Buzz Update IMF personnel complete the 2022 Article IV mission to C డిte d’Ivoire TOU

Buzz Update IMF personnel complete the 2022 Article IV mission to C డిte d’Ivoire

 TOU

IMF personnel complete the 2022 Article IV mission to C డిte d’Ivoire

IMF personnel complete the 2022 Article IV mission to C డిte d’Ivoire

April 15, 2022

End-of-mission press releases include statements from IMF staff teams who report preliminary results after visiting a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF Executive Board. Based on the preliminary results of this mission, the staff will prepare a report to be submitted to the IMF’s Executive Board for discussion and decision, subject to management approval.

                    <ul class="pr-points">
                                <li>C కోట్te d'Ivoire has shown strong resilience to the epidemic due to rapid and well-designed policy responses.
  • Negative risks are high and are mainly external.
  • Ivorian officials and IMF staff agreed that continuing to build financial space was crucial to financially assist critical spending and increase macroeconomic resilience.
  • Abidjan, Ivory Coast:
    The International Monetary Fund (IMF) Mission, led by Mr. Luca Antonio Ricci, held consultations with the authorities on the Article IV 2022 Article 2022 between April 5-15.

    At the end of the mission, Mr. Ricky made the following statement:

    “The economy of C కోట్te d’Ivoire is resilient in the wake of the epidemic due to the rapid and well-designed policy responses of the Ivorian authorities.

    “After a slowdown of 2 per cent in 2020, economic growth is expected to pick up to 7 per cent in 2021 due to a recovery in consumption and investment. Inflation rose to 5.6 per cent in December 2021, mainly reflecting the rise in global prices, which narrowed slightly to 4.5 per cent in March. The overall fiscal deficit widened to 5.1 percent of GDP in 2021 — 3 percent lower than expected in the budget — mainly due to tougher tax administration and ongoing digitization efforts to offset profits and higher security spending.

    “The decline in the war-torn external environment in Ukraine is expected to have an impact on the macroeconomic outlook in 2022. IMF staff predict that growth will slow to 6 percent this year due to a slowdown in global demand, a decline in trade regulations, and increased uncertainty. Provisional measures have been taken, including price caps on a number of food items, concessions on petroleum products and permit requirements for the export of certain staple foods.

    “The macroeconomic outlook is favorable, but C డిte d’Ivoire is still facing negative external risks. Faces, especially the recent significant oil and gas discoveries and the rigorous implementation of reforms under the 2021-25 National Development Plan (NDP) that will help boost the medium-term outlook.

    “Personnel officers are encouraged to carefully assess the impact of the measures taken so far to mitigate the effects of the war in Ukraine and to ensure that such actions are well-targeted, both temporarily and highly vulnerable, without creating market distortions.”

    “Staff stressed the importance of maintaining macroeconomic and debt stability by adequately anchoring expectations. Until the external situation improves, staff expect the 3% fiscal deficit target to reach the WAEMU convergence standard by 2024. The buffers will also need to be restructured over time.

    “Ivory officials and IMF staff have acknowledged that continuing to strengthen the domestic income balance is crucial to financing critical spending and boosting macroeconomic resilience. Despite recent efforts, tax revenues are still relatively low by international standards. Staff pointed to the need to continue to mobilize additional domestic resources for priority spending to promote social integration as well as to financially assist key public infrastructure and services.

    “IMF staff welcome the 2021-25 National Development Plan (NDP) approved in December 2021 with the aim of accelerating economic and social transformation. It emphasizes the role of the private sector, industrialization, human capital, productivity and governance. Authorities must continue to improve the business environment and infrastructure, protect property rights, promote credit access and increase export diversity. It is also crucial to develop sustainable policies to adapt to climate change and mitigate the associated risks.

    “There is a great need to continue to provide public services and deepen social cohesion to support more comprehensive and sustainable growth. Authorities have made significant efforts under the 2019-20 government social program PSGouv, Especially the expansion of electricity, clean water and education across the country. However, efforts need to continue to improve both cost efficiency and access to more efficient public services. In this regard, the ongoing efforts to improve healthcare access, strengthen the extensive training and vocational training programs of healthcare practitioners are all welcome.

    “The IMF team would like to thank the authorities and other stakeholders for the open and constructive discussions.”

    IMF delegation meets with Prime Minister Patrick Achi; Minister and Secretary-General of the Presidency Abdurrahmane Sisse; Minister of State for Agriculture and Rural Development Kobenan Kausi Adjoumani, Minister of Finance and Finance Adama Coulibaly; Minister of Budget and State Holdings Moussa Sanogo; Minister of Planning and Development Nialé Kaba; Minister of Public Service and Administration Modernization Anne Desiri Oloto; Pierre Dimba, Minister of Public Health, Sanitation and Universal Health Coverage; Thomas Kamara, Minister of Mining, Petroleum and Energy; Jean-Luc Assi, Minister of the Environment and Sustainable Development; And other senior government and BCEAO officials, as well as representatives of business and donor associations.

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                        <h5>IMF Communications Division</h5>
    
    Media relations

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    Phone: +1 202 623-7100Email: [email protected]

    IMF Representative

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