The programme is supported by three-year arrangements under the ECF and EFF with the aim of backing the Ivorian authorities' efforts to achieve a sustainable balance of payments, inclusive growth, and poverty reduction.

"Completion of the review enables the immediate disbursement of US$133.8 million, including US$37.5 million following the augmentation," the Board said in a press statement, noting that Côte d’Ivoire’s economic outlook remains strong, with growth projected at about 7 percent in 2017–19.

Côte d’Ivoire’s three-year, US$ 674.4 million arrangements were approved by the IMF Executive Board on 12 December 2016 to support the authorities’ efforts to achieve a sustainable balance of payments position; inclusive growth, and poverty reduction; catalyse official and private financing; and build resilience to future economic shocks.

Following the Executive Board's discussion in Washington, D.C., IMF Acting Chair and Deputy Managing Director, Mr. Mitsuhiro Furusawa, stated: “Côte d’Ivoire’s performance under its Fund-supported programme has been satisfactory. The country has been hit by a substantial terms of trade shock and experienced social tensions earlier this year. Nonetheless, the country’s economic outlook remains strong.

“The authorities have appropriately responded to the challenges by lowering the regulated cocoa producer price and adopting fiscal adjustment measures that aim to limit the fiscal deficit to 4.5 percent of GDP in 2017. The authorities have also reaffirmed their commitment to the convergence of the fiscal deficit to the WAEMU norm of 3 percent of GDP by 2019.

"Fiscal consolidation will be anchored on the implementation of new revenue measures starting in 2018 and containment of current spending while protecting pro-poor outlays."

According to the IMF Board, the authorities in Côte d’Ivoire were improving public financial management and strengthening debt management operations with Fund technical assistance, but they need to address vulnerabilities in the energy and financial sectors. Structural reforms should also be accelerated to help improve the business climate and sustain robust and inclusive growth.
-0- PANA AR/MA 20June2017

20 juin 2017 08:56:13

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