Côte d'Ivoire: First Reviews Under the Extended Arrangement Under the Extended Fund Facility and Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Côte d'Ivoire

This paper presents Côte d’Ivoire’s First Review under the Extended Arrangement under the Extended Fund Facility and Arrangement under the Extended Credit Facility. The Ivorian economy has faced adverse spillovers from the war in Ukraine and global monetary tightening. Indirect and direct subsidies to curb price pressures, higher security spending, and worsening terms-of-trade amid robust domestic demand had led to a widening of macroeconomic imbalances in 2022. Program implementation has been strong so far with all quantitative criteria and structural benchmarks met. Côte d’Ivoire pursues its commitment for a revenue based fiscal consolidation to ensure fiscal and debt sustainability and to create fiscal space and implement its ambitious structural reforms’ agenda. The Ivorian authorities have taken measures to strengthen macroeconomic stability and reverse widening fiscal and external imbalances as the economy has been hit hard by the triple shock of the coronavirus disease 2019 pandemic, global financial tightening, and adverse spillovers from Russia’s war in Ukraine.