Journal Issue

Côte D’ivoire: Fifth Review Under the Three-Year Arrangement Under the Extended Credit Facility and Requests for Modification of Performance Criteria and Extension of the Current Arrangement—Informational Annex

International Monetary Fund. African Dept.
Published Date:
June 2014
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Relations with the Fund

(As of April 30, 2014)

Membership Status: Joined: March 11, 1963. Article VIII

General Resources Account:

SDR Million%Quota
Fund holdings of currency (Exchange Rate)324.2099.69
Reserve Tranche Position1.000.31

SDR Department:

SDR Million%Allocation
Net cumulative allocation310.90100.00

Outstanding Purchases and Loans:

SDR Million%Quota
RCF loans81.3025.00
ECF Arrangements528.54162.53
Latest Financial Arrangements:
TypeDate of


Amount Approved

(SDR Million)
Amount Drawn

(SDR Million)
ECFNov 04, 2011Nov 03, 2014390.24308.94
ECF 1/Mar 27, 2009June 23, 2011373.98230.89
ECF 1/Mar 29, 2002Mar 28, 2005292.6858.54

Projected Payments to Fund (without HIPC Assistance) 2/

(SDR Million; based on existing use of resources and present holdings of SDRs):


Implementation of HIPC Initiative:

I. Commitment of HIPC assistanceFrameworkFrameworkTotal
Decision point dateMar 1998Apr 2009
Assistance committed
by all creditors (US$ Million)3/345.003,109.58
Of which: IMF assistance (US$ million)22.5038.66
(SDR equivalent in millions)16.7025.85
Completion point dateJune 2012
II. Disbursement of IMF assistanceFrameworkFrameworkTotal
(SDR Million)
Assistance disbursed to the member25.8525.85
Interim assistance15.1315.13
Completion point balance10.7210.72
Additional disbursement of interest income 4/0.570.57
Total Disbursements26.4226.42

Implementation of Multilateral Debt Relief Initiative (MDRI): Not Applicable

Implementation of Post-Catastrophe Debt Relief (PCDR): Not Applicable

Decision Point—point at which the IMF and the World Bank determine whether a country qualifies for assistance under the HIPC Initiative and decide on the amount of assistance to be committed.

Interim Assistance—amount disbursed to a country during the period between decision and completion points, up to 20 percent annually and 60 percent in total of the assistance committed at the decision point (or 25 percent and 75 percent, respectively, in exceptional circumstances).

Completion Point—point at which a country receives the remaining balance of its assistance committed at the decision point, together with an additional disbursement of interest income as defined in footnote 2 above. The timing of the completion point is linked to the implementation of pre-agreed key structural reforms (i.e., floating completion point).

Safeguards Assessments—the Central Bank of West African States (BCEAO) is a common central bank of the countries of the West African Economic and Monetary Union (WAMU). The latest assessment of the BCEAO was completed on December 13, 2013. The assessment found that the bank continued to have a strong control environment and has, with the implementation of the 2010 Institutional Reform of the WAMU, enhanced its governance framework. Specifically, an audit committee was established to oversee the audit and financial reporting processes, transparency has increased with more timely publication of the audited financial statements, and the BCEAO is committed to IFRS implementation by end-2014. The assessment also identified some limitations in the external audit process and recommended that steps be taken to ensure the adequacy of the mechanism through selection of a second experienced audit firm to conduct joint audits.

Exchange Arrangements:

Côte d’Ivoire is a member of the WAEMU; the exchange system, common to all members of the union, is free of restrictions on payments and transfers for current international transactions. The common currency, the CFA franc, is pegged to the euro at the rate of €1 = CFAF 655.957.

Article IV Consultation:

Côte d’Ivoire is on the 24-month Article IV consultation cycle for program countries.

The Executive Board concluded the last Article IV consultation with Côte d’Ivoire in December 2013. The next Article IV consultation is planned for September/October 2015.

