IMF Reaches Staff Level Agreement with Côte d’Ivoire on the Fifth Review of the EFF/ECF Arrangements and Fourth Review of the RSF Arrangement

September 30, 2025

• IMF staff and Ivoirian authorities have reached a staff-level agreement on the fifth review under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements, as well as the fourth review under the Resilience and Sustainability Fund (RSF).
• The authorities have made significant progress toward key economic objectives, including eliminating macroeconomic imbalances, rebuilding regional reserves, promoting economic transformation for upper-middle income status, and strengthening climate resilience through adaptation and mitigation reforms.
• Completion of the reviews by the IMF Executive Board will lead to two disbursements totaling about US$843.9 million, comprising about US$509.5 million under the EFF/ECF arrangements and US$334.4 million under the RSF.

Abidjan, Côte d'Ivoire: Over September 15-30, an International Monetary Fund (IMF) team, led by Mr. Olaf Unteroberdoerster, held discussions with the Ivoirian authorities to assess progress on Côte d'Ivoire's economic and financial program supported by the Extended Fund Facility (EFF) and Extended Credit Facility (ECF), and the climate reform program supported by the Resilience and Sustainability Facility (RSF).

The IMF Executive Board approved the EFF/ECF arrangement totaling SDR 2.6 billion (approximately US$3.5 billion) on May 24, 2023, and the RSF arrangement amounting to SDR 975.6 million (around US$1.3 billion) on March 15, 2024. Upon conclusion of the mission, Mr. Unteroberdoerster issued the following statement:

"Performance of the authorities' programs has been strong. Following constructive discussions with the Ivoirian authorities, we have reached a staff-level agreement on future policy measures and structural reforms aligned with the objectives of both programs.

"On the EFF/ECF, continued steadfast revenue mobilization and expenditure control have supported sizable fiscal consolidation. Since the program's launch in 2023, the fiscal deficit is on track to meet the West African Economic and Monetary Union (WAEMU) deficit ceiling of 3 percent of GDP for the first time this year. The mission welcomes the authorities' commitment to maintain a prudent fiscal stance through 2026. While the WAEMU fiscal deficit ceiling remains a key anchor for fiscal and debt sustainability, further progress under the medium-term revenue mobilization strategy, including measures to broaden the tax base and strengthen compliance, is expected to raise tax revenue to 15.7 percent of GDP in 2026, up from 15 percent of GDP in 2025. This additional fiscal space will be critical to support growing spending in priority social sectors and infrastructure, in line with the authorities' ambitious national development plan.

"On the RSF, discussions focused on the implementation of reform measures due for this review, including climate budget tagging, assessing climate-related fiscal risk, integrating climate considerations into public investment management, and operationalizing energy consumption audit system."

"Côte d'Ivoire's economy remains resilient, with growth expected to pick up to 6.3 percent in 2025, driven primarily by the services sector, hydrocarbons, and mining. Inflation has fallen faster than expected and is expected to average around 1 percent this year. Favorable terms of trade, including higher international cocoa prices and lower imported international prices for key food supplies such as rice and wheat, are expected to contribute to a further narrowing of the current account deficit to about 1½ percent of GDP in 2025. Combined with fiscal consolidation and successful efforts to broaden access to international financial markets, Côte d'Ivoire's strong trade performance is reinforcing its role as an anchor of stability for the region. This momentum is further supporting the buildup of regional official reserves, which reached about 5½ months of imports at end-August.

"The medium-term outlook remains generally favorable. Growth is projected to average 6.7 percent, while inflation is expected to remain below 3 percent, within the regional target range. Despite elevated global policy uncertainty, geopolitical tensions, and Côte d'Ivoire's vulnerability to weather-related shocks, risks to the economic outlook are assessed to be broadly balanced.

"The IMF team met with His Excellency Mr. Tiémoko Meyliet Koné, Vice President of the Republic; His Excellency Robert Beugré Mambé, Prime Minister; Mr. Kobenan Kouassi Adjoumani, Minister of State, Minister of Agriculture, Rural Development, and Food Production; Ms. Nialé Kaba, Minister of Economy, Planning and Development; Mr. Adama Coulibaly, Minister of Finance and Budget; Mr. Sangafowa Coulibaly, Minister of Mines, Petroleum and Energy; and senior officials of the Government and the BCEAO, as well as representatives of the business community and development partners."