(Ecofin Agency) - The International Monetary Fund has agreed to grant Côte d'Ivoire $1 billion to support economic recovery and boost job creation. The announcement was made last week by IMF MD Kristalina Georgieva during a meeting with Ivorian President Alassane Ouattara on the sidelines of the France-Africa summit to be held tomorrow May 18.

This new loan follows those granted during 2020 to help the country cope with the covid-19 crisis. In April 2020, the government received $886 million and another $278 million in December 2020, under the three-year ECF/EFF agreements concluded in 2016 with the institution.

The Ivorian government, like most of its African peers, had taken measures to mitigate the impact of the coronavirus crisis on its economy. An emergency plan of $176 million (CFA95 billion) was set up to ensure the continuity of activities in the public and private sectors. As proof of the success of these measures, the latest IMF report on the economic outlook for sub-Saharan Africa indicates that with a rate of 2.3%, Côte d'Ivoire is one of the few countries in the world to have maintained positive growth in 2020.

However, despite these figures, Alassane Ouattara believes that the financing needs of Côte d'Ivoire and sub-Saharan African countries are far from being met. In a plea made last week on the occasion of the 60th anniversary of the IMF's Africa Department, he called on the institution to reform and substantially increase its aid to African countries. According to him, the IMF must put pressure on rich countries to stop being "selfish" and to show more solidarity towards the poorest. The France-Africa summit will therefore be an opportunity for the leader and former IMF executive to reiterate his call alongside several other heads of state.

Alassane Ouattara also met with the World Bank's Managing Director of Operations, Axel Van Trotsenburg, to discuss the International Development Association's (IDA) support measures for African countries.

Kristalina Georgieva praised the excellent work done by the Ivorian government in the fight against the covid-19 pandemic and reiterated the commitment of the IMF to support Côte d'Ivoire in its economic recovery.

Moutiou Adjibi Nourou