With the International Monetary Fund (IMF) Executive Board's recent completion of the eighth and final review of Ivory Coast's economic performance under an Extended Credit Facility (ECF), the nation will receive a payment of $67.7 million.
The arrangement began in 2011 to help reduce the nation's poverty. To date, the value of the ECF stands at approximately $722.2 million.
“Ivory Coast's economic performance over the course of the arrangement with the fund has been impressive," Mitsuhiro Furusawa, deputy managing director and acting chair of the IMF executive board, said. "Macroeconomic stability has been restored, and strong growth over the last four years has lifted real per-capita income by some 20 percent. The fiscal position has also strengthened, while needed infrastructure and pro-poor spending have increased. As a result, poverty has declined, but remains high."
Furusawa said the nation has made anti-povery programs a priority, and that all targets set in the ECF for June were achieved.
"However, progress in structural reform has been mixed," Furusawa said. "Four of the seven structural benchmarks under the eighth review were met, while three others are being implemented with minor delays. The authorities are appropriately taking steps to maintain the momentum of economic reforms."
Furusawa said Ivory Coast's "near-term macroeconomic outlook remains favorable, with real gross domestic product growth projected to remain strong."
Furusawa suggested that the nation's officials "should continue to pursue ambitious reforms to strengthen the financial sector, improve the business climate, and foster private activity and economic diversification."
More Stories
- President Barrow Commends AUF Initiative
- ECOWAS Deploys Observers to Monitor Elections in Togo
- African Development Bank’s Dr. Adesina Appoints Ambassador Jalel Trabelsi as Special Envoy for Middle East and North Africa and Gulf Region
- Kenyan Farmers Get Fertilizer Boost with $2 million Africa Fertilizer Financing Mechanism Credit Guarantee
- ECREEE Launches a User-Friendly Website to Promote Sustainable Energy Initiatives in West Africa
- President Boakai Suspends The Board of Commissioners of the Liberia Telecommunications Authority (LTA)
- African Union and Ecowas Address Terrorism, Coups, and Extremism in Joint Consultation Meeting
- African Development Bank Executive Director and Sudanese Envoy Discuss Crucial Support Amid Ongoing Conflict
- President Barrow Welcomes Diplomats from Around the World
- President Boakai Nominates Additional Officials To Government