Abstract
The Côte d’Ivoire government is working to reform the security apparatus. Containing fiscal risks, strengthening revenue collection, improving public financial management, and creating a business-friendly environment, through regularization of arrears on domestic debt, are the focus of the reform agenda. Sizable debt relief as a result of reaching the HIPC completion has also provided scope for new borrowing to help finance the government’s public investment program. Progress on the structural reform agenda and macroeconomic prospects are positive.
Relations with the Fund
(As of April 30, 2013)
Membership Status: Joined: March 11, 1963. Article VIII
General Resources Account:
| SDR Million | %Quota | |
|---|---|---|
| Quota | 325.20 | 100.00 |
| Fund holdings of currency (Exchange Rate) | 324.25 | 99.71 |
| Reserve Tranche Position | 0.97 | 0.30 |
| SDR Million | %Quota | |
|---|---|---|
| Quota | 325.20 | 100.00 |
| Fund holdings of currency (Exchange Rate) | 324.25 | 99.71 |
| Reserve Tranche Position | 0.97 | 0.30 |
SDR Department:
| SDR Million | %Allocation | |
|---|---|---|
| Net cumulative allocation | 310.90 | 100.00 |
| Holdings | 272.81 | 87.75 |
| SDR Million | %Allocation | |
|---|---|---|
| Net cumulative allocation | 310.90 | 100.00 |
| Holdings | 272.81 | 87.75 |
Outstanding Purchases and Loans:
| SDR Million | %Quota | |
|---|---|---|
| RCF loans | 81.30 | 25.00 |
| ECF Arrangements | 430.98 | 132.53 |
| SDR Million | %Quota | |
|---|---|---|
| RCF loans | 81.30 | 25.00 |
| ECF Arrangements | 430.98 | 132.53 |
Latest Financial Arrangements:
Projected Payments to Fund (without HIPC Assistance) 2/
(SDR Million; based on existing use of resources and present holdings of SDRs):
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Principal | 4.64 | 39.02 | 46.18 | 85.20 | |
| Charges/Interest | 0.02 | 0.03 | 1.25 | 1.14 | 0.98 |
| Total | 0.02 | 4.67 | 40.28 | 47.32 | 86.18 |
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Principal | 4.64 | 39.02 | 46.18 | 85.20 | |
| Charges/Interest | 0.02 | 0.03 | 1.25 | 1.14 | 0.98 |
| Total | 0.02 | 4.67 | 40.28 | 47.32 | 86.18 |
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 | Framework | Framework | Total | ||
| Decision point date | Mar 1998 | Apr 2009 | ||||
| Assistance committed | ||||||
| by all creditors (US$ Million)3/ | 345.00 | 3,109.58 | ||||
| Of which: IMF assistance (US$ million) | 22.50 | 38.66 | ||||
| (SDR equivalent in millions) | 16.70 | 25.85 | ||||
| Completion point date | — | June 2012 | ||||
| II. | Disbursement of IMF assistance (SDR Million) | Framework | Framework | Total | ||
| Assistance disbursed to the member | … | 25.85 | 25.85 | |||
| Interim assistance | … | 15.13 | 15.13 | |||
| Completion point balance | … | 10.72 | 10.72 | |||
| Additional disbursement of interest income 4/ | … | 0.57 | 0.57 | |||
| Total disbursements | … | 26.42 | 26.42 | |||
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 | Framework | Framework | Total | ||
| Decision point date | Mar 1998 | Apr 2009 | ||||
| Assistance committed | ||||||
| by all creditors (US$ Million)3/ | 345.00 | 3,109.58 | ||||
| Of which: IMF assistance (US$ million) | 22.50 | 38.66 | ||||
| (SDR equivalent in millions) | 16.70 | 25.85 | ||||
| Completion point date | — | June 2012 | ||||
| II. | Disbursement of IMF assistance (SDR Million) | Framework | Framework | Total | ||
| Assistance disbursed to the member | … | 25.85 | 25.85 | |||
| Interim assistance | … | 15.13 | 15.13 | |||
| Completion point balance | … | 10.72 | 10.72 | |||
| Additional disbursement of interest income 4/ | … | 0.57 | 0.57 | |||
| Total disbursements | … | 26.42 | 26.42 | |||
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.
Implementation of Multilateral Debt Relief Initiative (MDRI): Not Applicable
Implementation of Post-Catastrophe Debt Relief (PCDR): 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).
