Ivory Coast to get $67.7 million payout under IMF Extended Credit Facility

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."