- IMF staff and the Ivoirian authorities have reached a staff-level agreement on the sixth review of the Extended Fund Facility (EFF) and the Extended Credit Facility (ECF) arrangements, and the fifth review of the Resilience and Sustainability Facility (RSF) arrangement.
- The authorities successfully met key economic objectives, including resolving macroeconomic imbalances, contributing to rebuilding regional reserves, and making progress on economic transformation as well as in implementing their adaptation and mitigation reforms to boost climate resilience.
- Upon completion of the IMF Executive Board reviews Côte d’Ivoire would have access to about US$843.9 million, of which US$509.5 million under the EFF/ECF arrangements and US$334.4 million under the RSF.
Abidjan, Côte d’Ivoire: An International Monetary Fund (IMF) team led by Ms. Geneviève Verdier met with the Ivorian authorities from April 22 to April 30 to assess progress under their EFF/ECF and RSF-supported programs.
The mission is part of the sixth and final review under the EFF/ECF arrangements approved by the IMF Executive Board on May 24, 2023, for a total amount of SDR 2.6 billion (about US$3.5 billion). It also takes place in the context of the fifth and final review under the RSF arrangement, which was concluded on March 15, 2024, in the amount of SDR 975.6 million (about US$1.3 billion).
At the end of the mission, Ms. Verdier issued the following statement:
“Performance under the EFF/ECF and RSF programs has been remarkable. Following in-depth and constructive discussions with the Ivorian authorities, a staff-level agreement was reached on both the evaluation of program performance and the short- and medium-term economic policy objectives to preserve macroeconomic gains.
Thanks to enhanced revenue collection and controls on public spending, the fiscal deficit was reduced to 3 percent of GDP in 2025, in line with the West African Economic and Monetary Union (WAEMU) convergence criterion. The authorities have also made significant progress in implementing structural reforms, notably the consolidation of the Treasury Single Account, which contributes to improving cash management, as well as strengthening the governance of public entities to reduce money laundering and terrorism financing risks.
Regarding the RSF, discussions focused on the implementation of the reforms planned for this review, in particular the introduction of a climate hazard insurance system for the cotton sector, the reduction of greenhouse gas emissions and the development of a carbon taxation strategy.
As for the outlook, the war in the Middle East and spillovers from shifts in trade policies represent a major exogenous shock, with potentially long-lasting increases in international and several commodity prices, slowing global demand and a further tightening of financial conditions.
Notwithstanding an uncertain global environment, the Ivoirian economy remains resilient. Growth is projected to rise to 6 percent in 2026 from 6.5 percent in 2025, reflecting weaker demand and investment due to uncertainty. However, inflation is expected to accelerate to 3.3 percent in 2026 from 0.1 percent in 2025 due to the combined effects of higher international prices for oil and fertilizers, as well as supply chain disruptions. The current account deficit is also expected to widen to 2.2 percent of GDP in 2026 from 0.7 percent in 2025, due to the war in the Middle East and worsening terms of trade. Thanks to strong export performance, particularly of crude oil and gold and broadened access to international financial markets, regional official foreign exchange reserves continued strengthening to about 8 months of imports at end-March 2026.
Depending on the evolution of the conflict, the budget deficit could widen beyond 3 percent of GDP. In this context, introducing measures to support tax revenues, as well as implementing temporary and targeted measures to protect vulnerable populations will be essential to contain its impact. The authorities stand ready to take all necessary measures to preserve the gains of the past years and reduce the fiscal deficit to the WAEMU norm of 3 percent of GDP by 2028. The continuation of the Medium-Term Revenue Mobilization Strategy (MTRS) with a focus on broadening the tax base and strengthening tax compliance is expected to increase tax revenue from 14.9 percent in 2025 to 18 percent of GDP in the medium term. This effort will be crucial to finance increased spending in priority social sectors and infrastructure, in line with the National Development Plan (NDP) 2026-2030.
The medium-term outlook remains broadly favorable despite a difficult international context marked by geopolitical tensions. Growth is expected to average 6.7 percent, while inflation is expected to return to below the regional target of 3 percent. Côte d’Ivoire remains at a moderate risk of debt distress. Nevertheless, global policy uncertainty, geopolitical tensions, regional insecurity, and Côte d’Ivoire’s high vulnerability to climate shocks call for enhanced vigilance on the part of the authorities.”
The IMF team met with His Excellency Mr. Tiémoko Meyliet Koné, Vice President of the Republic; His Excellency Mr. Robert Beugré Mambé, Prime Minister; Mr. Adama Coulibaly, Minister of the Economy, Finance and Budget; Mr. Sangafowa Coulibaly, Minister of Mines, Petroleum and Energy; Mr. Souleymane Diarrasouba, Minister of Planning and Development; and senior government and BCEAO officials, as well as private sector representatives and development partners.
READ MORE: https://www.imf.org/en/news/articles/2026/04/30/pr-26132-cote-divoire-imf-reaches-agreement-on-6th-rev-of-eff-ecf-arrange-5th-rev-of-rsf-arrange
