IMF Executive Board Approves US$1.3 Billion under the Resilience and Sustainability Facility for Cote d’Ivoire
Business
The ECF/EFF arrangements support the government's economic program over 2023-2026 for macroeconomic stability and the structural economic transformation to transition Côte d’Ivoire towards an upper middle-income country.
Côte d’Ivoire is highly exposed to climate change through rising temperatures and sea levels as well as rain pattern changes. Economic vulnerabilities to climate change are mostly due to the country’s heavy reliance on agriculture, and the concentration of industrial and services activity in coastal areas. Agriculture employs about half of the workforce and contributes about 17 percent of GDP and 10 percent of tax revenues. At the same time, greenhouse gas emission and pollution in urban areas are growing, albeit from a low level.
The authorities have made strong commitments to reducing the adverse effects of climate change and have developed several government initiatives with development partners’ involvement. The RSF arrangement will support the authorities’ ambitious homegrown package of reform measures which comprises a balanced mix of adaptation and mitigation efforts and centered around six key pillars: integrating climate into key aspects of PFM, strengthening governance of climate policies, reinforcing safeguards for the agricultural sector, creating a framework for green and sustainable financing, building resilience to climate hazards, and controlling and reducing greenhouse gas emissions.
The strategy is based on strong diagnostics including the World Bank Country Climate and Development Report, Climate-Public Investment Management Assessment and green public financial management technical assistance and complemented by various national plans and strategies.
Strong synergies with the EFF/ECF arrangements, notably in domestic revenue mobilization, public finance management and financial market deepening, should further enhance the impact of expected outcomes. Technical assistance from the IMF and development partners, including the World Bank Group, the African Development Bank, the UNDP, and bilateral partners should continue to play an important role in meeting challenges from climate change.