HIPC INITIATIVE- FINAL DOCUMENT ON COTE D'IVOIRE ENGLISH TEXT ONLY

AFRICAN DEVELOPMENT BANK AFRICAN DEVELOPMENT FUND

lntem ational Developm ent AssociationFOR OFFICIAL USE O5LY

FO REXECUTIVEDIRECTORS'M EETING

For coM ideradon onn ursday, M arch 19, 1998

IDA/R9FO

M arch 6, 1998FROM: The Secretac

REPUBLIC OF COTE DW OIRE

HIPC D ebt lnitiative: President's M eniorandum and Final D ocum ent

Attached are two dochments (Report No. P7229 1VC): (i) .the Memorandum andRecom m endauon of the President on'Assistance to the Republic of Côte d'Ivoire under the HIPCDebt Initia*ve and (ii) the Final HIPC Document on Côte d'Ivoire jointly prepared by 1MF and1DA stafg,

. Quesuons on these documents should be referred to Mr. Mclntire (ext. 37944),Mr. van Trolenburg (ext. 36794), Mr. Katsu (ext. 37504) or Ms. Dejou (ext. 33357).

Distribudon:

Executive Directors and AlternatesPresidentBank Group Senior ManagementVice Presiden/, Bank, 1FC and M IGADirectors and Department Heads, Bank, IFC ànd MIGA

This docunlvnt has a rcsthctcd distribution and may be used by recipients only in thepcrlbrm ance of thcir official duties. 1ts contents m ay not otherwise be d. isclosed withoutB/orld Bank autholization.

Document of

The W orld Bank

FOR OFFICX USE ONLY

Report No. P 7229 W C

REPORT AND RECOM M ENDATION

OF THE

PRESIDENT O F THE

N ERNATIONAL DEVELOPM ENT ASSOCIATION

TO THE

EXECUTIVE DIRECTORS

ON ASSISTANCE TO

THE REPUBLIC OF COTE D'IVOIRE

UNDER TIIE HIPC DEBT INITIATIVE

M arch 5, 1998

l .

Ihis docum ent has a restricted distribution and m ay be used by recipients only in thepedbrmance of their official duties. Its contents may not otherwise be disclosed withoutW orld Bank authorization.

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Sector anager : Charle's P. Hump eys ''

Team Leader : Joh' n olntire.', , anager, PC Unit : Axel van. Trotsenburg -.'

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FOR OFFICIAL USE ONLY

ASSISTM CE TO TIIE M PUBLJC OF COTE D'W OXUNDER TM M AW W O EBTED

POGR COIW TRTES DEBT INITIATIVE

Table of Contenl

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STRUCTIIRALAND SOCIAL DEVELOPG NT PERFORMANC: CRrrERIA..8

11 I)I7 ItIXIIIII;IIII 6916112 (ZIS ...&...@.p..*.*............................*.....@.......@611111*116 IIII 1X 1) 11 *:********:*********************************#*****************************6

Côte d'Ivoire: Final Document on The Initiative for Heavlly; Indebted Poor Cpuntrle:

. ' '

d t has a resdcted diszbution and may be usçd by recipienù oaly in theD s ocumenperform ance of their oï cial duties. Rs contents may not othirwise be disclosed without

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W orld Bnnk authorization. . .. . ' . . .

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< MORANDUA AND RECOMMEMIATIONOFM PRESD ENTOFTM N EM ATIONAL DEVELOP< NT ASSOCIATION

TO THE EM CW IVE DX CTORS

ONAF ISTU CETOTHEREpuBu c oFcôTED'W oMY ER THE HIPC DEBT = ATIVE

1. 1 submit for your review and approval le following Memoran4um and Recommendauonof ie President of ie lntemadonal Development Associauon GDA) on the œssie nce to beprovided to ie Republic of Côte d'IvoH under ie Heavily hdebted Poor Coundes X PC)IniEative. n is Memorandum and Recommendation discusses: (i) ie relief O t is exmcted tobe provided by IDA throughout the interim period 1om the proposed decision point of M arch1998 up to the proposed compleGon point of March 2001; and (ii) ie s% chlml and socialdevelopment m rformance criteria that Fould be monitored G tween le prom sed decision andcompleGon 1 1n2.

2. n is memorandllm refers to the M dings of X ôse d'lvoire: Final Document on theInitiative for Heavily Indebted Poor Counies'' X PC) which is affnnhed as Annex 1. n eAnnex reports the results of the most recent debt sustmlnnbility nnnlysis (DSA) for Côte d'Ivoire,including creditor reconciliauon =d updated projections on exm> =d govemment revenues.n e Annex recommends: (i) the timlng of ie decision M d complefon points; (ii) the debtsllenlnnbility targets; (iii) the projected debt relief 9om bilateral and multilateral creditors; (iv)acGon by mto lateral creditors to achieve the target raGo of the NPV of debt to expo> at thecompletion point; ud (v) m rfomlance crheria under ie lnitiauve.

3. n is report and recommendnflon is associated w1t11 the Coun> Assise ce Skategy(CAS) for Côte d'Ivoire (Report Nù. 17007-1VC, diycussed by ie Board on September 11,1997).

PROPOSED DEBT RELIEF

4. As presented in the HIPC Final Docllment to bring Côte d'Ivoireis debt to a tarjet ofNPV of debt of 141 yercent of expo>, equivalent to 280 percent for the NPV of debt-to-revenueratio, by tlw completTon date of M arch 2001, the total bilateral and multilateral debt relief would

be U5$345.2 million. It is jroposed that the Executive Dizectors approve, in pHnciple, reliefhaving an NPV of US$91 mlllion in respect of debt owed by Côte d'Ivoire to IDA, subject toconsrmation by other creditors fhnt they will provide proportional relief 'on their clnimsl(para. 27 (d)). Relief would be provided through the completion point, as described in paras. 12and 13.

' n e total relitf proposed of U5$345.2 million is less than the US$601.7 million included in tbe Guidelines paper,

which was based on end-l999 data and on the end-1996 exchange rate (CFA/ 523.7 per US dollar). n eestimates presented here take into accotmt the resul? of the debt reconciliation exercise and are based on datafor 20O and the depreciated en4-1997 exchange rate (CFAF 59*.* per US dollr).

