Côte D’Ivoire: Staff Report for the 2022 Article IV Consultation— Informational Annex

CÔTE D’IVOIRE

Abstract

CÔTE D’IVOIRE

Title Page

CÔTE D’IVOIRE

STAFF REPORT FOR THE 2022 ARTICLE IV CONSULTATION— INFORMATIONAL ANNEX

May 31, 2022

Prepared By

African Department

(In Consultation with other departments)

Contents

  • RELATIONS WITH THE FUND

  • RELATIONS WITH OTHER INTERNATIONAL FINANCIAL ORGANIZATIONS

  • STATISTICAL ISSUES

Relations with the Fund

(As of April 30th, 2022)

Membership Status: Joined March 11, 1963 Article VIII

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Emergency Assistance may include ENDA, EPCA, and RFI

Outright Loans:

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1/ Undrawn outright disbursements (RFI and RCF) expire automatically 60 days following the date of commitment, i.e., Board approval date.

Latest Financial Arrangements:

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Formerly PRGF.

Overdue Obligations and Projected Payments to Fund2 (SDR Million; based on existing use of resources and present holdings of SDRs):

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When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.

Implementation of HIPC Initiative:

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Assistance 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.

Under 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.

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

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

As of February 4, 2015, the Post-Catastrophe Debt Relief Trust has been transformed to the Catastrophe Containment and Relief (CCR) Trust.

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 4 above. The timing of the completion point is linked to the implementation of pre-agreed key structural reforms (i.e., floating completion point).

Safeguards Assessment

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). An update safeguards assessment of the BCEAO, completed in April 2018, found that the central bank has maintained a strong control environment since the last assessment in 2013 and its governance arrangements are broadly appropriate. In addition, audit arrangements have been strengthened, International Financial Reporting Standards (IFRS) were adopted as the accounting framework beginning with the 2015 financial statements, and a 2016 external quality review of the internal audit function found broad conformity with international standards. The latest BCEAO safeguards assessment was completed in 2018 and all recommendations have been implemented.

Exchange Arrangements

Côte d’Ivoire is a member of the WAEMU. The exchange rate arrangement of the WAEMU is a conventional peg. The common currency, the CFA franc, is pegged to the euro at the rate of €1 = CFAF 655.957. Côte d’Ivoire has accepted the obligations under Article VIII, Sections 2(a), 3, 4, and maintains an exchange system that is free of multiple currency practices and restrictions on payments and transfers for current international transactions.

Article IV Consultation

Côte d’Ivoire is on the 12-month Article IV consultation cycle. The Executive Board concluded the last Article IV consultation with Côte d’Ivoire on July 21, 2021.

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.

Relations with Other International Financial Organizations

As of May 3, 2022, Côte d’Ivoire collaborates with the World Bank Group and the African Development Bank. Further information may be obtained from the following websites:

World Bank Group https://www.worldbank.org/en/country/cotedivoire

African Development Bank https://www.afdb.org/en/countries/west-africa/cote-divoire

Statistical Issues

(As of May 25, 2022)

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Côte d’Ivoire: Table of Common Indicators Required for Surveillance

(As of May 3, 2022)

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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.

Including currency and maturity composition.

External public debt only.

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