Abstract
This 2011 Article IV Consultation reviews Côte d’Ivoire’s economic condition. Côte d’Ivoire is emerging from a decade-long sociopolitical crisis that has held back its economic growth. In 2009, Côte d’Ivoire adopted an economic and financial program supported by a three-year Extended Credit Facility (ECF) arrangement with the aim of ensuring a stable macroeconomic framework, promoting sustained growth, and reducing poverty. Executive Directors have commended Côte d’Ivoire’s rapid progress in reviving the economy. Directors have also welcomed the authorities’ good performance under the economic recovery program, especially the prudent budgetary stance.
Relations with the Fund
(As of August 31, 2011)
I. Membership Status: Joined March 11, 1963: Article VIII
II. General Resources Account:
| SDR Million | %Quota | |
| Quota | 325.20 | 100.00 |
| Fund holdings of currency (Exchange Rate) | 324.36 | 99.74 |
| Reserve Tranche Position | 0.86 | 0.27 |
| SDR Million | %Quota | |
| Quota | 325.20 | 100.00 |
| Fund holdings of currency (Exchange Rate) | 324.36 | 99.74 |
| Reserve Tranche Position | 0.86 | 0.27 |
III. SDR Department:
| SDR Million | %Allocation | |
| Net cumulative allocation | 310.90 | 100.00 |
| Holdings | 272.96 | 87.80 |
| SDR Million | %Allocation | |
| Net cumulative allocation | 310.90 | 100.00 |
| Holdings | 272.96 | 87.80 |
IV. Outstanding Purchases and Loans:
| SDR Million | %Quota | |
| RCF loans | 81.30 | 25.00 |
| ECF Arrangements | 242.60 | 74.60 |
| SDR Million | %Quota | |
| RCF loans | 81.30 | 25.00 |
| ECF Arrangements | 242.60 | 74.60 |
V. Latest Financial Arrangements:
VI. Projected Payments to Fund: 2/
(SDR Million; based on existing use of resources and present holdings of SDRs):
| 2011 | 2012 | 2013 | 2014 | 2015 | |
| Principal | 5.85 | 5.85 | 0.00 | 15.93 | 39.02 |
| Charges/Interest | 0.04 | 0.93 | 0.93 | 0.92 | 0.84 |
| Total | 5.89 | 6.78 | 0.93 | 16.85 | 39.87 |
| 2011 | 2012 | 2013 | 2014 | 2015 | |
| Principal | 5.85 | 5.85 | 0.00 | 15.93 | 39.02 |
| Charges/Interest | 0.04 | 0.93 | 0.93 | 0.92 | 0.84 |
| Total | 5.89 | 6.78 | 0.93 | 16.85 | 39.87 |
VII. Implementation of HIPC Initiative:
Formerly PRGF.
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts cannot be added.
Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
| I. Commitment of HIPC assistance | Original Framework |
Enhanced Framework |
Total | |||
| Decision point date | Mar 1998 | Apr 2009 | ||||
| Assistance committed | ||||||
| by all creditors (US$ Million)3/ | 345.00 | 3,004.90 | ||||
| Of which IMF assistance (US$ million) | 22.50 | 37.71 | ||||
| (SDR equivalent in millions) | 16.70 | 25.21 | ||||
| Completion point date | -- | Floating | ||||
| II. Disbursement of IMF assistance (SDR Million) | ||||||
| Assistance disbursed to the member | -- | 10.09 | 10.09 | |||
| Interim assistance | -- | 10.09 | 10.09 | |||
| Completion point balance | -- | -- | -- | |||
| Additional disbursement of interest income4/ | -- | -- | -- | |||
| Total disbursements | -- | 10.09 | 10.09 | |||
Formerly PRGF.
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts cannot be added.
Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
| I. Commitment of HIPC assistance | Original Framework |
Enhanced Framework |
Total | |||
| Decision point date | Mar 1998 | Apr 2009 | ||||
| Assistance committed | ||||||
| by all creditors (US$ Million)3/ | 345.00 | 3,004.90 | ||||
| Of which IMF assistance (US$ million) | 22.50 | 37.71 | ||||
| (SDR equivalent in millions) | 16.70 | 25.21 | ||||
| Completion point date | -- | Floating | ||||
| II. Disbursement of IMF assistance (SDR Million) | ||||||
| Assistance disbursed to the member | -- | 10.09 | 10.09 | |||
| Interim assistance | -- | 10.09 | 10.09 | |||
| Completion point balance | -- | -- | -- | |||
| Additional disbursement of interest income4/ | -- | -- | -- | |||
| Total disbursements | -- | 10.09 | 10.09 | |||
Formerly PRGF.
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts cannot be added.
Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
VIII. Implementation of Multilateral Debt Relief Initiative (MDRI): Not Applicable
Decision point - point at which the IMF and the World Bank determine whether a country qualifies for assistance under the HIPC Initiative and decide on the amount of assistance to be committed.
Interim assistance - amount disbursed to a country during the period between decision and completion points, up to 20 percent annually and 60 percent in total of the assistance committed at the decision point (or 25 percent and 75 percent, respectively, in exceptional circumstances).
