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International Monetary Fund. African Dept.
Prior to the COVID crisis, Côte d’Ivoire had established a strong track record of economic policies, although domestic revenue mobilization has disappointed. The authorities reacted swiftly to the pandemic, supported by emergency financing from the IMF and other donors. They implemented a health and economic response plan combined with frontloaded capital spending, relaxing the 2020 fiscal stance by 3½ ppt of GDP compared to pre-COVID projections. The authorities will start consolidating the fiscal position in 2021 while supporting the recovery, with tax measures underpinning the 2021 budget. Beyond, the authorities are committed to returning to the regional fiscal deficit norm of 3 percent of GDP by 2023. The October 2020 presidential election was accompanied by socio-political tensions.
International Monetary Fund. African Dept.
Prior to the COVID crisis, Côte d’Ivoire had established a strong track record of economic policies, although domestic revenue mobilization has disappointed. The authorities reacted swiftly to the pandemic, supported by emergency financing from the IMF and other donors. They implemented a health and economic response plan combined with frontloaded capital spending, relaxing the 2020 fiscal stance by 3½ ppt of GDP compared to pre-COVID projections. The authorities will start consolidating the fiscal position in 2021 while supporting the recovery, with tax measures underpinning the 2021 budget. Beyond, the authorities are committed to returning to the regional fiscal deficit norm of 3 percent of GDP by 2023. The October 2020 presidential election was accompanied by socio-political tensions.
International Monetary Fund. African Dept.
Côte d’Ivoire will be significantly impacted by COVID-19 pandemic: the number of cases in the country has increased rapidly since the first confirmed case was reported on March 11 and the global crisis is expected to severely affect supply chains and external demand. The authorities’ policy response to the pandemic has been swift, putting in place measures to help contain and mitigate the spread of the disease and designing a health response plan. They have complemented these steps with an economic package to provide targeted support to vulnerable populations and firms affected by the pandemic. The pandemic will also temporarily dampen domestic revenue mobilization and complicate access to international market financing.
International Monetary Fund. African Dept.
This paper discusses Côte d’Ivoire’s Requests for Disbursement Under the Rapid Credit Facility (RCF) and Purchase Under the Rapid Financing Instrument (RFI). The government’s response to the pandemic has been swift, with strong social distancing and containment measures and an emergency health plan supported by the World Health Organization. The coronavirus disease 2019 pandemic is expected to have a considerable negative impact on Côte d’Ivoire’s economy, creating fiscal pressures and an urgent balance of payments need. The authorities swiftly adopted strong containment measures which, while necessary, will also weigh on economic activity. In view of the severity of the pandemic, the envisaged temporary widening of the fiscal deficit is appropriate, even if this means temporarily breaching the 3 percent regional convergence criterion. Given the substantial downside risks, additional spending reallocations would be needed if tax revenue were to underperform compared to the current projection. The IMF emergency support under the RCF and RFI is expected to help the authorities address the urgent fiscal and balance of payments financing needs. It will also help catalyze additional financing from other development partners. Additional donor support is critical to close the remaining financing gap and preserve Côte d’Ivoire’s substantial development gains over the past decade.
International Monetary Fund. African Dept.
This paper discusses Cote d’Ivoire’s Sixth Review Under the Arrangement of the Extended Credit Facility and the Extended Arrangement Under the Extended Fund Facility, and Request for Extension and Augmentation of Access. Côte d’Ivoire has been pursuing a development-oriented policy agenda, and the IMF-supported program in place since 2016 has supported that focus, paving the way for the private sector to become the main driver of growth. The performance under the program has been strong. The medium-term growth prospects remain robust, predicated on continuing prudent macroeconomic policy, furthering financial sector reforms and sustaining structural reforms to bolster private sector-led inclusive growth. Côte d’Ivoire’s reform efforts have resulted in improvements in its business climate in recent years. It will be imperative to continue the reform agenda to further stimulate private sector activity and support inclusive growth, including by improving the energy sector, human capital and financial inclusion, accelerating digitalization, enhancing trade connectivity and governance, expanding the coverage of social safety nets, and reinforcing the statistical apparatus to help better inform economic policy.
International Monetary Fund. African Dept.
The political context has become more complex and uncertain ahead of the 2020 presidential elections, with the three traditional parties openly competing since the end of the ruling coalition between President Ouattara’s Republican Democratic Rally and former President Bédié’s Democratic Party of Côte d’Ivoire. Positive investor perceptions of Côte d’Ivoire have so far not been affected. The growth outlook remains strong at 7½ percent, predicated on a continuously improving business environment, buoyant investment and sustained private consumption. Inflation is expected to remain low. Downside risks include the effects of the uncertain political landscape and weaker-than-expected global growth.
International Monetary Fund. African Dept.
The political context has become more complex and uncertain ahead of the 2020 presidential elections, with the three traditional parties openly competing since the end of the ruling coalition between President Ouattara’s Republican Democratic Rally and former President Bédié’s Democratic Party of Côte d’Ivoire. Positive investor perceptions of Côte d’Ivoire have so far not been affected. The growth outlook remains strong at 7½ percent, predicated on a continuously improving business environment, buoyant investment and sustained private consumption. Inflation is expected to remain low. Downside risks include the effects of the uncertain political landscape and weaker-than-expected global growth.