Cote d'Ivoire:Seventh and Eighth Reviews under the Extended Credit Facility Arrangement and the Extended Arrangement under the Extended Fund Facility, Request for Waivers of Nonobservance of Performance Criteria, and Proposal for Post-Program Monitori

Seventh and Eighth Reviews under the Extended Credit Facility Arrangement and the Extended Arrangement under the Extended Fund Facility, Request for Waivers of Nonobservance of Performance Criteria, and Proposal for Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Côte d’Ivoire

Seventh and Eighth Reviews under the Extended Credit Facility Arrangement and the Extended Arrangement under the Extended Fund Facility, Request for Waivers of Nonobservance of Performance Criteria, and Proposal for Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Côte d’Ivoire

Volume/Issue: Volume 2020 Issue 321

Publication date: December 2020

ISBN: 9781513564814

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Topics covered in this book

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Exports and Imports , Finance , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , EFF arrangement , revenue setback , summary debt service table , end-September data , budgetary financing need

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Summary

Prior to the COVID crisis, Côte d’Ivoire had established a strong track record of economic policies, although domestic revenue mobilization has disappointed. The authorities reacted swiftly to the pandemic, supported by emergency financing from the IMF and other donors. They implemented a health and economic response plan combined with frontloaded capital spending, relaxing the 2020 fiscal stance by 3½ ppt of GDP compared to pre-COVID projections. The authorities will start consolidating the fiscal position in 2021 while supporting the recovery, with tax measures underpinning the 2021 budget. Beyond, the authorities are committed to returning to the regional fiscal deficit norm of 3 percent of GDP by 2023. The October 2020 presidential election was accompanied by socio-political tensions.