Completion point - point at which a country receives the remaining balance of its assistance committed at the decision point, together with an additional disbursement of interest income as defined in footnote 2 above. The timing of the completion point is linked to the implementation of pre-agreed key structural reforms (i.e., floating completion point).
IX. Safeguards Assessments:
The Central Bank of West African States (BCEAO) is the common central bank of the countries of the West African Economic and Monetary Union, which includes Côte d’Ivoire. The most recent safeguards assessment of the BCEAO was completed on March 1, 2010. The 2010 update assessment found that the BCEAO continues to have controls in place at the operational level. The overall governance framework needed nonetheless to be strengthened by the addition of an audit committee to ensure that the Board of Directors exercises appropriate oversight over the control structure, including the audit mechanisms and financial statements. The Institutional Reform of the WAMU and the BCEAO completed after the approval of the safeguards report stipulated creation of the Audit Committee, which should now start working. Efforts to implement fully the International Financial Reporting Standards reporting framework should also be pursued.
X. Exchange Arrangements:
Côte d’Ivoire is a member of the WAEMU; the exchange system, common to all members of the union, is free of restrictions on payments and transfers for current international transactions. The common currency, the CFA franc, is pegged to the euro at the rate of €1 = CFAF 655.957.
XI. Article IV Consultation:
Côte d’Ivoire is on the standard 12-month Article IV consultation cycle. The Executive Board completed the 2009 consultation in November 2009.
XII. Technical Assistance:
| Area | Focus | |
|---|---|---|
| 2007 | Public Debt Management (January 2007) | Diagnostic mission, identification of needs |
| (August 2007) | Mid-term debt strategy and debt sustainability | |
| (September 2007) | Debt management and HIPC Initiative | |
| Public Expenditure Management (February 2007) | Diagnostic mission, identification of need | |
| Public Finance Statistics (February 2007) | Diagnostic mission, identification of needs | |
| Tax administration (August 2007) | Diagnostic mission on ongoing reforms | |
| Microfinance (May and August 2007) (October 2008) | Support of Microfinance Directorate | |
| National Accounts (August 2007) | Techniques of measurement of certain services in national accounts. Review of deflators | |
| Customs administration (August 2007) | Combating fraud | |
| Financial supervision and regulation (September-October 2007) | Propose analysis methods of financial statements Personnel training | |
| 2008 | Public Expenditure Management (February 2008) | Assessment of integrated budget execution information system |
| Customs Administration (March 2008) | Combating fraud | |
| Public Finance Statistics (March 2008) | Preparation of GFS metadata | |
| National Accounts (April 2008) | Assess work program of the National Statistical Office | |
| National Accounts (August 2008) | Review choice of base year (2006) for compilation of National Accounts estimates | |
| 2009 | Public Expenditure Management (March–April, 2009) | Interface budget execution (SIGFIP) and accounting (ASTER) |
| Government finance statistics (March 2009) | Training in use of GFS methodology | |
| Customs administration (February 2009) | Control of value and origin, ex-post inspection, and customs surveillance | |
| National Accounts (April 2009) | Implementation of a new base year (2008), improve the treatment of certain source data, presentation of a software to compile NA | |
| Tax Administration (April 2009) | Development of the IT strategy | |
| Microfinance (May 2009) | Strengthening Microfinance supervision | |
| Debt management (June 2009) | Support to the Debt management unit | |
| Customs administration (September 2009) | Revenue loss diagnostics and recommendations for better collection | |
| Tax administration (October 2009) | Development of the IT strategy | |
| Public Finance statistics (November 2010) | Training for the new GFS nomenclature | |
| 2010 | Financial sector (January 2010) | Assessment and public debt management, financial sector reforms |
| Customs administration (February 2010) | Risk analysis and management | |
| Public Finance Management (February 2010) | Medium term budgeting | |
| Tax administration (March 2010) | Development of IT strategy (3/3) | |
| Financial sector (January 2010) | Assessment and public debt management, financial sector reforms | |
| Customs administration (February 2010) | Risk analysis and management | |
| Public Finance Management (February 2010) | Medium term budgeting | |
| Tax administration (March 2010) | Development of IT strategy (3/3) | |
| National accounts (April 2010) | Training for new base year implementation | |
| Customs administration (May 2010) | Valuation, improving customs processing, transit, rationalizing exemptions, strengthening fight against fraud, organization and effective use of human resource | |
| Tax administration (May 2010) | Professional training, strategic plan implementation and computer system capacity building | |
| Banking supervision ( June 2010) | Preparation of the CODESFI workshop ( financial sector reform strategy) | |
| Customs administration ( July 2010) | Risk management and models implementation | |
| Tax administration (July 2010) | Professional training, strategic plan implementation and computer system capacity building | |
| Public Finance Management (July 2010) | Review of PFM IT systems | |
| Debt management and banking supervision (September 2010) | Support to the launching of the financial sector reform strategy in coordination with CODESFI-participation in the national workshop | |
