The International Monetary Fund announced on Wednesday that it and Ivory Coast authorities had struck a staff-level agreement, opening the door for payments of roughly $740 million.
The IMF stated in a statement that the announcement follows evaluations of the nation’s programs for economic and climate change reform.
According to the statement, authorities are still making “great strides” toward goals including repairing regional reserve buffers and lowering macroeconomic imbalances.
The IMF executive board will still need to approve the funds.
“Performance under the two programs has remained satisfactory,” said Olaf Unteroberdoerster, who led the IMF staff team.
“The fiscal deficit target of three percent of GDP in 2025 is maintained in line with West African Economic and Monetary Union (WAEMU) deficit norm,” he added.
An agreement was also reached on the “structural reform to further strengthen domestic revenue mobilization, public financial management, and governance,” he said.
Ivory Coast’s economy “remains resilient, and growth is expected to pick up in 2025 to above 6.0 percent,” he added.
This partially reflects a rebound in agricultural production and favorable terms of trade, among other factors.
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