Safeguards Assessments:
The Central Bank of West African States (BCEAO) is a common central bank of the countries of the West African Economic and Monetary Union (WAEMU), which includes Côte d’Ivoire. The most recent safeguards assessment of the BCEAO was completed on March 1, 2010. The update safeguards assessment was initiated in February 2013. A mission is planned for July 2013. 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. Such committee was established after the completion of the assessment following the Institutional Reform of the WAEMU and the BCEAO. Efforts to implement fully the International Financial Reporting Standards reporting framework should also be pursued.
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.
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.
Article IV Consultation:
Côte d’Ivoire is on the standard 24-month Article IV consultation cycle. The Executive Board completed the 2011 consultation in November 2011. The next Article IV consultation mission is planned for September/October 2013.
Technical Assistance:
| Area | Focus | |
|---|---|---|
| 2011 | ||
| Multitopic (July) | 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) | Advice on the treatment of domestic debt, in particular government securities. | |
| Customs administration (August) | Follow-up | |
| FSAP follow up (August) | Advice on resuming formulation of the financial sector development strategy, managing public debt, and solving banking sector problems. | |
| Public expenditure management (October) | Diagnostic mission | |
| Government financial statistics (October/November) | TOFE follow-up | |
| Public expenditure management | Computerization | |
| FSAP follow up (November) | Advice on resuming formulation of the financial sector development strategy, managing public debt, and solving banking sector problems. | |
| National accounts (December) | Assessment of the possibility to develop quarterly national accounts (QNA). | |
| 2012 | Government financial statistics (January/February, November/December) | TOFE follow-up |
| Tax administration (January; September) | Workshop | |
| Customs (February) | Workshop | |
| Tax administration (February; December) | Modernization of fiscal administration in Côte d’Ivoire. | |
| Public wage bill management (December) | ||
| Customs (March/April) | Follow-up | |
| Multi-topic (April) | AFRITAC Steering Committee | |
| Fuel pricing (June) | Workshop | |
| National accounts (July, Oct/Nov) | Set up quarterly national accounts | |
| Debt Management (May, September) | Medium Term Debt Strategy (MTDS) | |
| Tax policy (July/August) | Review and diagnosis | |
| 2013 | Public expenditure management (January) | Budgeting strategy |
| Public Debt Management (January) | Workshop | |
| Customs/tax administration (January) | Workshop | |
| Statistic real sector (January) | Quarterly national accounts | |
| Strategy and Roadmap to Program Budgeting (January) | Workshop | |
| Cash management (February) | Treasury Single Account | |
| Debt management (February) | Reorganization of the Debt directorate | |
| Government Finance Statistics (March) | Migration to GFSM 2001 | |
| Statistics real sector (March) | Quarterly national accounts | |
| Customs administration (March) | Workshop | |
| Public wage bill management (April) | Regional workshop (AFRITAC) | |
| Public expenditure management (April) | Workshop | |
| Expenditure chain (April) | Workshop | |
| Wage bill management strategy (May) | Budgeting strategy | |
| Medium-term expenditure framework (June) | Budgeting strategy | |
| Accounting (July) | Accrual accounting | |
| Tax policy (August) | VAT reform | |
| Tax administration (September) | Modernization of fiscal administration |
| Area | Focus | |
|---|---|---|
| 2011 | ||
| Multitopic (July) | 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) | Advice on the treatment of domestic debt, in particular government securities. | |
| Customs administration (August) | Follow-up | |
| FSAP follow up (August) | Advice on resuming formulation of the financial sector development strategy, managing public debt, and solving banking sector problems. | |
| Public expenditure management (October) | Diagnostic mission | |
| Government financial statistics (October/November) | TOFE follow-up | |
| Public expenditure management | Computerization | |
| FSAP follow up (November) | Advice on resuming formulation of the financial sector development strategy, managing public debt, and solving banking sector problems. | |
| National accounts (December) | Assessment of the possibility to develop quarterly national accounts (QNA). | |
| 2012 | Government financial statistics (January/February, November/December) | TOFE follow-up |
| Tax administration (January; September) | Workshop | |
| Customs (February) | Workshop | |
| Tax administration (February; December) | Modernization of fiscal administration in Côte d’Ivoire. | |
