The Omicron variant has had limited effects in Côte d’Ivoire, and the authorities are stepping up their vaccination efforts; The Ivorian economy continues to show signs of resilience to the impact of the pandemic. Inflation has increased recently, largely on account of food prices; Côte d’Ivoire’s next Article IV consultation is expected to take place in April 2022.

An International Monetary Fund (IMF) staff team led by Luca Antonio Ricci conducted a virtual staff visit with the authorities of Côte d’Ivoire during January 25-February 3, 2022 to discuss recent economic developments and the economic outlook.

At the conclusion of the IMF virtual staff visit, Mr. Ricci issued the following statement:

“The IMF staff team notes that, despite the spread of the Omicron variant, the spike in new cases was short-lived and the increases in severe cases and hospitalizations remained limited. As such, the authorities were able to avoid the introduction of disruptive containment measures in the implementation of the national strategy to fight against COVID-19. On the vaccination front, progress has been made, with more than 8 million doses being administered by end-January. The authorities plan to accelerate the vaccination campaign to administer another 5 million doses before the end of February 2022.

“The Ivorian economy continues to show signs of resilience to the pandemic and of sustained recovery in 2021. Inflation increased significantly in 2021, in line with international inflationary pressures and largely on account of food price inflation. As noted at the time of the 2021 Article IV consultation, economic growth is expected to remain robust in 2022 and in the medium term.

“With regard to risks, on the positive side, the medium-term outlook could benefit from both the implementation of a strong reform agenda within the context of the National Development Plan and the discovery in 2021 of additional oil and gas reserves. At the same time, the economy is subject to downside risks, such as the emergence of new COVID-19 variants, disruptions to global supply chains, international geopolitical tensions, and tightening of global financial market conditions with adverse consequences for capital flows to emerging market and developing economies.

“The IMF staff team and Ivorian authorities agreed that a key pressing policy priority remains the need to enhance domestic revenue mobilization. This would help to finance productive and social spending to support strong and inclusive growth, while preserving macroeconomic and debt sustainability and enhancing macroeconomic resilience.

“The 2022 Article IV consultation mission is tentatively planned for April 2022, and it will provide an opportunity to discuss in greater detail the economic outlook and policy developments.

“The IMF staff team wishes to express its gratitude to the Ivorian authorities and other stakeholders for the productive and fruitful discussions.”

The IMF staff held virtual meetings with Prime Minister Patrick Achi; Minister and Secretary General of the Presidency Abdourahmane Cissé; Minister of Economy and Finance Adama Coulibaly; Minister of Budget and State Holdings Moussa Sanogo; Minister of Planning and Development Nialé Kaba; Minister for the Promotion of Good Governance, Capacity Building and Fight against Corruption Epiphane Zoro Bi Ballo; other senior government and BCEAO officials, representatives of the private sector, and Côte d’Ivoire’s development partners.