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, i jc onc. essi onal term K, restmchm-ng comm #..tc '.iia1 .' d . p.cb. t Qn. t.#. rm ' s. s'lvm, 41ar to tb o.ge. o. f . +? ' , ç. b lla..f em. 1 . uk' I --< ' ... .;' .-CI . . : . zkè'.r. ' - . .. . ( ' ; '' ? , .. '.' qp I @ <) qh .&u . . q. csikztk % .. j; .& .-J' t lj . <) ' . . .., <p.: ' . .. . ..k '..' 4, . .4, qk ' . ; .resched tulmg, sn, d e11 m 1 n. atlon of ie lo.ng. xt#. nn, ,, . ? d.. e. bst pf' ,,. pû. 'b. l'lc ehfe. m. . h. 'se's. , . , .' , . u ...., . . p! h.y .xtJ', .z..ntg. o'h. , , ,. . > . ' j . y , j .m . . .j.: . Y 'o '+. s.j.' A ' ' . . . g. . . . . . y 1 ,Bett

. er debt lmsp agement has been aàslsted. u=.. , . ..o,u, k. .m,. ât. roe.. ..# nöm ',c rbfonp pro . ' supmre.d ,. Ji,by 'IDA credu ts nnd I Rq n- nge. m. ertts. , 2:7

ê 'à

. 6 . P' arl s. Club. Co* te d'lvolre Rcelvqd. s# -, ' $ :5! .'è--n--.in. t. .d,' bb. t re-1'2. f &, om th. . 'e P,-n.n. > Clu b, . E llg fblé. ,.

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' d ebt to P n rl s C l ub credl to rs wA K re sche d u1, 1 'ed' . , t .m= .M' , fA- ov-zc--h, ' 1 9 9.. 4 . o. n L' . .:n. d' , b n' te' rm. , , ,s . ,l. ùn, 1, ' .e. co. , 'nte. xt o f . 4''> -. ' L 1 . è. ., 7:''f).i' i :FJ'!-- ' ',r . '''. ''----' '-. . .s . . . . . ' .. : 'z!.' the 19 9 4 agr eemen: a1l = nm to om clal bllat:ral Ft-reedltors we. re t' l-.re. d be'tw ee. n 19 9 4 nnd end- . .4

' ' j1996. '

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< .%Yi. s r ' . 01' . , ? 4 'tY : $0' ', . ml ' m C r C 1 al C re d lt O r S t O r C S 'W. ' CX $11/. - :- . ' . pd-,

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. . .., .

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t? ' .is 'm* tù-f est, m- clud! ng arrenm snd p en'lfltle. s . t D 7) çub. ,4 %s9 'ei%. e. d' t'e F fç-hch, , , - , . e- n .c-an,.. . . . . z.n.. . . - , . ,t ï. . . . . . . e.. . w. . t ' ... . .( .v. . ' . ...n. .r .. : ..e,v- .j . s . .-c . , /' . . th Europel an

, snd Japsnese b npvK an'. .-d',.,' . to .p'..'fk-v- ',ar'ttè-'i'$xqk' estp' rs''.. -rh. ,'.e- ' à-g. ., .e.z'..m. e-xt. s. n.x.-.%'. . .e.':- . si.gr. ed ' tby. ' . ''$ o . er .

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jgj)ï q - -

'. 'q' . .4 - '. ,

.. .;.

.yr ,. rxuj. q..' . -fk;t. ,v.q. .$:t. 'l-t.s. whô have been conceràed àbo' , 4 u' t' . $th. . ' .q.; . .*, b.. m: ' ,m' , ef gir'al.-sïvjsödroq. , ba.,,t.:,#.' yve- r , n. ..n g, . . Th.. . e q , v .. . ,. ,u.. ,pkmz. 4 ! -A. k. d,

. .

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,, : .-y. ,. .?, q;.k' ) ' . . . . ' ' .'

' '': : c::s A. , 'w .% . j . o xj xj . ..4,.j...;:gjjg;jjy ;y(; , k kzj t(.) . .jI1, !k( ..yj x :tJ;; ,jj : .; q .j(j.:é ....... .y r. 1jL, , .. . .t . . . . s . . ,. . , ,. . y . 0. o . , . .6.; *....'. . t'hlà ag. reement by provldmg a Commerctal . e b t R.. eë ..j.;tru',:s.',,pt4 ,m. 7n, fg. ,! P,f op'. sm Crydlt of U S$50 m llhon j ,A. H .5. !. . . . . . , #. y. . , $4 , ,..s . . v jvc .aip, proved by h7 and nn IDA Debt Reductlon Famhty t d., f US$ 3.t5,'...m, . llllon (Credlt No.. 2975- , ,

the Board on July 10, 1997)2. Along with th.'. p B,.. 'an? '#.,. the 1 nnd the Governm 'en 1 of France, ,l . . . , . . ,. .?.iL- . . . . . w d,jvozre.

.

'

.' é!;Nètherlnnds, nnd Sm tzorlnnd m 11 help flhnnèe th! ,$.s. égreegm ent whlc'h m l1 bnng Cote

. i j . . . . . . p . y g s y ;. a. y j o g. . . - jm' uc:h gloserj to a sustn,nable debt po sltlon. n e agïtke-ëmep, t m ll reduce. the eh. d-199 ,' 1. . . .. ' , f !the cœm m the order of US$5 bllllon, equlvalent to about 45 percent of GDP or 105 percent of :,

,. . . '

expoA . . . , . . . h* iJ

li. . . . j

8 M ultilateml Debt. Despite propess >h-' . kdebk'tzzrendudion nnd mnnagement .C'o-te d ''Ivolr' e's 'i* . . . , x . . . ( r . . . :'. . . . . . . . .

- . j,-. - ..f . . .:- . . , .. . . . . . . . .j.extemal publlc debt slhlntlon remamK frag l

,

'le, d. .l1e.. .il4tr.ry part t'o the s'scal-: burden of debt sem ce. ?',...1 . jyan . anr. .d. .th.. ., e.. assok, jjated fiscal' proble. m, Executive D' 1r- e elors of .1,1.Therefore, m Vlew of the debt over g . - . . L . p' : ' 'b oth 1. 'DA and the I gave thelr- pre' 1.1-:>, . 'i.n' ' . )' ' .4g ,re em ze. h. t. , ,. .k'i- ' # 'rin. ci ple ,to C o- te d ' Ivou- e ' s '' i.$ $ .

. . ' -' ' .'e . ' )' 'f ' ' ' .

. . . . , .1

. ' '' 1

)2 bt Relduction Fàcility gant of us$35 millio.. ,tu-tà' ,1 'i'n. ,o.lp' .d. estgrwt'- ' tvo.f.u. ?s.$.10. millinn equivalenteo'm 1. . .n e oe

a j . . . . . ; o . j j y . j j . . r y ; y.j j . ' yy, g jjj ; r j m u. p

. . 1 .' Government of Swifyorlan'd and of US$5 millio: etquwâltp' t. frbm thi Gbvemment of th, e .

k . ' ' .1 ;. ig .i

. '

.h. ' . Jfk

'

). :z ' . Trjajjy.yj' j.. . , ( p . ,;'si ' . . . '. .

' . .k,xxwi, .':.u.kw.. .. y ..,. . .,..,. ..,xu;' . .. .. .,.,.