| Public wage bill management (December) | ||
| Customs (March/April) | Follow-up | |
| Multi-topic (April) | AFRITAC Steering Committee | |
| Fuel pricing (June) | Workshop | |
| National accounts (July, Oct/Nov) | Set up quarterly national accounts | |
| Debt Management (May, September) | Medium Term Debt Strategy (MTDS) | |
| Tax policy (July/August) | Review and diagnosis | |
| 2013 | Public expenditure management (January) | Budgeting strategy |
| Public Debt Management (January) | Workshop | |
| Customs/tax administration (January) | Workshop | |
| Statistic real sector (January) | Quarterly national accounts | |
| Strategy and Roadmap to Program Budgeting (January) | Workshop | |
| Cash management (February) | Treasury Single Account | |
| Debt management (February) | Reorganization of the Debt directorate | |
| Government Finance Statistics (March) | Migration to GFSM 2001 | |
| Statistics real sector (March) | Quarterly national accounts | |
| Customs administration (March) | Workshop | |
| Public wage bill management (April) | Regional workshop (AFRITAC) | |
| Public expenditure management (April) | Workshop | |
| Expenditure chain (April) | Workshop | |
| Wage bill management strategy (May) | Budgeting strategy | |
| Medium-term expenditure framework (June) | Budgeting strategy | |
| Accounting (July) | Accrual accounting | |
| Tax policy (August) | VAT reform | |
| Tax administration (September) | Modernization of fiscal administration |
Resident Representative:
A Fund resident representative was first posted in Abidjan in 1984. There were interruptions for security reasons in 2005–06 and 2010–11, but a resident representative has been continuously assigned since May 2011.
Joint Bank-Fund Work Program, 2012–13
(As of May 2013)
| 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 a budget Support Operation | December 2012 to May 2013 | July 2013 | |
| Preparation of an Agriculture Sector Support Project | January –June 2013 | July 2013 | |
| Côte d’Ivoire Gas Field Expansion Project | Q3, 2013 | ||
| Governance and Institutional Development Supervision mission | April 2013 | ||
| Governance and Institutional Development Grant restructuration | September 2015 | ||
| Post Conflict Assistance Project (Additional Financing) – subject to IDA resources availability- | Q3 2014 | ||
| Cote d’Ivoire Gender Consultations | June 2013 | ||
| SMEs Revitalization and Governance Project(additional Financing – subject to IDA resources availability- | Q2 2014 | ||
| Parliament capacity Building project | May 2013 | ||
| Economic and Sector Work: | |||
| Agriculture Public Expenditure Review | June 2013 | ||
| Technical assistance/other analytical | |||
| Competitive Industries and Innovation Program | Q4 2013 | ||
| Industrial Zone | Q4 2013 | ||
| PPP Market Development | Q4 2013 | ||
| PEMFAR 2 | Q4 2012; Q1 2013 | Q2 2013 | |
| Support on EITI implementation | On-going | ||
| Capacity Building for Business Journalists | Ongoing | ||
| Equipment of the Ministry of Communication | May 2013 | ||
| Economic and Poverty Monitoring | On-going | ||
| PSIA of possible new electricity tariff structures | Q3 2013 | ||
| Advice and comments on cocoa strategy | On-going | ||
| FSAP follow-up (financial sector strategy) | November 2013 | ||
| IMF work program in the next 12 months | Program: | ||
| 2nd ECF review under ECF | September 2012 | November 2012 | |
| 3rd ECF review | March 2013 | June 2013 | |
| Staff visit (2014 budget preparation) | June 2013 | June 2013 | |
| Article IV and 4th ECF review | September 2013 | Nov./Dec.2013 | |
| Technical Assistance: | |||
| Public expenditure management | January 2013 | January 2013 | |
| Customs | January 2013 | January 2013 | |
| Cash management | February 2013 | February 2013 | |
| National accounts | January 2013 | January 2013 | |
| Government Finance Statistics (March) | March 2013 | March 2013 | |
| B. Requests for work program inputs | |||
| Fund requests to Bank | 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 | |
| Bank requests to Fund | Regular updates on macro-economic and fiscal projections | Ongoing | |
| 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 a budget Support Operation | December 2012 to May 2013 | July 2013 | |
| Preparation of an Agriculture Sector Support Project | January –June 2013 | July 2013 | |
| Côte d’Ivoire Gas Field Expansion Project | Q3, 2013 | ||
| Governance and Institutional Development Supervision mission | April 2013 | ||
| Governance and Institutional Development Grant restructuration | September 2015 | ||
| Post Conflict Assistance Project (Additional Financing) – subject to IDA resources availability- | Q3 2014 | ||
| Cote d’Ivoire Gender Consultations | June 2013 | ||
| SMEs Revitalization and Governance Project(additional Financing – subject to IDA resources availability- | Q2 2014 | ||
| Parliament capacity Building project | May 2013 | ||
| Economic and Sector Work: | |||
