Home Development IMF credit to support set of Ivoirien financial reforms

IMF credit to support set of Ivoirien financial reforms

A proposal to extend credit to the value of $674.3 million to the Ivory Coast to support the objectives of the country’s National Development Plan (NDP) will be submitted to the International Monetary Fund’s executive board in December (2016).

This follows an agreement reached between International Monetary Fund (IMF) staff and Ivoirien authorities during the 2016 Annual Meetings in Washington. The three-year program aims to support the NDP, a plan to foster conditions for continued strong and inclusive growth and poverty reduction through investment in infrastructure and social sectors, as well as the structural transformation and industrialisation of the economy by the private sector.

IMF mission chief for Ivory Coast, Dan Ghura, says the program will support the broad objectives of Côte d’Ivoire’s 2016‑2020 NDP by addressing impediments to a sustainable balance of payments position and economic growth.

“The program includes a comprehensive set of reforms aimed at enhancing public financial and debt management practices, which include: strengthening debt management; expanding the monitoring of public entities beyond the central government; containing fiscal risks emanating from some public enterprises in financial difficulty; restructuring public banks; and improving the business climate. The staff welcomes the authorities’ request for further technical assistance to support their efforts to improve the quality and dissemination of economic statistics.

“With the implementation of these policies, Côte d’Ivoire will create fiscal space for more infrastructure investment and social spending, catalyse official and private financing, and build resilience to future economic shocks. Overall, this program will help the government continue building on the impressive achievements of the past four years and further strengthen the foundations for strong and inclusive growth and poverty reduction.”