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International Monetary Fund (IMF) Executive Board Completes Fourth Reviews under an Extended Credit Facility and Extended Fund Facility for Côte d’Ivoire and Approves US$133.7 Million Disbursement APO Group – Africa-Newsroom: newest information releases associated with Africa

WASHINGTON D.C., United States of America, December 14, 2018/APO Group/ —

The funds deficit is projected to converge to the WAEMU regional norm of three p.c of GDP in 2019; this system targets to reach a sustainable steadiness of bills place, fortify home profit mobilization, ensure that debt sustainability, and foster inclusive expansion and poverty relief.

On December 12, 2018, the Executive Board of the International Monetary Fund (IMF) finished the fourth reviews under the Extended Credit Facility (ECF) [1] and Extended Arrangement under the Extended Fund Facility (EFF) [2] for the Republic of Côte d’Ivoire. Completion of the reviews permits the quick disbursement of SDR 96.786 million (about US$133.7 million).

The three-year ECF/EFF preparations with a complete get admission to of SDR 650.four million (about US$898.four million or 100 p.c of Côte d’Ivoire’s quota) have been authorized by means of the IMF Executive Board on December 12, 2016.

Following the Executive Board dialogue, Mr. Furusawa, Acting Chair and Deputy Managing Director, made the next remark:

“Côte d’Ivoire is enforcing a program of macroeconomic insurance policies and structural reforms to maintain robust expansion, ensure that macroeconomic balance, scale back poverty and advertise inclusiveness. The efficiency under this IMF-supported program has been adequate, particularly on assembly the agreed quantitative efficiency standards. Progress has additionally been made in relation to structural benchmarks, even if extra remains to be achieved going ahead. With decided implementation of sound financial insurance policies and structural reforms, the medium-term expansion outlook can also be expected to remain powerful.

“On the fiscal entrance, the funds deficit target for 2018 is inside succeed in, and the government have reiterated their dedication to fulfill the regional WAEMU deficit norm of three p.c of GDP in 2019. Achieving those goals would require further revenue-enhancing measures and spending restraint whilst protective pro-poor outlays. On the financing facet, the government’ new debt control technique envisages a good mixture of home and foreign currencies resources. In that context, a prudent borrowing policy, which in moderation assesses the cost and advantages of recent loans, is needed to stay Côte d’Ivoire’s debt on a sustainable trail. Strengthening public monetary and debt control remain crucial to keeping up debt sustainability.

“On the structural front, the authorities intend to persevere with reforms to enhance revenue administration and public financial management, improve the business climate, promote inclusive growth and consolidate banking sector stability. They also intend to enhance Côte d’Ivoire’s statistical system to better inform policy decisions.”

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