IMF reviews to unlock $570mn for Côte d’Ivoire
The Executive Board of the International Monetary Fund has completed the Second Reviews of the Extended Fund Facility and Extended Credit Facility Arrangements and the First Review of the Resilience and Sustainability Facility Arrangement for Côte d’Ivoire. The completion of these reviews will lead to the immediate disbursement of $570 million under the multi-year Fund arrangements for Cote d'Ivoire. IMF Mission Chief to Cote D’ Ivoire, Olaf Unteroberdoerster joins CNBC Africa for more on the arrangements and the economic prospects for the country.
Wed, 26 Jun 2024 14:19:52 GMT
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AI Generated Summary
- Cote d’Ivoire's economy remains resilient against global challenges, with a predicted growth rate exceeding 6%
- IMF-supported programme has safeguarded macroeconomic stability, with fiscal consolidation on track
- Cote d’Ivoire aims to achieve upper-middle-income status by 2030 through structural reforms and revenue mobilization strategies
The Executive Board of the International Monetary Fund (IMF) has recently completed the Second Reviews of the Extended Fund Facility and Extended Credit Facility Arrangements and the First Review of the Resilience and Sustainability Facility Arrangement for Côte d’Ivoire. This significant milestone will result in the immediate disbursement of $570 million under the multi-year Fund arrangements for Cote d’Ivoire. The IMF Mission Chief to Cote d’Ivoire, Olaf Unteroberdoerster, highlighted the positive impact of these reviews on the country's economy during an exclusive interview with CNBC Africa. Unteroberdoerster emphasized that despite the challenging global economic climate, Cote d’Ivoire's economy has demonstrated resilience. The country's economic growth is predicted to be one of the highest in Africa, with a growth rate of 6.2% in 2023 and a projected increase to 6.5% in 2024. The economy has been bolstered by strong consumption, investment demand, and new activity in the hydrocarbon exploration and production sectors. Additionally, the outlook for Cote d’Ivoire has improved, as evidenced by increased interest from international investors and an upgrade in the ratings outlook by rating agencies.
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