Technical Assistance:
2011Multitopic (July)Strengthen the capacities of all the stakeholders involved in the compilation and production of the Table of Financial Operations (TOFE); launch the GFS source data collection; and elaborate a strategy to implement the West African Economic and Monetary Union (WAEMU) common GFS guideline (Directive n°10/2009/CM/UEMOA, portant TOFE*.
Debt management (July)Advice on the treatment of domestic debt, in particular government securities.
Customs administration (August)Follow-up
FSAP follow up (August)Advice on resuming formulation of the financial sector development strategy, managing public debt, and solving banking sector problems.
Public expenditure management (October)Diagnostic mission
Government financial statistics (October/November)TOFE follow-up
Public expenditure managementComputerization
FSAP follow up (November)Advice on resuming formulation of the financial sector development strategy, managing public debt, and solving banking sector problems.
National accounts (December)Assessment of the possibility to develop quarterly national accounts (QNA).
2012Government financial statistics (January/February, November/December)TOFE follow-up
Tax administration (January; September)Workshop
Customs (February)Workshop
Tax administration (February; December)Modernization of fiscal administration in Côte d’Ivoire.
Public wage bill management (December)
Customs (March/April)Follow-up
Multi-topic (April)AFRITAC Steering Committee
Fuel pricing (June)Workshop
National accounts (July, Oct/Nov)Set up quarterly national accounts
Debt Management (May, September)Medium Term Debt Strategy (MTDS)
Tax policy (July/August)Review and diagnosis
2013Public expenditure managementBudgeting strategy
Public Debt Management (January/October)Workshop on Debt sustainability analysis
Customs/tax administration (January)Workshop
Statistic real sector (January/March/November)Quarterly national accounts
Strategy and Roadmap to Program Budgeting (January)Workshop
Cash management (February)Treasury Single Account
Debt management (February)Reorganization of the Debt directorate
Government Finance Statistics (March)Migration to GFSM 2001
Customs administration (March/September/December)Modernization of customs administration
Public wage bill management (April)Regional workshop (AFRITAC)
Wage bill management strategy (May)Budgeting strategy
Medium-term expenditure framework (June)Budgeting strategy
Accounting (July)Accrual accounting
Tax policy (August)VAT reform
Banking sector (August)Public bank restructuring
Tax administration (September)Modernization of fiscal administration
Debt management (September)Update the DSA
Public financial management (September)Medium-term expenditure framework
National Accounts-AFRITAC (September)Quarterly GDP
Customs Administration -AFRITAC (October)Risk-based analysis in Customs
Revenue administration (November)Strengthen tax administration
Public financial management-AFRITAC (November)Financial information system reform
Government Finance Statistics -AFRITAC (November)Producing the TOFE based on the trial balance and implementing WAEMU directives
Public financial management-AFRITAC (December)Support the formulation of a strategy to improve accounting procedures, consistent with WAEMU directives
2014Public Financial Management (January)Budget execution and spending procedures
Customs Administration -AFRITAC (February)Modernize customs
Cash management (April)Treasury Single Account
National Accounts-AFRITAC (April)Quarterly GDP

Resident Representative—A Fund resident representative was first posted in Abidjan in 1984. There were interruptions for security reasons in 2005–06 and 2010–11, but a resident representative has been continuously assigned since May 2011.

Joint Bank-Fund Work Program, 2014–15

(As of May 2014)

