(Ecofin Agency) - Côte d'Ivoire is set to receive a $570 million loan from the International Monetary Fund (IMF) as part of ongoing economic programs. This announcement came on Monday, June 24, 2024, following an evaluation by the IMF.

The loan is part of the second review of the combined arrangement under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF), as well as the first review under the Resilience and Sustainability Facility (RSF).

According to the IMF, Côte d'Ivoire's implementation of these programs has been "strong thus far, with all end-December performance criteria and end-December and end-May structural benchmarks met."

Despite a challenging external environment, the country demonstrated resilient economic growth in 2023. The IMF forecasts economic growth to reach 6.5% this year. Inflation is expected to decrease and stay within the BCEAO's target range by the end of 2024. The budget deficit should consolidate to 4% of GDP.

The IMF urged the Ivorian government to continue its reform programs to maintain macroeconomic stability and pursue deep economic transformation in line with the 2021-2025 National Development Plan. The IMF also emphasized the need for greater climate resilience through adaptation and mitigation reforms.

"The authorities’ ongoing commitment to reforms under both programs should support Côte d’Ivoire’s transformation towards upper middle-income status over the medium-term and enhance its resilience to climate change," the IMF noted.

In May 2023, Côte d'Ivoire and the IMF agreed on a financial program under the ECF/EFF combined arrangements totaling $3.5 billion. This program aims to support the Ivorian authorities' efforts to maintain macroeconomic stability and create fiscal space for essential social spending, security, and investment needs. The RSF, approved in March with a package of $1.3 billion, aims to support Côte d'Ivoire's strategy to achieve upper-middle-income status by 2030.