(Ecofin Agency) - Since May 2023, Côte d'Ivoire has been benefiting from an IMF EFF/ECF agreement, supplemented by RSF financing. From September 23 to October 9, an IMF mission evaluated the progress of ongoing reforms in the country.

Côte d'Ivoire is set to receive about $825 million from the International Monetary Fund (IMF) after the board approved the evaluations of its reform programs. Olaf Unteroberdoerster, the head of the IMF mission in the country, shared this exciting news. On Thursday, October 10, 2024, the IMF announced that it reached an agreement with Ivorian authorities after reviewing programs supported by the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF), as well as climate reforms funded by the Resilience and Sustainability Facility (RSF).

The IMF praised Côte d'Ivoire's economic performance as satisfactory. Unteroberdoerster mentioned, “The authorities and IMF staff agreed on additional revenue measures to meet the 2024 budget targets and on key actions for 2025.” These measures are designed to reduce the budget deficit to 3% of GDP by 2025. For the RSF, a consensus was reached on necessary actions to ensure climate reforms progress smoothly for the rest of the year. This includes improving climate governance, lowering greenhouse gas emissions, and boosting green financing.

Côte d'Ivoire has entered into an agreement with the IMF for a total loan exceeding $4.8 billion, which consists of $3.5 billion under the EFF/ECF agreement and $1.3 billion from the RSF. One key aim of these reforms is to bring the budget deficit down to 3% of GDP by 2025, while also encouraging economic growth and enhancing public revenues.

Following the discussions, the IMF underscored the importance of continuing efforts to reduce poverty, strengthen climate resilience, and create more inclusive growth. This includes addressing the significant size of the informal sector. These reforms will help Côte d'Ivoire move closer to its goal of becoming a higher-middle-income economy by 2030.