MIL-OSI Translation: IMF staff complete 2021 Article IV Consultation mission in Côte d’Ivoire

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MIL OSI Translation. Government of the Republic of France statements from French to English –

Source: IMF in French

June 11, 2021

End-of-mission press releases contain statements from staff teams reporting on their preliminary findings after their visit to a country. The views expressed in this statement are those of the staff of the IMF and do not necessarily reflect those of the Executive Board of the IMF. Based on the preliminary findings of this mission, staff will prepare a report which, subject to management approval, will be presented to the Executive Board for review and decision.

Washington, DC: An IMF staff team, led by Luca Antonio Ricci, conducted a virtual mission from May 25 to June 10 for discussions as part of the 2021 Article IV consultation with the Ivorian authorities.

At the end of the mission, Mr. Ricci made the following statement:

“Côte d’Ivoire has weathered the pandemic well, thanks to a rapid response from the authorities, and a decade of solid progress in macroeconomic and structural policies, as well as support from the international community, including the IMF.

“The authorities reacted quickly with measures to contain and close international borders at the start of the pandemic and then began a cautious and gradual reopening. In addition, a comprehensive health response plan and economic, social and humanitarian support aims to contain the spread of the pandemic, help households and businesses, and now provide and distribute vaccines against Covid-19.

“The economic recovery continues. Despite the impact of the pandemic, growth is preliminarily estimated at around 2 percent in 2020, supported mainly by the primary and tertiary sector, which compares favorably internationally. Inflation is temporarily on the rise, driven by pandemic-induced supply disruptions and recent energy shortages. The overall budget deficit stands at 5.6 percent of GDP in 2020, lower than expected last fall, due to better than expected revenue performance.

“The macroeconomic outlook is favorable, but risks remain. The economic and financial system remains resilient and, despite the recent power shortage, staff anticipates growth at 6 percent in 2021. Staff stressed the importance of continuing to monitor the performance of the financial sector and strengthen the financial health of public banks. Investment and growth could be greater with the implementation by the authorities of a solid reform program to be defined as part of the National Development Plan (PND) 2021-2025 project.

“The staff of the IMF welcomed the major objectives envisaged in the PND project, articulated around six essential pillars and relying on an important role of the private sector to promote the structural transformation of the economy, higher growth, and deeper inclusion.

“The Ivorian authorities and IMF staff have agreed on the importance of continuing to improve domestic revenue mobilization by streamlining tax exemptions, broadening the tax base, and strengthening tax administration. . This would finance productive and social spending to support strong and inclusive growth, while preserving macroeconomic and debt sustainability and building resilience to possible shocks, such as fluctuations in commodity prices and international financial conditions. Staff also stressed the importance of ensuring a gradual fiscal consolidation path to return to the WAEMU convergence criterion of a budget deficit of 3 percent of GDP by 2023.

“IMF staff and the authorities also agreed on the importance of continuing to improve the business environment and deepening the structural reform program, in particular by improving the efficiency of public spending, strengthening governance, reducing the skills mismatch in the labor market and informality, protecting property rights, facilitating access to credit and promoting climate resilience. In this regard, the efforts and plans of the authorities to improve the provision of public services, expand vocational training programs, deploy the unique tax identification number, promote digitization and mobile payment systems, and improving transport infrastructure are welcome.

“The IMF team would like to express its gratitude to the authorities for the open and constructive discussions. “

The IMF team held virtual meetings with Prime Minister Patrick Achi; the Minister and Secretary General of the Presidency Abdourahmane Cissé; the Minister of Economy and Finance Adama Coulibaly; the Minister of Budget and State Portfolio Moussa Sanogo; the Minister of Planning and Development Nialé Kaba; the Minister of Public Service and Modernization of the Administration Anne Désirée Ouloto; the Minister of Health, Public Hygiene and Universal Medical Coverage Pierre Dimba; the Minister of Mines, Petroleum and Energy Thomas Camara; the National Director of the BCEAO Chalouho Coulibaly; and other senior government and BCEAO officials as well as representatives of the business community and donors.

IMF Communications Department
MEDIA RELATIONS

PRESS OFFICER: Lucie Mboto Fouda

PHONE: +1 202 623-7100 EMAIL: MEDIA@IMF.org

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.

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