IMF Staff-Level Deal Paves Way for $843.9m Côte d’Ivoire Disbursement as Reform Momentum Holds
The International Monetary Fund has reached a staff-level agreement with Côte d’Ivoire on the sixth and final review of the country’s Extended Fund Facility and Extended Credit Facility arrangements, as well as the fifth and final review of its Resilience and Sustainability Facility.
The agreement, which remains subject to IMF management approval and Executive Board consideration, could unlock access to about US$843.9 million for the Ivoirian authorities. This comprises US$509.5 million under the Extended Fund Facility and Extended Credit Facility arrangements, and US$334.4 million under the Resilience and Sustainability Facility.
The IMF mission, led by Geneviève Verdier, held discussions with the Ivoirian authorities in Abidjan from April 22 to April 30, 2026, to assess progress under the Fund-supported programmes.
The sixth review marks the final assessment under the EFF/ECF arrangements approved by the IMF Executive Board on May 24, 2023, for a total amount of SDR 2.6 billion, equivalent to about US$3.5 billion. The review also covers the final assessment under the RSF arrangement concluded on March 15, 2024, in the amount of SDR 975.6 million, equivalent to about US$1.3 billion.
Ms Verdier described Côte d’Ivoire’s performance under the programmes as “remarkable”, citing progress in resolving macroeconomic imbalances, rebuilding regional reserves, advancing economic transformation and implementing climate adaptation and mitigation reforms.
“Performance under the EFF/ECF and RSF programs has been remarkable,” she said after the mission. “Following in-depth and constructive discussions with the Ivorian authorities, a staff-level agreement was reached on both the evaluation of program performance and the short- and medium-term economic policy objectives to preserve macroeconomic gains.”
The Fund said Côte d’Ivoire’s fiscal deficit was reduced to 3.0 per cent of gross domestic product in 2025, in line with the West African Economic and Monetary Union convergence criterion, following improved revenue collection and tighter controls on public spending.
The authorities also made progress on structural reforms, including consolidation of the Treasury Single Account, which the IMF said should improve cash management, and efforts to strengthen governance of public entities to reduce money laundering and terrorism financing risks.
Under the RSF, discussions focused on reforms including the introduction of a climate hazard insurance system for the cotton sector, reducing greenhouse gas emissions and developing a carbon taxation strategy.
The IMF said the Ivoirian economy remains resilient despite a more uncertain global environment shaped by the war in the Middle East and spillovers from shifts in trade policies. These shocks, it warned, could push up international and commodity prices, slow global demand and tighten financial conditions.
Growth is projected at 6.0 per cent in 2026, down from 6.5 per cent in 2025, reflecting weaker demand and investment amid uncertainty. Inflation is expected to rise to 3.3 per cent in 2026, from 0.1 per cent in 2025, driven by higher international oil and fertiliser prices and supply chain disruptions.
The current account deficit is also projected to widen to 2.2 per cent of gross domestic product in 2026, from 0.7 per cent in 2025, due to the Middle East conflict and worsening terms of trade.
However, the IMF noted that strong export performance, particularly in crude oil and gold, as well as improved access to international financial markets, had helped strengthen regional official foreign exchange reserves to about eight months of imports by the end of March 2026.
The Fund warned that, depending on the evolution of the conflict in the Middle East, Côte d’Ivoire’s budget deficit could widen beyond 3.0 per cent of gross domestic product. It urged the authorities to introduce measures to support tax revenue while adopting temporary and targeted interventions to protect vulnerable populations.
The authorities, according to the IMF, remain committed to preserving the gains of recent years and reducing the fiscal deficit to the WAEMU norm of 3.0 per cent of gross domestic product by 2028.
The Fund said continued implementation of the Medium-Term Revenue Mobilization Strategy would be critical to broadening the tax base and strengthening tax compliance. The strategy is expected to raise tax revenue from 14.9 per cent of gross domestic product in 2025 to 18.0 per cent over the medium term, providing financing for priority social sectors and infrastructure under the National Development Plan 2026–2030.
Despite near-term external risks, the IMF said Côte d’Ivoire’s medium-term outlook remains broadly favourable, with growth expected to average 6.7 per cent and inflation projected to return below the regional target of 3.0 per cent.
The country remains at moderate risk of debt distress, though the Fund cautioned that global policy uncertainty, geopolitical tensions, regional insecurity and vulnerability to climate shocks require continued vigilance.
Now, what the country would be waiting for is the Executive Board approval. If completed, the disbursement would provide Côte d’Ivoire with fresh balance-of-payments support while strengthening investor confidence in the country’s reform path.
