Côte d'Ivoire: 2024 Article IV Consultation, Third Reviews Under Extended Arrangement Under the Extended Fund Facility and the Arrangement Under the Extended Credit Facility, Request for Modification of a Quantitative Performance Criterion, and Second Review Under the Resilience and Sustainability Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Côte d'Ivoire

IMF Country Report No.25/91 CÔTE D’IVOIRE 2024 ARTICLE IV CONSULTATION, THIRD REVIEWSUNDER EXTENDED ARRANGEMENT UNDER THEEXTENDED FUND FACILITY AND THE ARRANGEMENTUNDER THE EXTENDED CREDIT FACILITY, REQUESTFORMODIFICATION OF A QUANTITATIVEPERFORMANCE CRITERION, AND SECOND REVIEWUNDER THE RESILIENCE AND SUSTAINABILITYFACILITY ARRANGEMENT—PRESS RELEASE;STAFFREPORT;AND STATEMENT BY THE EXECUTIVEDIRECTOR FORCÔTE D'IVOIRE April2025 In the context of theCôte d'Ivoire-2024-Article IV Consultation, Third Reviews UnderExtended Arrangement Under the Extended Fund Facility and the Arrangement Under theExtended Credit Facility, Request for Modification of a Quantitative Performance Criterion,and Second Review Under the Resilience and Sustainability Facility Arrangement, thefollowing documents have been released and are included in this package: •APress Releaseincluding a statement by the Chair of the Executive Boardandsummarizing the views of the Executive Board as expressed during itsDecember 11,2024,consideration of the staff report on issues related to the Article IV Consultationand the IMF arrangement. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onDecember 11, 2024, following discussions that ended onOctober 9, 2024, with the officials ofCôte d’Ivoireon economic developments andpolicies.Based on information available at the time of these discussions, the staffreport was completed onNovember 21, 2024. •ADebt Sustainability Analysisprepared by the staffs of the IMF and the World Bank. •AnInformational Annexprepared by the IMFstaff. AStatement by the Executive DirectorforCôte d’Ivoire. TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public fromInternational Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.orgWeb:http://www.imf.org International Monetary FundWashington, D.C. IMF Executive Board Completes the Third Reviews of theEFF/ECF Arrangements and the Second Review of the RSFArrangement and Concludes 2024 Article IV Consultation withCôte d’Ivoire FOR IMMEDIATE RELEASE Washington, DC–December 13, 2024:On December 11, 2024, the Executive Board of theInternational Monetary Fund (IMF) completed the Third Reviews of theExtended Fund Facility(EFF) andExtended Credit Facility(ECF) Arrangements and the Second Review of theResilience and Sustainability FacilityArrangement (RSF) (seePR 24/464), and concluded the2024 Article IV consultation1with Cote d’Ivoire. Côte d’Ivoire’s performance has been strong under both the 40-month EFF/ECFarrangements with a combined access of SDR 2,601.6 million (or 400 percent of quota) andunder the RSF with an access of SDR 975.6 million (or 150 percent of quota). Programimplementation has been satisfactory thus far, with all performance criteria, structuralbenchmarks and reform measures scheduled for the reviews met or implemented. Thecompletion of the reviews allows for an immediate disbursement of about US$ 808.5 millionunder the EFF/ECF and RSF arrangements. The authorities’ ongoing commitment to reforms under both programs should support Côted’Ivoire’s transformation towards upper middle-income status over the medium-term andenhance its resilience to climate change. At the same time, longstanding structuralimpediments, including high and persistent informality, the focus of the 2024 Article IVconsultation discussions, along with gaps in gender equality, present challenges to higher andmore inclusive growth. Côte d’Ivoire’s economy continues to display resilience. Strong consumption and investmentdemand underpin robust economic activity in 2024 despite weaker than expected agriculturalproduction, and construction activity. Nevertheless, further buoyant growth is expected overthe near to medium term with a recovery of agricultural production, stronger extractiveindustries activity which will benefit from the Baleine oil field fully coming onstream, andgrowth in energy production supported by the ongoing investment upgrades. Inflationcontinues to moderate. Headline annual average CPI inflation is projected to fall from 4.4percent (yoy) in 2023 to 3.8 percent (yoy) by end-2024 as key food and commodity pricescontinue to ease. The financial sector remains sound. The commitments announced duringthe November COP 29 will help catalyze climate financing in Côte d’Ivoire.2 Fiscal and external imbalances have been steadily receding since 2023. Decisive revenue-based fiscal consolidation is on track and debt sustainability has improved. The fiscal deficit fell from 6.8 percent of GDP in 2022 to 5.2 percent of GDP in 2023, on the back of strongupfront revenue measures. Further revenue measures in 2024 and 2025 are expected tosupport an additional fiscal consolida