| National accounts (October 2010) | New nomenclature of national accounts | |
| 2011 | ||
| Multitopic (July 2011) | Strengthen the capacities of all the stakeholders involved in the compilation and production of the Table of Financial Operations (TOFE); launch the GFS source data collection; and elaborate a strategy to implement the West African Economic and Monetary Union (WAEMU) common GFS guideline (Directive n°10/2009/CM/UEMOA, portant TOFE). | |
| Debt management (July 2011) | Advice on the treatment of domestic debt, in particular government securities. | |
| Customs administration (August 2011) | Follow-up | |
| FSAP follow up (August 2011) | Advice on resuming formulation of the financial sector development strategy, managing public debt, and solving banking sector problems. |
| Area | Focus | |
|---|---|---|
| 2007 | Public Debt Management (January 2007) | Diagnostic mission, identification of needs |
| (August 2007) | Mid-term debt strategy and debt sustainability | |
| (September 2007) | Debt management and HIPC Initiative | |
| Public Expenditure Management (February 2007) | Diagnostic mission, identification of need | |
| Public Finance Statistics (February 2007) | Diagnostic mission, identification of needs | |
| Tax administration (August 2007) | Diagnostic mission on ongoing reforms | |
| Microfinance (May and August 2007) (October 2008) | Support of Microfinance Directorate | |
| National Accounts (August 2007) | Techniques of measurement of certain services in national accounts. Review of deflators | |
| Customs administration (August 2007) | Combating fraud | |
| Financial supervision and regulation (September-October 2007) | Propose analysis methods of financial statements Personnel training | |
| 2008 | Public Expenditure Management (February 2008) | Assessment of integrated budget execution information system |
| Customs Administration (March 2008) | Combating fraud | |
| Public Finance Statistics (March 2008) | Preparation of GFS metadata | |
| National Accounts (April 2008) | Assess work program of the National Statistical Office | |
| National Accounts (August 2008) | Review choice of base year (2006) for compilation of National Accounts estimates | |
| 2009 | Public Expenditure Management (March–April, 2009) | Interface budget execution (SIGFIP) and accounting (ASTER) |
| Government finance statistics (March 2009) | Training in use of GFS methodology | |
| Customs administration (February 2009) | Control of value and origin, ex-post inspection, and customs surveillance | |
| National Accounts (April 2009) | Implementation of a new base year (2008), improve the treatment of certain source data, presentation of a software to compile NA | |
| Tax Administration (April 2009) | Development of the IT strategy | |
| Microfinance (May 2009) | Strengthening Microfinance supervision | |
| Debt management (June 2009) | Support to the Debt management unit | |
| Customs administration (September 2009) | Revenue loss diagnostics and recommendations for better collection | |
| Tax administration (October 2009) | Development of the IT strategy | |
| Public Finance statistics (November 2010) | Training for the new GFS nomenclature | |
| 2010 | Financial sector (January 2010) | Assessment and public debt management, financial sector reforms |
| Customs administration (February 2010) | Risk analysis and management | |
| Public Finance Management (February 2010) | Medium term budgeting | |
| Tax administration (March 2010) | Development of IT strategy (3/3) | |
| Financial sector (January 2010) | Assessment and public debt management, financial sector reforms | |
| Customs administration (February 2010) | Risk analysis and management | |
| Public Finance Management (February 2010) | Medium term budgeting | |
| Tax administration (March 2010) | Development of IT strategy (3/3) | |
| National accounts (April 2010) | Training for new base year implementation | |
| Customs administration (May 2010) | Valuation, improving customs processing, transit, rationalizing exemptions, strengthening fight against fraud, organization and effective use of human resource | |
| Tax administration (May 2010) | Professional training, strategic plan implementation and computer system capacity building | |
| Banking supervision ( June 2010) | Preparation of the CODESFI workshop ( financial sector reform strategy) | |
| Customs administration ( July 2010) | Risk management and models implementation | |
| Tax administration (July 2010) | Professional training, strategic plan implementation and computer system capacity building | |
| Public Finance Management (July 2010) | Review of PFM IT systems | |
| Debt management and banking supervision (September 2010) | Support to the launching of the financial sector reform strategy in coordination with CODESFI-participation in the national workshop | |
| National accounts (October 2010) | New nomenclature of national accounts | |
| 2011 | ||
| Multitopic (July 2011) | Strengthen the capacities of all the stakeholders involved in the compilation and production of the Table of Financial Operations (TOFE); launch the GFS source data collection; and elaborate a strategy to implement the West African Economic and Monetary Union (WAEMU) common GFS guideline (Directive n°10/2009/CM/UEMOA, portant TOFE). | |
| Debt management (July 2011) | Advice on the treatment of domestic debt, in particular government securities. | |
| Customs administration (August 2011) | Follow-up | |
| FSAP follow up (August 2011) | Advice on resuming formulation of the financial sector development strategy, managing public debt, and solving banking sector problems. |
XIII. Resident Representative:
A Fund resident representative was posted in Abidjan in January 2007 after an interruption of one and a half years. The resident representative and three local staff were evacuated/relocated (late December 2010–mid-May 2011) during the post-election conflict.