TitleProductsProvisional Timing of MissionsExpected Delivery Date
A. Mutual Information on Relevant Work Programs
World Bank work program in the next 12 monthsSecond Poverty Reduction Support CreditJanuary 2014 to June 2014September 2014 (for Effectiveness and Disbursement)
Cote d’Ivoire Health result Based Financing ProjectJuly-August 2014December 2014
Cote d’Ivoire - POPs Pesticides Management ProjectDecember 2014
Governance and InstitutionalQ3, 2014
Development Grant Additional financing
CI-Productive Social Safety NetMay - June 2014May 2015
Parliament capacity Building projectOngoing
Territorial Governance and Local DevelopmentFebruary 2015
Economic and Sector Work:
SPF - IdentificationJuly 2014
Côte d’Ivoire Urbanization ReviewDecember 2014
Support to strengthen PFM reform environmentJune 2014
Côte d’Ivoire Country Statistical BriefMay, 2014
Policy Note on Growth and CompetitivenessSeptember 2014
Public Expenditure Reviews in the Health and Education SectorsDecember 2014
Technical Assistance/Other Analytical:
Competitive Industries and Innovation Program (Activity under mobilization)November 4–14, 2014FY14-15
Support to Cote d’Ivoire land tenure policyJune 2015
CI - Assessing the impact of crises on HDDecember 2015
Capacity Building for Business JournalistsOngoing
ICT re-engagement and applicationsQ3, 2014
CI HD impact of the crisisDecember 2015
Strategic Country Diagnostic (SCD)Concept Note Review Meeting at end-May 2014
Economic and Poverty MonitoringOn-going
Monitoring, Advice and comments on of the implementation of cocoa sector strategyOn-going
Support to improve Local Government PFMJune 2014
Health Financing StrategyDecember 2014
IMF work program in the next 12 monthsProgram:
6th ECF review under ECF (Sep. 2014)
Staff visit (March 2015)
Technical Assistance:
Budget management information system - AFRITACMay 2014
VAT administration – AFRITACMay 2014
Accounting and financial reporting - AFRITACJune 2014
Customs intelligence - AFRITACJune 2014
Treasury Single Account - AFRITACJune 2014
Tax general Directorate ReorganizationJune and November 2014
Tax auditJuly and December 2014
Customs risk management - AFRITACAugust 2014
Tax management information systemSeptember 2014
Budget classification - AFRITACOctober 2014
Revenue accounting - AFRITACOctober 2014
Government Finance Statistics - AFRITACNovember 2014
Government Finance Statistics - AFRITACNovember 2014 and March 2015,
Customs reform strategyDecember 2014
Tax administration modernizationDecember 2014
Tax policy (VAT reform)First quarter of 2015
Budget preparationJanuary 2015
National accounts2014/20152015
B. Requests for Work Program Inputs
Fund requests to BankPeriodic updates on budget implications of reforms in the civil service, coffee/cocoa sector, electricity sector, financial sector, as well as an infrastructure master plan.Ongoing
Bank requests to FundRegular updates on macro-economic and fiscal projectionsOngoing

African Development Bank (AFDB) Group Operations and Strategy in CÔte D’ivoire

Bank Group Portfolio:

Since it started operations in Côte d’Ivoire in 1971, the AfDB has so far approved 70 operations for the country, of which 41 have been fully completed, 14 cancelled, 7 ongoing (2 newly approved). All approved operations amount to a net commitment of UA 1,369 million (CFA F 1,033 billion). AfDB Group-financed operations have been mainly loan-based and channeled, by order of importance, to the multi-sector (24%), the social sector (20,68%), the rural development and agriculture sector (20,40%), transport (17,32%), energy and telecommunications (13,67%), water/sanitation (3,8%) and finance (0,2%). The operations were financed mainly with resources from the ADB window (more than 70%). The bulk of these funds (92, 36%) were directed towards the public sector. It should be noted that funding for the private sector concerns electricity, telecommunications, transport and industry. In addition to bilateral funding, Côte d’Ivoire received additional ADF resources to finance studies and/or projects in the fields of infrastructure and agriculture, to enhance subregional integration in West Africa.

Considering the long period of inactivity of the portfolio (six years) due to the suspension of disbursements to the country, the Bank in 2009: (i) streamlined the portfolio by cancelling the outstanding balance of eight old operations; and (ii) in June 2011, restructured two other operations (PADER-Moyen-Comoé and PVRH). With the prospects of recovery in economic activity since the end of the post-election crisis, particularly the restoration of government services, the portfolio will be improved.

Since the end of the post-election crisis, the Bank approved, in accordance with the pillars of the 2012 Country Brief, five operations, totaling UA 242.2 million (CFA F 182.8 billion). These include:

(i) The Emergency Programme to Restore Basic Social and Administrative Services (PURSSAB);

(ii) The agricultural infrastructure support project in the region of Indénié-Djuan (PAIA-D);

(iii) The Project construction of bridge toll Henri Konan BEDIE; iv) Azito power expansion project (Private sector) and (v) Ciprel power expansion project (Private sector). With these approvals, the Bank’s active portfolio includes nine operations for a total amount of commitments of nearly UA 194 million (CFA F 146.5 billion). In 2013, two (2) news projects, totaling UA 42 million, have been approved by the AFDB Board under the new Country Strategy Paper (CSP) 2013–14 namely: (i) Youth Employability and Insertion Support Programme and, (ii) Côte d’Ivoire, Liberia, Sierra Leone and Guinea (CLSG) Interconnection Project as indicated above.

The table below gives an overview of Bank’s active portfolio status in Côte d’Ivoire.

