Statement by the IMF Staff Representative on Côte d’Ivoire June 19, 2017

First Reviews Under Extended Arrangement Under the Extended Fund Facility and an Arrangement Under the Extended Credit Facility

Abstract

First Reviews Under Extended Arrangement Under the Extended Fund Facility and an Arrangement Under the Extended Credit Facility

1. The information below has become available since the issuance of the staff report. It does not change the thrust of the staff appraisal.

Eurobond placement

2. The Eurobond issuance and buy-back operations were completed broadly in line with the staff report projections. In June, Côte d’Ivoire issued US$1.25 billion of 16-year bonds at a 6.25 percent interest rate and EUR 625 million of eight-year bonds yielding 5.125 percent, raising a gross total of about US$1.95 billion. Out of this amount, about US$250 million was used to buy back outstanding Eurobond maturing in 2024 and another US$500 million to buy back the bond maturing in 2032. The net available financing for the budget deficit from the Eurobond issuances, after the buy-back operations, amount to about US$1.2 billion.

Retail fuel price adjustment

3. Fuel prices were lowered in June 2017. Following the recent declining trend in world oil prices, the retail gasoline price was reduced by about 4 percent in June, by the same magnitude as the price increase in May.

Cote d'Ivoire: First Reviews Under Extended Arrangement Under the Extended Fund Facility and an Arrangement Under the Extended Credit Facility, and Requests for Modification of Performance Criteria and Augmentation of Access-Press Release; Staff Report; and Statement by the Executive Director for Cote d'Ivoire
Author: International Monetary Fund. African Dept.