(Ecofin Agency) - The Ivorian government attributes this outcome to effective resource mobilization and careful spending management, despite challenging global conditions.

Côte d'Ivoire wrapped up its FY2023 with a surplus of CFA38.6 billion, which is about $63.7 million. This announcement came during the Cabinet meeting on October 16.

The government attributed this surplus to effective resource mobilization and strict spending controls, despite challenges from an uncertain global environment. Initially, the budget was set at CFA11,694.4 billion but was revised to CFA12,612.9 billion during the year to address changes in public finances and the state's priority needs.

The total revenue collected reached CFA11,831.2 billion, giving a collection rate of 93.8%. Meanwhile, expenditures totaled CFA11,792.6 billion, with an execution rate of 93.5%. Regarding program execution, the target achievement rate improved to 85.4% in 2023, up from 85.2% in 2022, 82.1% in 2021, and 73.7% in 2020.

However, officials noted that this performance still resulted in a negative balance of CFA3,110.7 billion in terms of self-generated resources. This deficit was financed through cash operations, which had a net balance of CFA3,149.4 billion.

These results come as Ivorian authorities aim to reduce the budget deficit to 3% of GDP, in line with the WAEMU benchmark. The country is focusing on improving internal revenue collection, streamlining operational expenses, and investing in strategic sectors to support growth and reduce social inequalities.

For 2023, the government anticipated reducing the budget deficit to 4.3% of GDP, down from a projected 6% for the current year.

It is also important to note that Côte d'Ivoire is currently implementing economic and climate reform programs supported by the International Monetary Fund (IMF), totaling $4.8 billion. This program aims to enhance revenue mobilization, ensure macroeconomic stability, and create budget space for essential social spending, security, and investment needs.

Looking ahead, the country expects an average annual GDP growth of 7.4%  from 2025 to 2027, according to the multi-year budget programming document.