Cote d'Ivoire and IMF agree $1.3billion Resilience and Sustainability Facility.
The International Monetary Fund and Côte d'Ivoire have agreed to a $1.3 billion Resilience and Sustainability facility to fight climate change.
Why is this important: Côte d'Ivoire is the top cocoa producer in the world, and its agriculture sector is exposed and vulnerable to climate change, including other economic activities around the country's coastal areas. The country has implemented various government initiatives to reduce the negative effects of climate change, namely rising temperatures, rainfall disruptions, and flooding, by strengthening mitigation efforts in key sectors of the economy like infrastructure, agriculture, and transport.
The bottom line: As a promising African economy, the IMF's Resilience and Sustainability Facility will go a long way in protecting key sectors of the economy. It will also position the country as a leading voice on the impact of climate change and the migrating effort to deal with it across the continent. The IMF intends also to review the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangements approved in May 2023 provided to Côte d'Ivoire's economic program over 2023-2026 for macroeconomic stability.