Joint Bank-Fund Work Program, 2011–12
(As of October 2011)
| Title | Products | Provisional timing of missions | Expected delivery date |
|---|---|---|---|
| A. Mutual information on relevant work programs | |||
| World Bank work program in the next 12 months | Operations: | ||
| Preparation of an Emergency Economic infrastructure renewal operation | October-December 2011 | June 2012 | |
| Preparation of a budget Support Operation | January 2012 | June 2012 | |
| Economic and Sector Work | |||
| Analytical study for Côte d’Ivoire- An agenda for growth based on exports and natural resources- Workshop | November 2011 | November 2011 | |
| Investment Climate Assessment phase 2 – CNO areas | Q2 2012 | ||
| Technical assistance/other analytical | |||
| Governance Diagnostic Survey (WBI) Possible update to take into account the impact of post-election crisis |
Q2 2011 Q1 2012 |
||
| PEMFAR 2 | Q1 2012 | ||
| Support on EITI implementation | On-going | ||
| Economic and Poverty Monitoring | On-going | ||
| PSIA of possible new electricity tariff structures | Q42011 | ||
| Advice and comments on cocoa strategy | On-going | ||
| Development of a PPP regulatory framework and the list of potential projects which could be developed under its related arrangements | June 2012 | ||
| IMF work program in the next 12 months | Program: | ||
| 1st ECF review under ECF | February/March 2012 | April/May 2012 | |
| 2nd ECF review/HIPC completion point | September 2012 | November 2012 | |
| Technical Assistance: | |||
| PFM legal framework | October 2011 | ||
| FSAP follow-up (state banks, debt management, financial sector strategy) | November 2011 | ||
| AML/CFT Diagnostic | November 2011 | ||
| National accounts | October/December 2011 | ||
| Customs administration follow-up | January 2012 | ||
| Medium-term debt strategy | February 2012 | ||
| B. Requests for work program inputs | |||
| Fund requests to Bank | Monitoring of HIPC Completion Point triggers Periodic updates on budget implications of reforms in the civil service, coffee/cocoa sector, electricity sector, financial sector, as well as an infrastructure master plan |
Ongoing Ongoing |
|
| Bank requests to Fund | Regular updates on macro-economic and fiscal projections | Ongoing | |
| C. Agreement on joint products and missions | |||
| Joint Bank-Fund products in the next 12 months | HIPC Completion Point Debt management strategy workshop |
September 2012 Possibly Q2, 2012 |
November 2012 |
| Title | Products | Provisional timing of missions | Expected delivery date |
|---|---|---|---|
| A. Mutual information on relevant work programs | |||
| World Bank work program in the next 12 months | Operations: | ||
| Preparation of an Emergency Economic infrastructure renewal operation | October-December 2011 | June 2012 | |
| Preparation of a budget Support Operation | January 2012 | June 2012 | |
| Economic and Sector Work | |||
| Analytical study for Côte d’Ivoire- An agenda for growth based on exports and natural resources- Workshop | November 2011 | November 2011 | |
| Investment Climate Assessment phase 2 – CNO areas | Q2 2012 | ||
| Technical assistance/other analytical | |||
| Governance Diagnostic Survey (WBI) Possible update to take into account the impact of post-election crisis |
Q2 2011 Q1 2012 |
||
| PEMFAR 2 | Q1 2012 | ||
| Support on EITI implementation | On-going | ||
| Economic and Poverty Monitoring | On-going | ||
| PSIA of possible new electricity tariff structures | Q42011 | ||
| Advice and comments on cocoa strategy | On-going | ||
| Development of a PPP regulatory framework and the list of potential projects which could be developed under its related arrangements | June 2012 | ||
| IMF work program in the next 12 months | Program: | ||
| 1st ECF review under ECF | February/March 2012 | April/May 2012 | |
| 2nd ECF review/HIPC completion point | September 2012 | November 2012 | |
| Technical Assistance: | |||
| PFM legal framework | October 2011 | ||
| FSAP follow-up (state banks, debt management, financial sector strategy) | November 2011 | ||
| AML/CFT Diagnostic | November 2011 | ||
| National accounts | October/December 2011 | ||
| Customs administration follow-up | January 2012 | ||
| Medium-term debt strategy | February 2012 | ||
| B. Requests for work program inputs | |||
| Fund requests to Bank | Monitoring of HIPC Completion Point triggers Periodic updates on budget implications of reforms in the civil service, coffee/cocoa sector, electricity sector, financial sector, as well as an infrastructure master plan |
Ongoing Ongoing |
|
| Bank requests to Fund | Regular updates on macro-economic and fiscal projections | Ongoing | |
| C. Agreement on joint products and missions | |||
| Joint Bank-Fund products in the next 12 months | HIPC Completion Point Debt management strategy workshop |
September 2012 Possibly Q2, 2012 |
November 2012 |
African Development Bank (AfDB) Group Operations and Strategy in Côte d’Ivoire
Bank Group Portfolio:
Since it started operations in Côte d’Ivoire in 1971, the AfDB has so far approved 59 operations for the country, of which 41 have been fully completed, 14 cancelled, 3 ongoing and 1 newly approved. All approved operations amount to a net commitment of UA 1,258.6 million (CFA F 946.4 billion), with 66.2% from the ADB window, 23.1% from the ADF and 10.7 % from the Nigeria Trust Fund. AfDB Group-financed operations have been mainly loan-based and channeled, by order of importance, to the rural development and agriculture sector (26.2%), infrastructure (20.7%), multi-sector (17%), the social sector (16.5%) and energy, water and telecommunications (15.6%). The operations were financed mainly with resources from the ADB window (70%). The bulk of these funds (94.4%) was directed towards the public sector. It should be noted that funding for the private sector concerns electricity, telecommunications, transport and industry. In addition to bilateral funding, Côte d’Ivoire received additional ADF resources to finance studies and/or projects in the fields of infrastructure and agriculture, to enhance subregional integration in West Africa.
