Cote d’Ivoire: IMF commends Ivorian authorities for increasing farmers’ stake in coffee, cocoa

Abidjan, Cote d’Ivoire (PANA) - A top official of the International Monetary Fund (IMF) has commended the leadership of Cote d’Ivore for the sharp increase in pro-poor spending over the last years and the overhaul of the cocoa and coffee revenue distribution mechanisms to augment farmers’ stake.

IMF Deputy Managing Director Mitsuhiro Furusawa has also commended President Alassane Dramane Ouattara for his strong leadership and economic record amid a deteriorating global environment.  

In a statement issued Saturday at the conclusion of his visit to Cote d’Ivoire, Mr. Furusawa remarked that the West African country has experienced four years of strong growth, averaging 8.9 percent a year over the past four years.

“Maintaining this growth momentum will require transitioning to a more private sector-led model while effecting reforms aimed at improving the business environment,” he said, observing that “as evidenced by a recent household survey, poverty, inequality, and unemployment remain high and significant regional disparities still exist.”

Against this background, Mr. Furusawa explained that he discussed with President Ouattara, Prime Minister Kablan Duncan and Minister Adama Kone, ways to maintain economic progress while strengthening the transition towards a more inclusive model.

“These included a set of policy recommendations aimed at pursuing fiscal consolidation based on greater revenue mobilization and efficient spending, while increasing priority outlays,” he said

“It will also require maintaining a disciplined fiscal policy in order to build buffers that would enable the conduct of counter-cyclical policy in the face of adverse shocks, as well as to contain the increase in public debt.”

According to Mr. Furusawa, the adoption of a recent financial strategy by Ivorian authorities, aimed at strengthening financial stability and fostering financial deepening and inclusion, in particular by enhancing small and medium enterprises to access to credit, was welcome.

He also took note of the steps being taken by the authorities to restructure the remaining troubled banks.
-0- PANA AR/VAO 27Feb2016

27 february 2016 12:21:19

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