.,. . . .. . ..,...s.:. r. .. -

.. ..;g...u . . .- '* ' '' ) .' :, ,as . . . ) . z . u u ë l.ik u 2. . . . .xr ;' :1u.- .. . . .. ... .- a '. . '. . . L .k;dk&- t.,b? ' kL- i.hkihkii litii cl:,1. kp:ik ;zk:..''-?q$' 13% rzikk:- . .

.3-

1 PC Iniuauve basid onengbility for supmrt =det ieH diuow ie Exxuuve Directbs endorsedt

(a) a decision point aher aveement is rzached on a new th-e-year ESAFn- ngement and on appropriate Ktnlcfllml and social development criteria to %monitored by m A;

@) a completion point th= years Fom decision point subject to sausfactovimplemenution of le agxed progra ; M d

(c) at ie time of the prelimine discussion in Apdl 1997, it was exmcted O t Côt:d'lvoire could have reachH its decision point by June 1997 = d. its complefohpoint by June 2000. Given the delays in reaching agreement on a new tb- -yearprogra , these dates would be adjusted accorA gly, i.e., w11 a prom sed dedsio:point of M arch 1998 and a prpposed compledon point of M = h 2001:

Debt Stock

9. Table 1 shows the NPV of lvprian debt ie yrojected amounts of debt reliet and theburden shsring between bilateral apd multilateral credltors. Of the NPV stotk of Ivorian pgbliçdebt of US$13.0 billion outstanding at the end of 1997, 22 percent was held by ie multilaivt'' F,including 11 m rcent by the W orld Bsnk, 6 percent by the African Development Bnnk and 3percent by the IM F. Some 31 percent of the total was held by Paris Club members and 46 m rcentby London Club commercial bankK. At the proposed completion m int 6f M arch 2001 - O er theeFects of the commercial debt apeement of 1998 and assllmlng a Paris Clgb flow reschedulingin 1998 and a Paris Club stock of debt operation in 2001 - the share of the NPV of W èrld Bnnkdebt in the total NPV stpck of pghliç debt is projected to be 11.7 perqppt Tiçrïsncmase in leshare of the World Bnnk, and ot 1DA in pmicular, reflects reliéf iom Paris ' Ulub andcommercial creditors and new 1DA lending.

10. n e Final Y PC Domlment attached in Annex l illustates that even with commercial andoocial bilateral relief, Côte d'Ivoire will face major debt obligations in the inten'm period. 11rafo of debt service to government revenue is projected to remain above 27 percent 9om 1997through 2000. 12 ratio of the NPV of debt sewice to govemment revenue is projected to be292.9 m rcent in 2000 (see Table 3 of the Annex).

11. Thus, under the lnitiative, it is proposed that consistent with the guidelines of theExecutive Directors of both IDA and IM F', the NPV debt to govemment revenue ratio be reducedâom 292.9 m rcent to 280 percent by le proposed completion point of M arch 2001. Thisimplies an NPV debt-to-export ratio of 141 petcent. Based on projectibns to the complytion

3 W orld Bnn: and IMF, RHIPC Initiativ: - Guidelines for Implementation'' (1DA/R97-35 of April 22, 1997)

dimenssed by the Executive Directprs on April 24, 1997; 'lcôte d'Ivoire: Prelimino Dx ument on theInitiative for Heavily Indebted Poor Countries (HIPCF (IDA/SecM97-103); and Clmlnnan's Summing Up ofle Infonnal Meeting of Qle Board of Exçcutive Dkectors of IDA on Côte d'Ivoire - A elimine D ocumçpt ùpthe lnitiative for Heavily Indebted Poor Countries (IDA/SecM97-179 of May 9, 1997). '

..,,

*

,,;j;::;44jjjj14j11* .

*

'

'

-5-

m A Asslstance before the IniKative.

' . . .

12. Since FY94, IDA has provided assistance tc deal w11 ie extemll debt problem of Côted'Ivoire in O ee ways. First consistent with the Couno AssisA ce Skategies of 1994-97 and1997-2000, IDA has provided a high lending progrl that resmnded to the extemnl and 5sœGnxncing n-.dq of ie couno . Second, Côte d'Ivotre has benested Fom supplemene D A- .311 under ie FiM Dimension program. Between FY94-9s, ie counA received ae utUS$322 million in FiM Dimension credits. Third, to help Côte d'Ivoire resmzctœe its musivecommercial bmlk debt IDA provided a Commercial,Debt Resa chm'ng Project Credit of US$50million equivalent and an 1DA Debt Reduction Facilil C'mnt of US$20 million that wms fundedFom IBRD' 's conibuuon to the Facility.

D A Assistanee under the Initiative

13. No= ally, relief on debt owed to IDA would be provided through the Y PC TrUS't Ftmd= d, under certxin conditions, during the interim period between the decision and complefonpoints, O ough the use of IDA pants 4. However, Côte d'Ivoire coneitutes a special case as itstill has a lkigh level of IBRD debt to service. As of end-1997, the IBRD debt stock a ounted toUS$1.1 billion. Since IBO is the only source of funding of ie W orld Bsnk. comm nent of i e ,HIPC Trust Fund, ie use of IBRD resomces through the HIPC TM Fund is not appropdatebecause it could raise concems as to whether IBRD resources were electively being used to 'seM ce IBRD loans of Côte d'Ivoire. n erefore, it is proposed to provide a11 of the relief on debt ,owed to D A in tlkis case through IDA grantà in the amount of US$314 million eqtzivalent(equivalent to an NPV debt reduction of IDA deàt of US$91 million). n e proposed grants areabout 39 percent of the indicative lending program of US$800 million which was endorsed bythe Board dlm'ng ie moM recent CAS discussiop of Côte d'Ivoire on September 11, 1997.

14. 1DA debt relief through the completion point is expected to be provided througistrucfllml adjuse ent operations, to be prepared by govemment and sfal and proposed forapproval by thi Executive Directors in the usual mnnner. The indicative lending program in theCôte d'lvoire CAS projects adjtp% ent operations commensumte with the proposed IDA debtrelief under the HIPC Initiative. Tranche relemse conditions would be designed in such a mnnncrtbnt they are fully consistent with the proposed monitoring indicators spelled out furtber below.Unlike other HP C Initiative cases, as the debt relief will be provided only through IDA grantsfor specisc adjuse ent operations, IDA will not tnter into any separate legal apeement w1t11Côte d'Ivoire at the decision point for the provision of tbe agreed relief on debt owed to IDA.