| Agriculture Public Expenditure Review | June 2013 | ||
| Technical assistance/other analytical | |||
| Competitive Industries and Innovation Program | Q4 2013 | ||
| Industrial Zone | Q4 2013 | ||
| PPP Market Development | Q4 2013 | ||
| PEMFAR 2 | Q4 2012; Q1 2013 | Q2 2013 | |
| Support on EITI implementation | On-going | ||
| Capacity Building for Business Journalists | Ongoing | ||
| Equipment of the Ministry of Communication | May 2013 | ||
| Economic and Poverty Monitoring | On-going | ||
| PSIA of possible new electricity tariff structures | Q3 2013 | ||
| Advice and comments on cocoa strategy | On-going | ||
| FSAP follow-up (financial sector strategy) | November 2013 | ||
| IMF work program in the next 12 months | Program: | ||
| 2nd ECF review under ECF | September 2012 | November 2012 | |
| 3rd ECF review | March 2013 | June 2013 | |
| Staff visit (2014 budget preparation) | June 2013 | June 2013 | |
| Article IV and 4th ECF review | September 2013 | Nov./Dec.2013 | |
| Technical Assistance: | |||
| Public expenditure management | January 2013 | January 2013 | |
| Customs | January 2013 | January 2013 | |
| Cash management | February 2013 | February 2013 | |
| National accounts | January 2013 | January 2013 | |
| Government Finance Statistics (March) | March 2013 | March 2013 | |
| B. Requests for work program inputs | |||
| Fund requests to Bank | 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 | |
| Bank requests to Fund | Regular updates on macro-economic and fiscal projections | Ongoing | |
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 62 operations for the country, of which 41 have been fully completed, 14 cancelled, 7 ongoing (2 newly approved). All approved operations amount to a net commitment of UA 1,330.3 million (CFA F 1012 billion). 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 (20.4%), multi-sector (16.7%), the social sector (16.5%) and energy, water and telecommunications (15.6%). The operations were financed mainly with resources from the ADB window (more than 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.
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). With the prospects of recovery in economic activity, particularly the restoration of government services, the portfolio will be improved.
Since the end of the post-election crisis, the Bank approved, in accordance with the pillars of the Country Brief, three operations, totaling nearly UA 177 million (CFA F 130 billion). These include: (i) The Emergency Programme to Restore Basic Social and Administrative Services (PURSSAB); (ii) The agricultural infrastructure support project in the region of Moyen Comoé; and (iii) The Project construction of bridge toll Henri Konan BEDIE (Private sector). With these approvals, the Bank’s active portfolio includes seven operations for a total amount of commitments of nearly UA 222.7 million (CFA F 170 billion).
The table below gives an overview of Bank’s portfolio status in Côte d’Ivoire.
Status of Portfolio as of April 2012
(UA Million (1 UA=1SDR)
| Operations | Amount (in UA million) | Purpose/Remarks |
|---|---|---|
| On-going projects (public window): | ||
| 1. 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. |
| 2 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. |
| 3. 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. |
| 4. Gourou Basin Integrated Management Project (Sanitation of Indenié junction and the Lagoon) | 23 | The ADF Board of Directors on November 24, 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. |
| 5. 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. |
| 6. Agricultural infrastructure support project in Indéné-Djuablin Région (PAIA-ID) | 21.6 | The project will contribute to improving food security and reducing poverty in rural areas. Specifically, it aims to increase, on a sustainable basis, the production and productivity of major crops, as well as improve marketing conditions. |
| Private sector | ||
| 7. Project construction of bridge toll Henri Konan BEDIE | 50 | Henri Konan Bédié Bridge is a public private partnership (PPP) based on a Build Operate Transfer (BOT) concession of 30 years. It involves the building of a toll bridge over the Ebrié Lagoon linking the South and North shores of Abidjan. |
| 8. Azito power expansion project | 26 | Expansion of the Azito power plant in Côte d’Ivoire, by converting the existing simple-cycle power plant of 2 x 144 MW gas-fired turbines to a combined-cycle power plant, thereby increasing the capacity of the facility to approximately 430 MW. |
| Operations | Amount (in UA million) | Purpose/Remarks |
|---|---|---|
| On-going projects (public window): | ||
| 1. 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. |
| 2 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. |
| 3. 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. |