With the first political/military crisis of 2002, Côte d’Ivoire was placed under Bank sanctions from February 2003 to early March 2009 due to arrears accumulation. Nevertheless, dialogue was maintained with the Ivoirien authorities. A Bank reengagement strategy was defined in the Global Country Strategy Note approved in March 2009 which covered 2009–10. The clearance of arrears from the support received from the Bank helped the country to reach the HIPC Initiative Decision Point. The Bank had already increased its support to the country in February 2008. The last review of the Bank’s portfolio occurred in 2010, nearly fourteen years after that of 1996. Considering the long period of inactivity of the portfolio (six years) due to the suspension of disbursements to the country, the Bank: (i) streamlined the portfolio by cancelling the outstanding balance of eight old operations; and (ii) recently, in early June 2011, has restructured two other operations (PADER-Moyen-Comoé and PVRH) (70% of the balance of these two operations was used as a contribution to the new budget support operation approved on June 3, 2011 by the Board of Directors). With the prospects of resumption of activity, particularly the restoration of government services through the proposed budget support, the portfolio will be improved.
The table below gives an overview of Bank’s portfolio status in Côte d’Ivoire.
Status of Portfolio as of October 2011—in UA Million (1 UA=1SDR)
In EUR million comprising EUR 750,000 in cash and EUR 1.1 million in securities.
EUR million.
Status of Portfolio as of October 2011—in UA Million (1 UA=1SDR)
| Operations | Amount (in UA million) | Purpose/Remarks |
|---|---|---|
| On-going projects (public window): | ||
| Post-Crisis Multisector Institutional Support Project (PAIMSC) | 20 | This grant is allocated to: (i) the rehabilitation of school and health infrastructures, and (ii) institutional capacity building and caring for women who are victims of violence. The disbursement rate of this project is 88%. The undisbursed balance to date stands at UA 1.5 million and the Bank has granted a new extension to 31 December 2011 to allow for continuation of activities already initiated and deemed relevant. |
| - Targeted Capacity Building Support | 2 | Approved in December 2009 under the Fragile States Facility, with a disbursement rate of 57%, the objective of this project is to: (i) strengthen the coordination framework for government interventions; (ii) support implementation of the PRSP; (iii) improve the efficiency of public financial management; and (iv) strengthen good governance. |
| Humanitarian assistance to the victims of post-electoral violence | 0.6 | This assistance of USD 1 million is allocated to the victims of violence, particularly in the west of the country. This assistance will be managed by Red cross International Committee. |
| Project approved but implemented - Gourou Basin Integrated Management Project (Sanitation of Indenié junction and the Lagoon) |
23 | The ADF Board of Directors on 24 November 2010 approved a grant of UA 23 million to finance this project, which could not be signed during the elections. Finally, this grant is put in place in June, 2011 and the effective launch of the project is expected in October 2011. |
| Budget support operation newly approved - Emergency Programme to Restore Basic Social and Administrative Services (PURSSAB) and Targeted support to strengthen the capacity of the administration |
100.5 (95 + 5.5) | The main purpose of this program, approved on June 3, 2011, is to contribute in the national budget to restoring basic social and administrative services, social cohesion and reconciliation as stated in the Government’s request. The program seeks to address the country’s urgent needs through the restoration of basic health, educational and social welfare services, water and sanitation networks, public administration services, as well as dialogue, social cohesion and reconciliation mechanisms. The budget support of UA 95 million has been disbursed. The UA 5.5 remaining is reserved for capacity building and will be disbursed as the needs arise on government’s requests. |
| On-going private sector projects: | ||
| - Establishment of a microfinance bank (MicroCred Côte d’Ivoire) | 1.85* | This is an equity participation with the AFD for EUR 1 100 000 and EUR 750,000 as technical assistance. The objective is to provide financial services to low-income people who do not have access to the conventional banking system. |
| Private sector projects under consideration: | ||
| - Marcory-Riviera Third Bridge Construction Project | 40** | Discussions are underway for Bank participation in financing the Third Abidjan Bridge (Henri Konan Bédié bridge) for EUR 40 million. |
In EUR million comprising EUR 750,000 in cash and EUR 1.1 million in securities.
EUR million.
