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A staff delegation from the International Monetary Fund (IMF), led by Mr. Olaf Unteroberdoerster, visited Abidjan from March 1–14, 2023, and reached an agreement with the Ivorian government on all policy goals and changes for an economic reform program that could be financed by an Extended Fund Facility (EFF)/Extended Credit Facility financial arrangement (ECF).
A consensus at the staff level has now been established, including on the extent of access to Fund resources under the Extended Fund Facility (EFF)/Extended Credit Facility of 400 percent of quota, or roughly US$ 3.5 billion (ECF).
On Wednesday, April 5, 2023, Mr. Unteroberdoerster released the following statement:
“The Ivorian economy proved resilient to the pandemic, but the economic rebound has softened in the face of adverse spillovers from Russia’s war in Ukraine and global monetary tightening”.
“Indirect and direct subsidies to curb price pressures, higher security spending, and worsening terms-of-trade amid robust domestic demand have led to a widening of macroeconomic imbalances in 2022”.
In light of this difficult situation, he stated: “The authorities have asked the Fund to support their economic agenda through a mixed EFF/ECF arrangement. In order to promote more inclusive growth led by the private sector and ease Côte d’Ivoire’s transition to a middle-income country, it intends to safeguard fiscal and debt sustainability and root the 2021–25 National Development Plan (NDP) in key structural priorities.
He said that despite fast demographic change and severe external obstacles, “Staff wholeheartedly supports the authorities’ reform plan and welcomes their profound commitment to fiscal and debt sustainability, as well as to constructing a more prosperous and inclusive society.”
The Vice President Tiémoko Koné, the Prime Minister Patrick Achi, the Minister of State and Agriculture Kobenan Adjoumani, the Minister of Planning and Development Nialé Kaba, the Minister of Petroleum, Mines, and Energy Sangafowa Coulibaly, the Minister of Economy and Finance Adama Coulibaly, the Minister of Budget and State Holdings Moussa Sanogo, the Minister of Commerce and Industry Souleymane Diarrassouba.
Source: Ghanatodayonline.com
