IMF reaches staff-level deal with Ivory Coast, paving way for $574 mln disbursement

WASHINGTON – The International Monetary Fund on Monday said its staff reached agreement with authorities from Ivory Coast on a review of two lending programs, which will pave the way for disbursement of $574 million, once approved by the IMF’s executive board.

The IMF said Ivory Coast’s performance under its $3.5 Extended Fund Facility (EFF) and Extended Credit Facility (ECF) program and the $1.3 billion Resilience and Sustainability Facility (RSF) program had been satisfactory.

It said a staff-level agreement had been reached on all policies and reform measures in line with the programs’ objectives, including further revenue-based fiscal consolidation to reduce the fiscal deficit to 3% of gross domestic product by 2025 and on additional structural reforms.

The agreement will allow disbursement of a combined $574 million, once approved by the IMF executive board. – Reuters