Status of Portfolio as of October 2011—in UA Million (1 UA=1SDR)
| Operations | Amount (in UA million) | Purpose/Remarks |
|---|---|---|
| On-going projects (public window): | ||
| Post-Crisis Multisector Institutional Support Project (PAIMSC) | 20 | This grant is allocated to: (i) the rehabilitation of school and health infrastructures, and (ii) institutional capacity building and caring for women who are victims of violence. The disbursement rate of this project is 88%. The undisbursed balance to date stands at UA 1.5 million and the Bank has granted a new extension to 31 December 2011 to allow for continuation of activities already initiated and deemed relevant. |
| - Targeted Capacity Building Support | 2 | Approved in December 2009 under the Fragile States Facility, with a disbursement rate of 57%, the objective of this project is to: (i) strengthen the coordination framework for government interventions; (ii) support implementation of the PRSP; (iii) improve the efficiency of public financial management; and (iv) strengthen good governance. |
| Humanitarian assistance to the victims of post-electoral violence | 0.6 | This assistance of USD 1 million is allocated to the victims of violence, particularly in the west of the country. This assistance will be managed by Red cross International Committee. |
| Project approved but implemented - Gourou Basin Integrated Management Project (Sanitation of Indenié junction and the Lagoon) |
23 | The ADF Board of Directors on 24 November 2010 approved a grant of UA 23 million to finance this project, which could not be signed during the elections. Finally, this grant is put in place in June, 2011 and the effective launch of the project is expected in October 2011. |
| Budget support operation newly approved - Emergency Programme to Restore Basic Social and Administrative Services (PURSSAB) and Targeted support to strengthen the capacity of the administration |
100.5 (95 + 5.5) | The main purpose of this program, approved on June 3, 2011, is to contribute in the national budget to restoring basic social and administrative services, social cohesion and reconciliation as stated in the Government’s request. The program seeks to address the country’s urgent needs through the restoration of basic health, educational and social welfare services, water and sanitation networks, public administration services, as well as dialogue, social cohesion and reconciliation mechanisms. The budget support of UA 95 million has been disbursed. The UA 5.5 remaining is reserved for capacity building and will be disbursed as the needs arise on government’s requests. |
| On-going private sector projects: | ||
| - Establishment of a microfinance bank (MicroCred Côte d’Ivoire) | 1.85* | This is an equity participation with the AFD for EUR 1 100 000 and EUR 750,000 as technical assistance. The objective is to provide financial services to low-income people who do not have access to the conventional banking system. |
| Private sector projects under consideration: | ||
| - Marcory-Riviera Third Bridge Construction Project | 40** | Discussions are underway for Bank participation in financing the Third Abidjan Bridge (Henri Konan Bédié bridge) for EUR 40 million. |
In EUR million comprising EUR 750,000 in cash and EUR 1.1 million in securities.
EUR million.
Strategy for reengagement by AfDB in Côte d’Ivoire:
To assist Côte d’Ivoire in addressing its immense needs, the Bank is committed to a rapid operational re-engagement. Consistent with the AfDB’s Fragile States Facility, a Country Brief defines the framework for the Bank’s rapid re-engagement in Côte d’Ivoire over the period 2011–12. The proposed strategy, in consultation with the Ivoirien authorities, consists of two pillars: (i) restoring infrastructure and basic social services; and (ii) improving governance and capacity building. The long years of political instability as well as recent clashes and looting had negative impacts on social infrastructure, installations and facilities. Substantial efforts are necessary to restore the supply of basic social services. A full Country Strategy Paper is planned for the period 2013–17 to assist the country with its quest for strong and inclusive growth.
Considering the urgent needs, particularly with regard to access to basic social and administrative services, restoring the functioning of the public service and fostering social cohesion and peace, the approved country brief 2011–12 has proposed that the following operations be prepared in order of priority:
Work Program for 2011–12
This amount includes: (i) UA 60 million of grant under the Fragile States Facility pillar no.1, (ii) UA 11.9 million of the regular allocation from the ADF 12 for CIV, and (iii) UA 23.1 million from two loans financing two canceled projects.
Grant for targeted capacity building support under the Fragile States Facility pillar no.3.
Work Program for 2011–12
| Description | Amount (in UA million) | Year |
|---|---|---|
| - Budget support program to strengthen social services | 95* (approved) | 2011 |
| - Targeted support to strengthen the capacity of the administration | 5.5** (approved) | 2011 |
| - Support to the victims of post-electoral violence | 0.6 (approved) | 2011 |
| - Infrastructure investment projects in both urban and rural areas to support production and marketing channels. | 20 | 2012 |
| - Humanitarian assistance to the victims of post-electoral violence | 0.6 (approved) | 2011 |
| - Support to rural infrastructures in the Moyen Comoé region (PAIA-MC) | 20 (To be prepared for end-October 2011) | 2012 |
| - Support to property registration unit and, - Contribution to the financing of infrastructure projects (Energy) |
22.6 | 2012 |
| Total | 143.7 | |
| Economic and Sector Work (to be financed by the administrative budget or the trust fund) | ||
| Study to be conducted in collaboration with the Centre de recherche économique et sociale (Economic and Social Research Centre—CIRES) and coffee/cocoa-related sector institutions | 2012 | |
| Study on the rehabilitation of former combatants and youths at risk linked with the conflict to prepare the Bank’s next Country Strategy Paper | 2012 | |
This amount includes: (i) UA 60 million of grant under the Fragile States Facility pillar no.1, (ii) UA 11.9 million of the regular allocation from the ADF 12 for CIV, and (iii) UA 23.1 million from two loans financing two canceled projects.
