The International Monetary Fund (IMF) announced its support for Ivory Coast’s economic journey with the approval of a $574 million loan tranche.
This decision follows a successful review of the country’s ongoing economic reform program and its recently introduced climate change initiatives.
The approval, however, requires final endorsement by the IMF’s executive board. Upon receiving the green light, the funds will bolster Ivory Coast’s efforts to achieve fiscal consolidation.
This includes reducing the budget deficit to 3% of GDP by 2025, as highlighted by IMF mission chief Olaf Unteroberdoerster.
“Further strengthening domestic revenue mobilization, public financial management, and governance” remains a key focus, according to Unteroberdoerster.
These structural reforms will be crucial alongside the financial injection.
Despite facing global economic challenges, Ivory Coast’s economic performance has been commendable. The country witnessed robust growth in 2023, accompanied by a decrease in inflation.
The IMF even predicts a promising 6.6% expansion for the Ivorian economy in 2024, solidifying its position as a regional powerhouse.
However, the reliance on external assistance, including the IMF’s continued support, remains a reality for Ivory Coast.
