Credit: Wikipedia Commons , Citizen59 , Tunis, Tunisie /   Quartier d’Affaires au Plateau à Abidjan, Ivory Coast.

By Gary Raynaldo    DIPLOMATIC  TIMES

The International Monetary Fund (IMF) Friday approved a disbursement of US$886.2 million to west Africa nation Ivory Coast (Côte d’Ivoire) under the Rapid Credit Facility (RCF) to address the COVID-pandemic.  The IMF said in a statement that  the economic impact of the COVID-19 pandemic on Côte d’Ivoire is likely to be substantial, with the near-term outlook deteriorating quickly.  The IMF added that  the authorities’ policy response to the pandemic has been swift, drawing on a health emergency plan and an ambitious economic package to provide targeted support to vulnerable populations and firms affected by the pandemic. 

“Côte d’Ivoire is feeling the brunt of the Covid-19 pandemic. The 2020 economic outlook is expected to deteriorate substantially owing to the sharp slowdown in activity among Côte d’Ivoire’s trading partners, the hit to investors’ confidence, and the adverse economic impact of the needed containment and mitigation measures deployed by the authorities.”

-International Monetary Fund.

The government’s response to the pandemic  has initiated strong social distancing and containment measures and an emergency health plan supported by the World Health Organization, according to the IMF. The authorities also announced an ambitious economic plan of about 1½ percent of GDP for 2020 to prop-up the income of the most vulnerable segments of the population through agricultural input support and expanded cash transfers, provide relief to hard-hit sectors and firms, and support public entities in the logistics sectors to ensure continuity in supply chains.

“The COVID-19 pandemic is expected to have a considerable negative impact on Côte d’Ivoire’s economy, creating fiscal pressures and an urgent balance of payments need. The authorities swiftly adopted strong containment measures which, while necessary, will also weigh on economic activity. To mitigate these adverse effects and cushion the fallout on the business sector and hardship on families and communities, the authorities adopted a health plan and a package of economic measures to prop the income of the most vulnerable segments of the population through agricultural input support and expanded cash transfers, provide relief to hard-hit sectors and firms, and support public entities in the transport and port sectors to ensure continuity in supply chains,” Mitsuhiro Furusawa,  IMF Deputy Managing Director and Chair said .