Grant for targeted capacity building support under the Fragile States Facility pillar no.3.
Work Program for 2011–12
| Description | Amount (in UA million) | Year |
|---|---|---|
| - Budget support program to strengthen social services | 95* (approved) | 2011 |
| - Targeted support to strengthen the capacity of the administration | 5.5** (approved) | 2011 |
| - Support to the victims of post-electoral violence | 0.6 (approved) | 2011 |
| - Infrastructure investment projects in both urban and rural areas to support production and marketing channels. | 20 | 2012 |
| - Humanitarian assistance to the victims of post-electoral violence | 0.6 (approved) | 2011 |
| - Support to rural infrastructures in the Moyen Comoé region (PAIA-MC) | 20 (To be prepared for end-October 2011) | 2012 |
| - Support to property registration unit and, - Contribution to the financing of infrastructure projects (Energy) |
22.6 | 2012 |
| Total | 143.7 | |
| Economic and Sector Work (to be financed by the administrative budget or the trust fund) | ||
| Study to be conducted in collaboration with the Centre de recherche économique et sociale (Economic and Social Research Centre—CIRES) and coffee/cocoa-related sector institutions | 2012 | |
| Study on the rehabilitation of former combatants and youths at risk linked with the conflict to prepare the Bank’s next Country Strategy Paper | 2012 | |
This amount includes: (i) UA 60 million of grant under the Fragile States Facility pillar no.1, (ii) UA 11.9 million of the regular allocation from the ADF 12 for CIV, and (iii) UA 23.1 million from two loans financing two canceled projects.
Grant for targeted capacity building support under the Fragile States Facility pillar no.3.
Côte d’Ivoire—Stastical Issues
As of October 2011
| General: Data provision has some shortcomings, but is broadly adequate for surveillance. There are weaknesses in the areas of national accounts and balance of payments and public finance statistics, as well as in the reconciliation of fiscal and monetary data. Generally, the authorities provided the required statistical indicators to the Fund (see attached table) on a timely basis. | |
| National Accounts: Comprehensive national accounts data for 1996 onwards is compiled in line with the 1993 System of National Accounts methodologies, using 1996 as the base year. As the base year is dated, technical assistance has been provided by AFRITAC West to implement a new base year and update implicit deflators. | |
| Price statistics: A harmonized consumer price index (CPI) has been adopted by all WAEMU members. A new base year (2008) has been adopted in 2010. | |
| Labor market statistics: No such statistics are published regularly. | |
| Government finance statistics: The authorities provide annual data on the budgetary central government for publication in the Government Finance Statistics Yearbook. While no monthly or quarterly fiscal data are provided for publication, they are made available to the IMF African Department, although metadata is lacking. The authorities have committed to address weaknesses in coverage of general government units and public enterprises and are making efforts to improve the reconciliation of fiscal and monetary data. In addition, the authorities are seeking the assistance of Afritac to improve the compilation of government finance statistics. | |
| Monetary and financial sector statistics: Monetary data for Côte d’Ivoire are prepared by the national agency of the BCEAO and officially released by BCEAO headquarters. Some shortcomings of the monetary statistics are common to all eight member countries of the WAEMU, while others relate to systemic issues in Côte d’Ivoire’s bank and nonbank financing of the operations of the central government and the rest of the public sector. Recently there have been improvements in the timeliness of reporting data on depository corporations and interest rates. Following the shutdown of the banking system during the post-election crisis (February–April 2011), the central bank and private banks are struggling to establish a thorough account of damages they sustained. | |
| External sector statistics: The national agency of the BCEAO in Abidjan is responsible for compiling and disseminating annual balance of payments statistics and the international investment position. BCEAO headquarters delineates the methodology and calculates international reserves managed for WAEMU countries. With respect to merchandise trade, the customs computer system allows for satisfactory monitoring of trade data, but the coverage of services and transfers, and particularly workers remittances, has shortcomings. Concerning the financial accounts, foreign assets of the private nonbanking sector are not adequately covered, while reporting of private capital flows, especially foreign direct investment in Côte d’Ivoire, is weak. There is also not sufficient information on private debt stocks and debt service flows. | |
| II. Data Standards and Quality | |
| Côte d’Ivoire has participated in the General Data Dissemination System (GDDS) since May 2000, and has posted the metadata on the Data Standards Bulletin Board. | No data ROSC is available. |
| III. Reporting to STA | |
| Côte d’Ivoire regularly reports data to STA for re-dissemination in IMF statistical publications. | |
| General: Data provision has some shortcomings, but is broadly adequate for surveillance. There are weaknesses in the areas of national accounts and balance of payments and public finance statistics, as well as in the reconciliation of fiscal and monetary data. Generally, the authorities provided the required statistical indicators to the Fund (see attached table) on a timely basis. | |