Impad of IDA Assistanct

15. Before reaching its completion point, Côte d'Ivoire can atready expect a subsfnntial'

@decline in its debt indicators vis-à-vis the World Bank Gmup (Table 2). Assllmlng that the high

4 See D A ''World Bnnk Pm icipation in the Heavily Indebted Poor Countries' Debt lnitiative'' SecM96-926,# #AU t 26 1996. ' 'glls ,

ji

,:

j. 'ry

D .VTM 4 . ' f U'rF J ''*': JJJR YN'x ' M'F-''m'm ' t e'R* mv 'x e-m'- = NG'e-'--ne' JM-*'' 7TNM t ' U = '==X ' 7 r''c . s . . .. : . ' ' ' ''N ; 7-7 ' '' ' ' L ..' r ..> . ' ' ' - ' ' ' ' ' ' .

. . t%, .

.-i

j ; . ' . : '' '' lena 1.n, i 'lxnxdo, includlna i, e supplumçv/s-jltb.. A' , ;..ete'd4 .td .uh. '.:d,r ';i.e F. 'iz&hk . , D 'imeei. 4 h, p, :@ ,...- , . ,' 'r ' .

7*-4 ( 'jk i #..a as p ggsmm. --ed, +' * '.'xp. . X 'v'! kdt. k. 'èit to tliy wvrld 'é' - .n''k, hk ,Ur'?, ' èkp' , ià, ; raj eu-' 1 '.'.A. 0. .w111 bera, p emen ,. : .fall b US$ 1 15 million from 1997 to 2000. (f yàb le 2: ) '. 1he mqpoged ID ' A gre, . , tss 'undçr 1: HDCy . .. . g uky , . . . j a

.x u:lnluatike would help reduce the debt overh. l'nk g w dlej 'at 'the cqno . e tlm, e, providing nom ,nnl ' ' li' ('when compared with the snme nmount of IDAGow àavings over tlme of some US$380 mil on

cxditsl.

Table ;: Côte 4'I#pire e Im:-lçt. %f D A Apkqtapce. -'.> ,-

.q ..r' - Pti'.'',. .''' . :on p, ebi, spâtal.'' xxb. illwt x. udicptonr. ' ' ' 1 '' 'e'F . ' .

. ' .. .( .) ' ' ' ' 'Debt susfninnbility indièa'id' r ' '' 1997 2000

(pmvisional) (projecti d)- - .. .J. . . . . . . . . ..... ..

NPV ot World Bnnk debt (in UB$ milllonl 1476.9 1361.81Dçbt service to World Bnnk (1 US$ million) 266.9 172.6lAnnllal World Bnnk debt service /average eàports (1 6.3 3.2, Ipement)

1NPV of World Bsnk debv GDP (1 pèrtent). 14.8 10.6

. 1NP IV of World Bnnk debt /average expoA (1 34.7 25.6perc'ent)l

. : 'r( t.>.'. . y. ' . .. whi ti t t= 1g (jLJ . : y ' . . . 'y

m A C O RY A S $i' Ii-s' T. '/-AX, . ' 'C t' ' S' cTkA. ' 41 E G Y

16. n e Bnnk Crroup's CAS seeks to wssgist Cô. te d'Ivoire in mducin g. po veo. throughl ' ble and inclusive 'g,roo h and through basic social service and otherenvironmentally sustn,nn1

direct poverty related activities, with an emphmsis on = a1 arems where poverty is most severe.Such growth depends on: (i) stable macrc-ecoh omic perlbrmance, including good debtmanagementl and an eocient regulatov frsm, ework; (.ii) increased, pri. vate sector developmentand investm'ent; (iii) more emcient, innovative, tarigded expendiu es in healA education, atld

. l -' '' - * 'bmsic lnfrmstructure; (iv) skengthehed institutional 'and human capacity; (v) environmenul1 ' d (vi) improved governance, notab ly in public expenditure' management, whichsustainability, an

constitutes a performance trigger. n e CAS provides for Bnnk Cyroup assisfnnce, inclu'ding 9omIFC, in each of those key areas.

Potendal Poverty Impact

. k .17. Social indicators are below ie norms of cotmm es of shnilar income. Life expectnncy isI

52 yem , Infant morfnlity and matem al motbidi.ty lç high.. . On1.y 32. percent of wpmen and 52: . .

) .z.:.', uusc' -e .'., .-.-.a;=-k,.'. .-.-<'--. ..= .=,,.zz..2=- .-.-.-.-- -. ..- . x ..- . - ..=..' 1 ''r'- :'' ..u.;- - .. . d.2.u'..-- -. .... z, , . .e

-7-

m rcent of men re literate. Net prime school enrollment is about 51 percent. ' -sevenm ment of ie coun> 's residents are estimated to live below the poverty line, up âom 11 percentin ie mid-1980s, reGecting ie nlmost decade l% g economic crisis. M iough 60 percent of iepoor live in = a1 reas, the share of the urban poor has also increased and is si> fkant. Poveoalleviauon was a 1ow olcial priority unfl recintly, ms govemment kaditionally tended to favorm licies oriented towards rapid rowth, = der the assumption that poverty reducuon wouldfollow automatically.

18. n e Government adopted in June 1997 a Poveo Alleviation Action Plan nlmtd atreducing the overall incidence of poverty from 37 percent in 1995 to below 30 percent by i000(Table 3). n is poverty action plan is a core of the Policy Framework Paper (PFP).Notwhhe nding ie long-term chnmcter of many of the plan's key elements, it also inclubessome vev specisc qllnntiGed targets which will be monitored throughout ie 1997-2000 periodby ongoing Rd new IDA projects and adjus% ent operations. Table 3 sllmmsriges the key sodalactions and œ gets.

19. Proress toward the broad objective of this program will be monitored through a set ofpoverty indicators updated regularly by nnnual household consumption so eys and other

speciallze-d survejs. Govemment recognizzs that poverty eradication requires a decene izedapproach wii dtrect involvement of the local cpmmunities. Accordingly, iniegrated acfonprogams will be defmed at the national, regional and local levels. Sectoral progralns withprellmino œ gets have already bein set.

20. Dlln'ng the 1997-2000 period, the social and poverty eradicadon propam will focus ont o o . saua oumseven areas: basic educatlow adult literacy

, buic health, fnmlly plnnnlng, basic ln ,nlrsl development and social ftmds.

21. Basic Education, Literacy, Health and Family Plnnning. Govem ment recognizz. s thatproviding better basic education u d health services will not only be benefcial to the poor inimproving peir chances of obtmlning more productive and better paid emplom ent it will alsostimulate long term growth by raising labor productivity.

(a) Total education spending, as à share of primary spending, will rise 9om 32percent in 1997 to 39 percent in 2000. Primary education will receive no lessth% 45 percent of the total budget for educayion a:d the govemment iscurrently preparing a major education propam, to be proposed for IDAsupport, with the goal of llniversal primary education.