| 4. Gourou Basin Integrated Management Project (Sanitation of Indenié junction and the Lagoon) | 23 | The ADF Board of Directors on November 24, 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. |
| 5. 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. |
| 6. Agricultural infrastructure support project in Indéné-Djuablin Région (PAIA-ID) | 21.6 | The project will contribute to improving food security and reducing poverty in rural areas. Specifically, it aims to increase, on a sustainable basis, the production and productivity of major crops, as well as improve marketing conditions. |
| Private sector | ||
| 7. Project construction of bridge toll Henri Konan BEDIE | 50 | Henri Konan Bédié Bridge is a public private partnership (PPP) based on a Build Operate Transfer (BOT) concession of 30 years. It involves the building of a toll bridge over the Ebrié Lagoon linking the South and North shores of Abidjan. |
| 8. Azito power expansion project | 26 | Expansion of the Azito power plant in Côte d’Ivoire, by converting the existing simple-cycle power plant of 2 x 144 MW gas-fired turbines to a combined-cycle power plant, thereby increasing the capacity of the facility to approximately 430 MW. |
Strategy for Re-engagement 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 Ivoirian authorities, consists of two pillars: (i) restoring infrastructure and basic social services; and (ii) improving governance and capacity building. A full Country Strategy Paper is planned for the period 2013–17 to assist the country with its quest for strong and inclusive growth.
Indicative Work Program for 2013
| Description | Amount (in UA million) | Year |
|---|---|---|
| − Project to support training and professional integration | 17 | 2013 |
| − Côte d’Ivoire, Liberia, Sierra Leone and Guinea interconnection Project (Multinational) | TBD | 2013 |
| Description | Amount (in UA million) | Year |
|---|---|---|
| − Project to support training and professional integration | 17 | 2013 |
| − Côte d’Ivoire, Liberia, Sierra Leone and Guinea interconnection Project (Multinational) | TBD | 2013 |
Stastical Issues
(As of May 2013)
| I. Assessment of Data Adequacy for Surveillance | |
| 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. There is ongoing work on quarterly national accounts with the Fund support. | |
| 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 addressing 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. The report on financial operations executed by the government over the crisis period (January–April 2011) is still not available. | |
| 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. | |
| 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. | |
| I. Assessment of Data Adequacy for Surveillance | |
| 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. There is ongoing work on quarterly national accounts with the Fund support. | |
| 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 addressing 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. The report on financial operations executed by the government over the crisis period (January–April 2011) is still not available. | |
| 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. | |
| 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 May 2013)
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).
| 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 | 03/13 | 05/15 | M | M | M |
| Reserve/Base Money | 03/13 | 05/15 | M | M | M |
| Broad Money | 03/13 | 05/15 | M | M | M |
| Central Bank Balance Sheet | 03/13 | 05/15 | M | M | M |
| Consolidated Balance Sheet of the Banking System | 03/13 | 05/15 | M | M | M |
| Interest Rates2 | 03/13 | 05/15 | I | M | M |
| Consumer Price Index | 03/13 | 10/15 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | 03/13 | 10/15 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 12/2012 | 03/2013 | M | M | M |
| External Current Account Balance | 12/2012 | 03/2013 | A | A | A |
| Exports and Imports of Goods and Services | 12/2012 | 03/2013 | A | A | A |
| GDP/GNP | 2012 | 03/2013 | A | A | A |
| Gross External Debt | 12/2012 | 03/2013 | 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).
| 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 | 03/13 | 05/15 | M | M | M |
| Reserve/Base Money | 03/13 | 05/15 | M | M | M |
| Broad Money | 03/13 | 05/15 | M | M | M |
| Central Bank Balance Sheet | 03/13 | 05/15 | M | M | M |
| Consolidated Balance Sheet of the Banking System | 03/13 | 05/15 | M | M | M |
| Interest Rates2 | 03/13 | 05/15 | I | M | M |
| Consumer Price Index | 03/13 | 10/15 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | 03/13 | 10/15 | M | M | M |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | 12/2012 | 03/2013 | M | M | M |
| External Current Account Balance | 12/2012 | 03/2013 | A | A | A |
| Exports and Imports of Goods and Services | 12/2012 | 03/2013 | A | A | A |
| GDP/GNP | 2012 | 03/2013 | A | A | A |
| Gross External Debt | 12/2012 | 03/2013 | 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).