| National Accounts: Comprehensive national accounts data for 1996 onwards is compiled in line with the 1993 System of National Accounts methodologies, using 1996 as the base year. As the base year is dated, technical assistance has been provided by AFRITAC West to implement a new base year and update implicit deflators. | |
| Price statistics: A harmonized consumer price index (CPI) has been adopted by all WAEMU members. A new base year (2008) has been adopted in 2010. | |
| Labor market statistics: No such statistics are published regularly. | |
| Government finance statistics: The authorities provide annual data on the budgetary central government for publication in the Government Finance Statistics Yearbook. While no monthly or quarterly fiscal data are provided for publication, they are made available to the IMF African Department, although metadata is lacking. The authorities have committed to address weaknesses in coverage of general government units and public enterprises and are making efforts to improve the reconciliation of fiscal and monetary data. In addition, the authorities are seeking the assistance of Afritac to improve the compilation of government finance statistics. | |
| Monetary and financial sector statistics: Monetary data for Côte d’Ivoire are prepared by the national agency of the BCEAO and officially released by BCEAO headquarters. Some shortcomings of the monetary statistics are common to all eight member countries of the WAEMU, while others relate to systemic issues in Côte d’Ivoire’s bank and nonbank financing of the operations of the central government and the rest of the public sector. Recently there have been improvements in the timeliness of reporting data on depository corporations and interest rates. Following the shutdown of the banking system during the post-election crisis (February–April 2011), the central bank and private banks are struggling to establish a thorough account of damages they sustained. | |
| External sector statistics: The national agency of the BCEAO in Abidjan is responsible for compiling and disseminating annual balance of payments statistics and the international investment position. BCEAO headquarters delineates the methodology and calculates international reserves managed for WAEMU countries. With respect to merchandise trade, the customs computer system allows for satisfactory monitoring of trade data, but the coverage of services and transfers, and particularly workers remittances, has shortcomings. Concerning the financial accounts, foreign assets of the private nonbanking sector are not adequately covered, while reporting of private capital flows, especially foreign direct investment in Côte d’Ivoire, is weak. There is also not sufficient information on private debt stocks and debt service flows. | |
| II. Data Standards and Quality | |
| Côte d’Ivoire has participated in the General Data Dissemination System (GDDS) since May 2000, and has posted the metadata on the Data Standards Bulletin Board. | No data ROSC is available. |
| III. Reporting to STA | |
| Côte d’Ivoire regularly reports data to STA for re-dissemination in IMF statistical publications. | |
Côte d’Ivoire: Table of Common Indicators Required for Surveillance
(As of October 2011)
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I); and not available (NA).
Côte d’Ivoire: Table of Common Indicators Required for Surveillance
(As of October 2011)
| Date of latest observation |
Date received |
Frequency of Data6 |
Frequency of Reporting6 |
Frequency of Publication6 |
|
|---|---|---|---|---|---|
| Exchange Rates | Current | Current | M | M | M |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 07/11 | 09/11 | M | M | M |
| Reserve/Base Money | 07/11 | 09/11 | M | M | M |
| Broad Money | 07/11 | 09/11 | M | M | M |
| Central Bank Balance Sheet | 07/11 | 09/11 | M | M | M |
| Consolidated Balance Sheet of the Banking System | 07/11 | 09/11 | M | M | M |
| Interest Rates2 | 07/11 | 09/11 | I | M | M |
| Consumer Price Index | 07/11 | 09/11 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | 06/11 | 09/11 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 06/11 | 09/11 | M | M | M |
| External Current Account Balance | 12/10 | 09/11 | A | A | A |
| Exports and Imports of Goods and Services | 06/10 | 09/11 | A | A | A |
| GDP/GNP | 2010 | 05/11 | A | A | A |
| Gross External Debt | 06/2011 | 09/11 | M | M | M |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I); and not available (NA).
Côte d’Ivoire: Table of Common Indicators Required for Surveillance
(As of October 2011)
| Date of latest observation |
Date received |
Frequency of Data6 |
Frequency of Reporting6 |
Frequency of Publication6 |
|
|---|---|---|---|---|---|
| Exchange Rates | Current | Current | M | M | M |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 07/11 | 09/11 | M | M | M |
| Reserve/Base Money | 07/11 | 09/11 | M | M | M |
| Broad Money | 07/11 | 09/11 | M | M | M |
| Central Bank Balance Sheet | 07/11 | 09/11 | M | M | M |
| Consolidated Balance Sheet of the Banking System | 07/11 | 09/11 | M | M | M |
| Interest Rates2 | 07/11 | 09/11 | I | M | M |
| Consumer Price Index | 07/11 | 09/11 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | 06/11 | 09/11 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 06/11 | 09/11 | M | M | M |
| External Current Account Balance | 12/10 | 09/11 | A | A | A |
| Exports and Imports of Goods and Services | 06/10 | 09/11 | A | A | A |
| GDP/GNP | 2010 | 05/11 | A | A | A |
| Gross External Debt | 06/2011 | 09/11 | M | M | M |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I); and not available (NA).