Status of Bank Active Portfolio as of March 2014—in UA Million (1 UA=1SDR)
OperationsAmount (in UA Million)Purpose/Remarks
On-going projects (public window):
1. Targeted Capacity Building Support2Approved in December 2009 under the Fragile States Facility, the objective of this project is to: (i) strengthen the coordination framework for government interventions; (ii) support implementation of the PRSP; (iii) improve the efficiency of public financial management; and (iv) strengthen good governance.
2. Gourou Basin Integrated Management Project (Sanitation of Indenié junction and the Lagoon)23The ADF Board of Directors on November 24, 2010 approved a grant of UA 23 million to finance this project. This grant was put in place in June, 2011.
3. Emergency Programme to Restore Basic Social and Administrative Services (PURSSAB) and Targeted support to strengthen the capacity of the administration5.5The main purpose of this program, approved on June 3, 2011, is to contribute in the national budget to restoring basic social and administrative services, social cohesion and reconciliation as stated in the Government’s request. The program seeks to address the country’s urgent needs through the restoration of basic health, educational and social welfare services, water and sanitation networks, public administration services, as well as dialogue, social cohesion and reconciliation mechanism.
4. Agricultural infrastructure support project in Indéné-Djuablin Région (PAIA-ID)21.6The project will contribute to improving food security and reducing poverty in rural areas. Specifically, it aims to increase, on a sustainable basis, the production and productivity of major crops, as well as improve marketing conditions.
5. Youth Employability and Insertion Support Programme,18,8The project aims to support the most promising employment and vocational training with a view to creating direct jobs for women and youths. The objective is to assist for changing the profile of future labour through reforms (gradual shift to steer the educational system to respond to economic demand and act on rapidly growing labour flows)
6. Côte d’Ivoire, Liberia, Sierra Leone and Guinea (CLSG) Interconnection Project -Multinational33,00The project support the energy sector in the context of a regional operation aimed at interconnecting the power grids of Côte d’Ivoire with other Mano River Union member countries (Liberia, Sierra Leone and Guinea).
Private sector
7. Project construction of bridge toll Henri Konan BEDIE50Henri Konan Bédié Bridge is a public private partnership (PPP) based on a Build Operate Transfer (BOT) concession of 30 years. It involves the building of a toll bridge over the Ebrié Lagoon linking the South and North shores of Abidjan.
8. Azito power expansion project26Expansion of the Azito power plant in Côte d’Ivoire, by converting the existing simple-cycle power plant of 2 x 144 MW gas-fired turbines to a combined-cycle power plant, thereby increasing the capacity of the facility to approximately 430 MW.
9 Ciprel power expansion project44Expansion of the Ciprel power plant to a combined cycle turbine facility in Côte d’Ivoire to be built in two phases: phase A, construction of a gas turbine (111MW of power), phase B deployment of a combined cycle turbine for additional 111MW of generation. The project will increase the capacity of the plant by 222MW.
10. Microcredit Côte d’Ivoire (equity participation and technical assistance)1.5It is a microfinance project which comprises two parts. The equity participation part was signed on June 2013; the technical assistance part will be signed on November 2013.

Strategy for Re-engagement by AfDB in Côte d’Ivoire

To assist Côte d’Ivoire in addressing its immense needs, the Bank is committed to a rapid operational re-engagement. Consistent with the AfDB’s Fragile States Facility, a Country Brief defines the framework for the Bank’s rapid re-engagement in Côte d’Ivoire over the period 2011–12. A full Country Strategy Paper (CSP) has been approved by AFDB Board at the beginning of December 2013. The strategy focused on the following two pillars: (i) Strengthening Governance and Accountability; and (ii) Infrastructure Development in support of Economic Recovery. Pillar 1 aims to create an environment that will foster socio-economic inclusion and address the demands for improved governance and basic service delivery to the population. Pillar 2 aims to promote the optimal use of natural resources through the development of high quality infrastructure in the agriculture, transport and energy sectors, in order to bolster economic recovery.

