Statement at the Conclusion of an IMF Mission to Côte d’Ivoire | WPN World People News

A team from the International Monetary Fund (IMF) led by Mr. Michel Lazare visited Abidjan from September 17 – October 2, 2014, to conduct discussions on the sixth review of Côte d’Ivoire’s economic and financial program supported by an arrangement under the Extended Credit Facility (ECF).

“Macroeconomic performance in the first half of 2014 was solid, with continued strong economic activity, particularly in the construction, public work and service sectors. Inflation remained subdued. Budget execution was also satisfactory with stronger-than-expected revenue performance and expenditures contained to budgeted amounts. As a result, the basic primary balance recorded a small surplus compared to a deficit projected under the program. All performance criteria and indicative targets for end-June 2014 under the ECF arrangement were met.

“Côte d’Ivoire successfully issued in July 2014 a Eurobond, raising US$ 750 million to help finance the budget, extend average debt maturities and repay some domestic debt.

”Macroeconomic prospects for the remainder of 2014 and 2015 are encouraging. Real Gross Domestic Product (GDP) growth is expected to reach about 8 percent in 2014 and 2015. The draft 2015 budget aims at supporting near and medium-term growth through a further expansion of public investment.

“Progress has been made in accelerating public procurement processes with a view to reducing sole-source contracting. The mission welcomes the authorities’ plans to set up a single Treasury account and further restructure public banks. The mission also welcomes the authorities’ intentions to reinforce the financial position of the energy sector and clear the stock of domestic arrears. Discussions shall continue in coming weeks on the financial modalities needed to achieve these objectives which are essential to keep public finances on a firm footing in the years ahead.

Source: International Monetary Fund