(b) Govemment intends to raise health expendiu es âom 8 percent of totalprimo expenditures in 1997 to 11 m rcent in year 2000 and the share of basichealth 9om 33 percent of total health expenditures to 39 percent dtm'ng thesame period. n e National Health Development Plan P 1995-2005) simsat the universal availability of a 'tminimum package of health serdces'' whichincludes matemnl care, l'mmunization, fnmily plnnnlng, limited curative careand promotional services. Government will particularly seek to improve thequality and cost-eo ciency of expenditures in basic educatiow health, And

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. . . .. ' ' . . . . . .. . .- .::- Jrs .; è s. ' . . .4 ' .. . :. :::. : ;., . . . . ..

(a) e ch,ml meoqures (as s-hou m' Table 4 of Annex 1). n ey will %'tored m' ie context of ongom' g and new adl'ustment operations. The actio' hsmom

to be mom'toxd m' clude:

* reduction of ie mnvimum import M F to 20 percent whbin the W est AfricanEconomic and Mone> Union (UEMOA) customs union and implementationof additioM meas= s to reduce bias agnlnqf exports;

. elimlnstion of Rmm'nlng price conkols and non-taris be ers (with vev rareexceptions for heall ènvironmeno or public X ety reasons);

* additional privae tions on a schedule apeed with IDA and the I* ;

* > reform and exm nditux mnnngement;

* resm ct of ie macro-economic H mework areed under the PFPS, including

* overall exm ndit= DO int w11 ie exception of increasedallocations for heali mld education (Table 2 of Annex 1); and

* conkol of public sector wage bill M d public kecté. r hiring âeezx;

* continued civil seM ce reform, including inkodutGon q'f 'le ntive pay aàdrationalization of comm nsation;

* skeno ening of le Gnxncial sector, including stonger enforcement ofrudential nom u; ' . :,,k .,) : y

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,.t .); . .....t... ,. . ...j, ; .y:.v.-.;. ..

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. ..j . . . '. -( : - .* complete li%rnllzxtion of cofee (98/99) and cocoa (99/00) extemal marketing

d res% cturing of ie export markee g agency .às à jijhiscantl/?jinklùrS w1t11 tl reduced role; 7 ' ' . 'en ty a grea y

* successful implementafon of the proposed lDA-supported Transport Sectoroperation (hybrid adjustment-invesu ent); Md

(b) social measures (with the qllnntiied ohiecuves shown in Table 3) that will bemonitored by IDA in new and ongoing progra s, including a proposed Bmsic EducationProject (FY92), the ongoing Human Resources Development Project the ongoingNafonal Inten ted Health Services Project tcredit No. 2893 IVC), and a prom sedSecond Agricullnml Sewi

. ces Project n ese include:

5 licy Fm. mework palxr l998-2x 0,;..cimv1:tqd Sçpo yelwy to A. .: Bpard.Po . . , . .. . L

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- lementation of 'th: , e 'jN' là't'liù'ni :11 ' lntegr,' ated'. H 'eal 'th. Services projec: with. :* lmp . : . , ... .

' R C *' ' '@. @ ' @. @. & ' ,t j, . . : . . . . . . ioblectlve 6f lmprovlng actess' sn: d qllnllty of health senqces, esp. eclally m ''. !tj

nlol qnd poor urbln arM q; :1l1,j::. . . :- z:t ..-.! :

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* 1-m lementation of :.a pxfo..p., osed '.à'âfh-'o, nal' , ed . u:. atipn p rojqz. t with the obj ective ofi èM . . . x . . . . . ) . .. . . . T. . . ' ' ' &).,rmsmg the .nstlon.al hterâq.y rate; ,y,

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* rm-sm- the share of edtj zatio. n 11% t b. f'ilh 1 : . n-m. sp. ehdm' whi le mnintaln 1*n ' the ;g P ' ary g.. gshnre of pn-mary education m- tlz'e tètxl edûcation bud get; '

j. . '. @

'

. w . ; @ , . . . . ' . ..;* txrgetmg school cong%. ctlon sn. d nt. aliltennne: toward, low-mcome aremq wkth t

$. - . . . . '

,1ow pnmo enrollment; ' '.-jt . '.

. . . y . . .. ; . . . . . .

. . i

@ sustnined developmént of rural ' ln.frmstrd cture %nd servmes, mcludmg roxds, $. . *-; .

. ' . . . .water supply nnd snn ltatlô. n, sn' d a. gncul,tural suppol wlth the oblectlve of@

'

' ' ' '' *' '* . aj j j* * d @ . g g . . y1mPrOV1ng rtlr Vmg COn 1t1OhS. qn : '#

* repnmtion and im 1e. meà. 'ta tl'4Ij gf a stategy to improve 'access to basic. s . us ' g 1. : iln as% cture m ur n nn nlr areas. .

. . j.. . ..

' . : . . . ! .q. . . . ... ' : :. ), ,;. L :''' y

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RE C 0 ' ' JN' OA'. T' I 0 N S '.

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.2 .7 . . ?j.,.yJ.S,.-. k ' : ' m 11 1 nfo rm th, e E. xecutl. #. . e .ID'.. .1i . q. d-xet-..eg,+f s.t..*t uj #..1i tCt o te td. E. . l..'k4 >ie fé- :,.g'th, ' e r. .c-r. à. ; wd1! t .1..0.- rs .;h) .4- ,ç. t. . . '.., '; . .7,.2) .. ': . $ . . . c . .ènGnhed thelr' aveement to provide the. deb' t rplm'pdf'i m dicated m' the fmal' HIPC docllment fo'r 'c , ,

. .i ' ' . '' ' ' ' ' 'Cote vor. S Jx m en see . o. fl 9. , ,è. $h, .tll e Execukve Dlrectors, on a no-oblectlon. . . ,

o . :: ,Jtj' i? ' ' l l7'.z2 jq.gqtj.ï x . ; ' ' '.; ... .. y. ...'.' ' . .

' , ....%k,y.. x.g,Jbasis ' ef th. e actionA proposed for B .' 'oafd. 'àpïp-roi v'Flal/Tôeltïtdh, Iltktnf 1.m,, e. ;.,' . . . , tt.. wv. 'Tcj

:j'' ' ' ' ,, . dk . dp :/ ., qk '' L)28. I recommend that the Executlve Dlreetorà aoprove. m pnncmle. the follom nz il . z- :% -' .* a: -' 1-;' . 11recom m endntlonA: ,

.

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(a) a decision pom' t of Maich .1 9.. .958. '' '!. ; . ' d. ,.. ;. ) . . j

. . . . , $(b) ln m' terim penod of three years m th a completlon polnt of Marck 2001,. ...#'!