Indicative Work Program for 2014 and 2015
DescriptionAmount (in UA Million)Year
− Support to social cohesion (budget support under preparation)302014
− Côte d’Ivoire-Mali regional road Project (under preparation)902014
− Support for economic and social reintegration (re-scheduled from 2014 to 2015)152015
− Agro-industrial Infrastructure Support Project in the Centre Region302015
− Public Finance Reform Plan Implementation and SME Support Project102015
− San Pedro Regional Port Extension Project (private sector)502015/2016

Statistical Issues

(As of April 2014)

I. Assessment of Data Adequacy for Surveillance
General: Data provision has some shortcomings, but is broadly adequate for surveillance. There are weaknesses in the areas of national accounts and balance of payments and public finance statistics, as well as in the reconciliation of fiscal and monetary data. Generally, the authorities provided the required statistical indicators to the Fund (see attached table) on a timely basis. In February 2013, Côte d’Ivoire approved the African Statistics Chart, adopted in February 2009 in Addis Ababa to have reliable data for its internal governance, and also for positioning the country in the regional and international trade. The new law organizing national statistics was approved in July 2013. A census is taking place in 2014.
National Accounts: Comprehensive national accounts data for 1996 onwards was compiled in line with the 1993 System of National Accounts methodologies, using 1996 as the base year. As the base year is dated, the authorities are drafting a plan to implement a new base year and update implicit deflators. Accounts for 2010 and 2011 have been completed.

There is ongoing work on quarterly national accounts with the Fund support through AFRITACWEST, with the first quarterly data projected to be available in early 2015.
Price statistics: A harmonized consumer price index (CPI) has been adopted by all WAEMU members. A new base year (2008) has been adopted in 2010.
Labor market statistics: No such statistics are published regularly.
Government finance statistics: The authorities provide annual data on the budgetary central government for publication in the Government Finance Statistics Yearbook. While no monthly or quarterly fiscal data are provided for publication, they are made available to the IMF African Department, although metadata is lacking. The authorities have committed to addressing weaknesses in coverage of general government units and public enterprises and are making efforts to improve the reconciliation of fiscal and monetary data. In addition, the authorities are receiving assistance from Afritac to use accounting data for reporting budgetary central government operations, and progressively implement GFSM 2001. The report on financial operations executed by the government over the crisis period (January–April 2011) is still not available.
Monetary and financial sector statistics: Monetary data for Côte d’Ivoire are prepared by the national agency of the BCEAO and officially released by BCEAO headquarters. Some shortcomings of the monetary statistics are common to all eight member countries of the WAEMU, while others relate to systemic issues in Côte d’Ivoire’s bank and nonbank financing of the operations of the central government and the rest of the public sector. Recently there have been improvements in the timeliness of reporting data on depository corporations and interest rates.
External sector statistics: The national agency of the BCEAO in Abidjan is responsible for compiling and disseminating annual balance of payments statistics and the international investment position. BCEAO headquarters delineates the methodology and calculates international reserves managed for WAEMU countries. With respect to merchandise trade, the customs computer system allows for satisfactory monitoring of trade data, but the coverage of services and transfers, has shortcomings. Concerning the financial accounts, foreign assets of the private nonbanking sector are not adequately covered, while reporting of private capital flows, especially foreign direct investment in Côte d’Ivoire, is weak. There is also not sufficient information on private debt stocks and debt service flows.
II. Data Standards and Quality
Côte d’Ivoire has participated in the General Data Dissemination System (GDDS) since May 2000, and has posted the metadata on the Data Standards Bulletin Board.No data ROSC is available.
III. Reporting to STA
Côte d’Ivoire regularly reports data to STA for re-dissemination in IMF statistical publications.
Côte d’Ivoire: Table of Common Indicators Required for Surveillance(As of April 2014)
Date of Latest






Frequency of

Exchange RatesCurrentCurrentMMM
International Reserve Assets and Reserve Liabilities of the Monetary Authorities102/1404/14MMM
Reserve/Base Money02/1404/14MMM
Broad Money02/1404/14MMM
Central Bank Balance Sheet02/1404/14MMM
Consolidated Balance Sheet of the Banking System02/1404/14MMM
Interest Rates202/1404/14IMM
Consumer Price Index02/1404/14MMM
Revenue, Expenditure, Balance and Composition of Financing3 – General Government402/1404/14MMM
Stocks of Central Government and Central Government-Guaranteed Debt512/201303/2014MMM
External Current Account Balance12/201303/2014AAA
Exports and Imports of Goods and Services02/1404/2014MMM
Gross External Debt12/201303/2014MMM

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I); and not available (NA).

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A), irregular (I); and not available (NA).

1Formerly PRGF.
2When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
3Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence, these two amounts cannot be added.
4Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.

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