By Staff Reporter
- The Executive Board of the International Monetary Fund (IMF) today completed the fifth review of Côte d’Ivoire’s performance under an economic program supported by a three-year Extended Credit Facility (ECF) arrangement.
- The Board’s decision, which was taken without a formal meeting,enables the immediate disbursement of SDR 48.78 million (about US$ 75.2 million), bringing total disbursements under the arrangement to SDR 357.72 million (about US$ 551.4 million).
- The Executive Board approved the ECF arrangement for Côte d’Ivoire on November 4, 2011 for SDR 390.24 million (120 percent of the country’s quota in the IMF
- Côte d’Ivoire’s macroeconomic performance was impressive in 2013.
- Real GDP growth is estimated to have reached 8.7 percent, driven by strong domestic demand and exports.
- Average annual inflation remained moderate at 2.6 percent, while the fiscal position improved. Higher Foreign Direct Investment inflows and project loans financed the moderate widening of the external current account deficit.
- Performance under the ECF-supported program remains good.
- All performance criteria and all but one indicative targets for end-December 2013 were met. q
- Progress on the structural reform agenda was satisfactory, notably with the adoption of a medium-term wage bill strategy and a time-bound action plan for restructuring public banks.
- Some steps have also been taken to improve the business climate, and strengthen public financial management and tax administration.
Please see the full summary-http://www.imf.org/external/np/sec/pr/2014/pr14266.htm