(c) a debt susfninability target o)f am NP V of debt to exports ratio of 141 ;,im rcent consigtent m'th nn NP V of debt to covemment revep. ue tnrcet of , ?' - . < )280 m rcent' ## ,

t

' ï - l 7 ':' '' . : *. ' ' . ' ' 7'' ' ' ' ' 7 i. ' ' ' LDI 1 . ' 1. ' ' .:;: b ' !/!(s i jt) .: :! gk 5 . . . . . . . . . ' ; .. !; . . '. . '. . c LL . ' t-r . ' t- ,'15 -. .. . . . . .. ?: . - , :: -. l !j. .. . . ;; ; :: 1 ' ., . : c

.j;;j. . . % , . 7 a'. .. ' ' ' ' 2* . z. aazktujuuoïko.zr . u.'1. #, .. ... .., ..,. ,...... .....w ..ux . . ., ' . ' ' V. c .r ,y alk .-i::*:r.:,zkkx.:.z9&3i, z . .

. . ..5

-11-

(d) O t IDA * 11 provide debt relief under the lniuative to Côte d'IvoH in theamount of US$91 million in NPV termK;

(e) that 1DA wi11 deliver its debt relief under tbe Iniuative throughapgroximately US$314 million equivalent in 1DA gra411 ued to speciscadluse ent operations; and

(9 that the Executive Directors approve the recommendauons of ie 6nn1HIPC Doc= ept conceming ie s% ctural and social developmentperformance criteria that Côte d'Ivoire would be reqlll-.d to satisfythroughout the inten'm period, and at the completion point to receive debtrelief under the Y PC Initiative.

Ja es D. W olfensouPresident

By;Sven SandskömM anaging Director

Attachments

W ashlngtow D.C.M = h 5, 1998

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TIV TNTERNAH ONM M OX TARY FO OTHEM EkNAH ONM DEG OPG M SOCIATION

COTE D'W OX

Final Document on the Initiative for Heavily IndebtedPoor Countdu (HDCI

Prepard by the Ste of the Fund and the m A1

M arch 4, 1998

Contents Page

H. Stlmm of Debt Sustnlnab-llity alysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Co-te d'Ivolr- e's Adl-ustment (Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

rV. Poh'cy Refonn and Conditionah'tr ...................................... 10Ju Fm' ancii nnd Struehlrz Refonns ................................ 11B Intensé' ed Sociz Poh'cies ............'.......................... 14

V. Debt Reconclh- -ation snd Debt-lM anagement Capacity . . . . . . . . . . . . . . . . . . . . . . . 16

VI. Consultations with Creditors

. Debt Sustnlnabili Targets M d Debt Relief . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

. iISSUeS f0r Dl'scusslon ..........'..................................... 19

Text Boxes1 sumptions Used m- the Debt Sustlinabtl- ity alysis . . . . . . . . . . . . . J . . . . . . . . . 52' London Club Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

lApproved by Emesto Hemândez-catâ and Jolm Hicklin (fMD, and Paul Isenmanand Shigeo Katsu X A). n eFund ste team oomprised Mr. Tahari, Mr. 1. ThimM r. van den Boogaerde, M r. Lewis, M s. M alzfouzs M r. M ueller, and M r. Tsaveai. Them A stalttam included Mt. Mclntire, Mr. van Trotsenburg, Ms. W jou, and Mrs. Zeng.

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L INTRODUW ION

1. This docùment proddes a * a1 assessment of Côte d'Ivoire's eligibility for assistanceunder the Heavily Indebted Poor Countries C) hhiative. It summarizes the debtsustainability analysis (DSA) discussed in April 1997 by the Executive Boards of the Fund andthe Intemational Development Association (m A); describes the stmctural and social policyteforms to be pursued by Côte d'Ivoire and monitored under Fund- and m A-supportedprogrlms; and repoxs on the outcome of the debt reconciliation exercise and on theconsultations with Côte d'Ivoire's creditors. The paper also proposes thàt the Boards of bothinstimtions take decisions on Côte d'Ivoire's eligibility for assistance, its t'decision point'' anducompletion points,'' debt sust%lnability targets, and the level of assistance to be provided by

the Fund nnd m A contingent upon the commitments of other creditors.

2. The discussions in the Fund and D A Boards on the preliminae HIPC Initiativedocument for Côte d'Ivoirez took place ag/nst the background of guidance provided byExecutive Diredors in the <'Cap Paper for t?, Preliminazy Initiative Documents for BolidwBurkina Faso, Côtt d'Ivoire, and Ugandw'' and the paper on the 'CT'IIPC Initiativ idelinesfor Implementatiom''' In discussing both guidance papers, Executive Directors acknowledgedthat the NPV ofdebt-to-exports ratio niay overstate a countly's debt-seM cing capacity in thecase of open economies with a high 4xports-to-GDp ratio and a heavy Gscal burden of debtservice. Therefore, on a case-by-case basis, Diredors allowed for some Sexibility in assessingcounte eligibility under the HIPC Initiative by setting the NPV of the debt-to-exports targetat the completion point at a level that would aim at ensuring fscal sustainability. ExecutiveDirectors recognized that Côte d'Ivoire would fall into this group of countries, with an NPVof debt-to-exports ratio well below the threshold of 2O0 percent at the completion point, butmeeting the requkements, under the Guidelines for Implementatiow of having an exports-tO-GDP ratio of at least 40 percent and a governfnent revenue-to-fm p ratio of at least20 percent.

3. Executive Dlrectors therefore ap eed- as a preliminary dew- to considerCôte d'Ivoire as eli#ble under the I'IDC Initiative and to set its sustainability target fortheNPV of debt-to-expols ratio at a level that would be consistent with an NPV ofdebt-to-govemment revenue target of 280 percent. This level was considered necessal toprovide Côte d'Ivoire with a credible exit from the rescheduling process. Executive Directorsagreed that Côte d'lvoire could reach the Gdecision point'' under the I'IP C lnitiative O er

2The prelimine document was issued in the Fund as EBS/97/57, 4/2/97 and in the D A as

. ?m N SecM97-103, 4/2/97.

3''Cap Paper for the Preliminary lnitiative Documents for Boliviaa Burkina Faso,

Côte d'Ivoir ?e and Ugandz'' 185/97/59, 4/1/97 and m N SecM97-104, 4/2/97), and<' nitiative- Guidelines for Implementation'' 185/97/75, 4/21/97 and 117A/1197-35,.HPCI4/22/97).

-. - v- . ... ..w . . .v ..r..>@'-' . . . va.. . z-. vv w . vr ''' '-' '' ' ' ' '' eeevv'' '--,'v wzwv ggA y :. g v .e-,'x'r&. 7 z . ryr 'v pvgrt/jSw / V w . . .. S ' cvEyrr- .. .: r xI .' xrcp'd -.m:7 . C)!'X .5 . . . , . .! ' -', ' . ' ' '. t ' .(.) : . , . , , '; , . .

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. . . . . . . kaMr'. ..éem#ht' ' , rjvs

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; .7 Cont. .u . . . .. . . - .. x. . ... . . y jj' .: j . ' .j: s'lleviat. eqthe remzning rip-dities in the Ivdidçn ecnnom. y.' .and Kt thé. , ktgg: for strong snd. '

durabl: èe nomlc gro . They also av eed that the uemplet,ibn poyin.; t cou t' ' ' 1 ud cision point

y'' subject to à.yt'iz.,f::i'.o.@.. implùmelj. tadb. n of t' lm new 7. years following the e . ,t PtlgrRnl)27 ' . . . '. o . . % :1.r

g' 1T. SUMMARY OF DEBT SUSTA,INABIL. rrY ANALYSIS.1:.:.. . . ... . . . . . .

ï

'

. ' '

.ik . jts 'ygd. ljqdkrlymh g key Msumptions OC thC d:bt .4. YYS S:dion dYSCIVCS the malor resli

-. . j . .y . . . , . . , j y' sustmv-n: a. b 111. ty. Ralysis, whi, ch was p. rysente. , 1, tlteypgsltmk-lizav' + yHTP.>j ! kC.' -' ' li.xi#wpt'-i,ve. doçùtm-qnt fqr ,ï'' :

. ' C 't . . # . ', . %- -'$ $-. . . . .L t. . .' j6ë.' 1:.ï. - .#17 -..Jj! ' ': J ,- '' - ' r . . ',t ' Côte d '1k' dlre (E ;B' S/9 7/57 4.1U91 'M' . d .m' ' M. S-egMt9' .1i v,,)l %3.t.owbA6,.7l9%)t 'gy-lbcted' 'eçovpo, mi. c, . ',..1ljt:t.' . . . . . ' .

. u. ' s go y pç ny.tt . &y .. .jj y zjjjy. )j :) .: zg ; z = : .. . l l ,

..indicatofs are providèd in Annex Table 1, themam arytl4.kjptlons. of the 20-year baseline ,' :; ' . ' ''' ' '

. @ ; . . *

'

. '. .

scenlno' cxo. venjng t'hk period 1997-2016 are shov. m)B , 4x 1, and the loppte%. balance of ,g. ! * Y 5 .

'' .'

. paymentà M' d fscal outlook aré presented in . , çx Tab. 1qà 2 snd 3, respectively. rj1 . ''''

'

- . . - t

'

' . =- ' ' . ' - .

. . ) . p y . . . . ... -

. , . . . .. ( . . .. . . j. r . . k ' *'.. j l . o . . : . ' . . ë .. 5. The basellne scene o uhder the DSA that wxs elab. orated. ,x..n. d ar. eed wi' th the Iveirien. . . j ' . . ' ' @ ' . ' . ' Ye

'

ç ' . . : ' ' ' .z

authoritiej ls predicated on continued sound ecdtmntlt aà. .- d 5nx,n, cui#. p bhcies. The medium- to. '*

'

j . .. . . . tilong-term econornic Fsmework is built on the ktwy.g ovèwrinuuent o. bpctives oE' (a) maintnlnlng !' ' .1 in including implem

.. çntattlon,qfla.apit/. ' d' endt,.f- :skal policy aimed àt E't4) . DZCFCCCC, MCIRX j S1Yb Vy , , ( . .; p .. .k . , -. ; . j ' : . y a q

. . ju y q y yjy ayu sp ryj j py y g a;r q u y u, y y;balancilj. g th# b. judget ovvr the medkm term and #tlueviqg surp' strunhlral. rvfonm s that promote pri.vate seçt.qr develtp ment and' i'nvestment, inc.lqding foreir f

. , *p .- . . . (k kJ' dired snrd' portfolio hwestment, xnd fostering. : coatin, u. iggid.tlverslfçation snd trsn sformation of.. . j . rj , yy . yr . . . . jthe lvoirien ec. onpmv: (c) pursuinM an, sm bitiou. ,$t s.nçi.a1.., d- xevelqpmen,t agend.w etp' ecially in. )j * *' '*

'

'' *

'

, ''-

. . .; ;. . ., . ''' . , ,

. e . .4

education xnd health: nnd (d.) vnsurina environmegtallkv' tkkstai nab .1'q d#vqlvo,n. mvnt. hcludinq the ::. x , . ,. I , e N, e - ,

*-- ,. ' zr' ' teo ' ' , ,'' -',. ' ar <

. , :**-, . (

Pnlqent uSe 01 tne Countly S naturm resource D'. é$ç. .1t 'l'S expedeq tn&t tn' e' govenlment m 1l, , . j . y . .. z : jj( ,oy ,syyoys, . yt .,.. scu ,,,,tf,, graduals ly .p1î.>e out ità rtliance on extvraal. ., budgsjAg-' ' tr%v/-jpj:, tp :4 ls i, Jgs, ,j! . , . s . y jyF, . . . . . . . 1 . . . . ; q. kko ;) j : ;jj

; .j , .m. o. re .;.jj,y. zujjv; yu. a.gyj. jjs, g .y. jo, q:. As ., . .. . . .,,). ,y.U' perfoimanc:, including improved, 'tax éd.lfuës.tpghtpel f4fj . .Lf -: I : .'' ' h budget allocations, which would en''tlkl:l. a 'reallocation of spending to social ,; ?and chMges in jt . e ,,.'' . seM cbs. ndtablv in mral htalth and rural education. . -;. ...

,.; w. @' *' . .

. . I ' ' . . . . '' '.6 Under t. he baseline scennrioj the extemal currens.a.cG. ount dèfcit is projeded to narrow .:': I . .

Fom 4% perce 'nt of GDP in 1997 to about 1 percént b'y 2,' .0,16, witll gr, oss oë cial reserves. I ' . . . - :

t continuirjg t.o re,cover to more.thxn three month', ct'f ihvgljtns (threugh 2. 016. ). 0n the f.scal(. j s . , . (j,i

. front, sn overall balsnce would be. achieved by 2*01, f.ysolll.g'owe. d. by. imàll surp luses. . 1 . . $ . . ,(some Wa-1 percent of GDP) thereo er. M fscal Gonsolldgtion continues and private savingL, . l ' ' , uvate jt. incmases

, the saving-hwexment balance is expectçd to i,m. 'prove, and tke sharé of the psedor in total investment would rise. Net external sno. q

.i.'n, g. from o/, cial sources would

' 6 ial assistance declhzing sharp. ly sler !)decline progress.ively, with reliance on exceptional nah. c ,. .

20o0 and vixually ending by 2003. By 2004, more thax twr o-thirds of the Gnancing ,'uld be covered by private capital, mainl,y in the fotm of direct and' port. folio .1requirement wo

' lnvestm ent. jj;g . . . . r? p.( . . .4 jj . . 'J. ' .k;j 2*. '

. . . . .'.

- '''stir '71.2.*.2 -. . . '. . . . . . . ' ' . .. ' . ' ' .- J - < à gj) . . . . . .. %4' .' '.

' . : J ' .., . ' . ' .è ' . .i

.. b. ' ' .' a ' . ' elh ''

. .

. . .

., j,!. .. j . . :. jjtj ' 1. '

y . . , . . , q .; ,. . s. . .. 'v-h,.: ;'. - .

' . . . . ' .. - . . :

'. .' : .- . . . . . . . . . , . - . . .

' - . , % . u. :i-.c; . ..t . . , - . . . .. - -.x.1- e-. k..xil 8 -.k:2 ',i.l . . . . .. -. -c -- .- .)y . , . .... ;- -$: .: uà- ---z-.. -r-.t- .-. . ., - . .- . -. .- -. -. .- ''' ''

- 5-

Box l.Assumptions Used in the Debt Sustalnability Analysis (DSA)

@ An nnne avex e re GDP Fowth mte of some 6 percent in 1998-2000and about 5-5% percent thqrp-qler, jeiecting the buoyancy of the nontraditionalexpol sector and a steady mcrp-qme ln investment.

@ An aqerag! expol volume gro< h rate of about 5% pelcent, assuming amajor diveqsdcatlon of the export base. Resg ing the limlted potential fortE 'clme - Dd tlq re-qtddd suface arja avmlable for new colee and cocoalantmgs so as to avold tulhlr deforestatlow the yrowth rate of cöcoa expols?ls expu d to dxline propesslvely from 5 percent m 1999 to some 2 percent by2016, and that of coFee exyons Fom 4% percent to less than 3 percent. Exportperformance would thus pcreasingly rely on the sustained development qfmanufacmred goods, textlles, and agro-industrirs. A major impems for thlsdevelopment is expeded t? come frolp the ongo'm: jtmctural reforms and the 'maintenance of the compltltiveness gams of the Ivolnen ecgnomy that resultedfronl the dlvaluation. 011 exporp that came on jtream ln *d-1995 wouldcontlnue to mcrease over the medlum term and stabllce thereo er.

@ Income elasticity of imports i's projected to remain slightly above 1.

* Gross domestic investment is projected to increase from 14 percent ofGDP in 1996 to about !9 percertt in 2000 and more than 21 Rercqnt in 2009,driven by a signiscant mqrease m private domejtic and fyrelgn mvestment,refecting the rqcoveq qf pnvate sector cov dence m the lvomen economy, anda modest rise m pubhc mvestment.

* The ratio of govemment revenue to GDP is projected to stabilize at21 perce..t betrœn 2000 and 2016, down âom above 22 plrcent in 1996., the onepercentge pomt drop in the earlx years qf the projedion period reneds theprogresslve redudion of the authonties' rellance on export taxes.

* The terms of trade are projected to impröve slightly between 1998 and2002, and stabilize thereo er.

* Net private capital iv ows are expected to average close to 1 percent ofGDP.

* New external fnancing ij expeged to be highly concessional andcontraded mninly Fom multilatgral lnstitutlons. Gross disburslments of programassisunce are expected to decllne shaTly O er 2000 and be yrtually phased out'

by 2003, but projM loxnc to Côte d%vore would continue to mcreue moderatelythroughout the projection period.

* A hypothetical Paris Club stock-of-debt Fperation under Naples termsinvolving a 67 percent NPV reduction and lmplemqntation of the debt-restmcturing agreement with commercial bnnk creditors ln eazly 1998.

* Rednlchlrlng of debt and arrears vis-à-vis commercial bnnkq, involving anet present value redudion of 77 percent.

. . . L. 77 TCIMS ' = ' ' - ' ' ' = r 7' , Jer R.A'.'A-* r 7'- p ..ww--.= - ' 'is:;t . . . . = 7= .N . JJV' . .,. . . 'v've'rzp!r M = qmr : .,t;. . ê . . . . ' . ' . '. . ' . . s.T . .ht . ' . . ' ' ' 7. i

1 . . . ) . .2

j . '; . : ' . . ' '1' f ..' . . . ' J . . .uqjg.. . . ,

. . . a . . ,. . y, ,:; r .. ; jkitkj..llriz. * . . ' . J ... . . ' . .;

''J ::pr 'x . ' ' ' '

.. . ; ' .

. . . s ;g;, ..1..111k)x)''.1; ;.' - . .

.-

. . . .

'c . . ,.. . a .. . ' '

. ' . .z. o..u.c j!,u.' = J . ' . $. . ' f.'. ' .: . .'. x ... ja ' '.. ' . - . . . ' iJ';

. ;.é j..lj ' . .. ' . . '. . g. ; A . . . . . . . jjj:e;/ * :@ . ' ' . ' ' . , ' . .. ..

' x,..'. *., 'c.' ' ':'

. . . . . . . . z:.. ' iw . . . . . .. . .

'

, . s. .,:. t... !gy. 1*.'.j .', / .. ' . :. .*. .'7 . . . ru j >n., ,z $ . .. , .. . . c . .. .

. .

. ; .j .y

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' . , raeajj. .: .... . ' . .

'

r ky yxya. , ' . . . . .7; . . : : ; $jb r -, j. .. jky l/.w q y .y . . , . .g ..@5R .c . * ..Jn . J. u (y* lï. t:.zj ;: - . . , . . . >! .:l .' ' . . . . tIt . 1.. l:4..'.'z -:'':... ...... ' ' ' . . ' ' y . .' g A'1.yrzu : . .

. . . .: u11.;@ : ' . '

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. . #'' ç

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' .: ' ' s: . . ) '/ t : . J ' ; ' * '3r ) yj.k''/ ' ' ' .:,t- . . . . ftq. .;- , .. '

. .. :.,v .: à.j. ,, .. .2.2...,. :,(:.- sj.

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'

. . s . . . j , . .r , . j f'

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'

; . z:/p . . :1E9:-; . - t2jt) 11511..,. 42,2- q(::1k;.'' . . 1L1r!l. 1;1:. 1l; 1':k. d2,r. '

. 1;d' 9:2..::1 -11 lrllql-. tz,L 4:11. 16;1121!-. 4::,- 1r!1.. 1i4;: 117t711.. 151. t::;- . 1rr 45.., 41)4- .4:0041,7.--. . . . llrtk 4::,k2:-11t1F1-1-.---:4::k 1E1/1F1- (:11. :151(.,. :5j-,4:);- -1El(lL.-1.. . ' -yJI:,. *-3321, - 1r-:I5$. ..' 41),. -:17:1,1!12j:. -. . -.:?lrI,1k. ...' ,- . (:.;-- dE!$. ,,- - . 11)- 1i:1-. ,.--j!,L-.-. s.1i:l.. .1ki1L. .k:1b9-

- .:jt,'- ' , $!'- -..1r?l..2 .11:.. , . ' . ..,(, ...ik.,.-è k.(h' a . ' - o . 1. k 1. . ts; ; , A..'. ' .. ,. . . . . ' k..' yr ap'j ejrl . ,..$ .k yg . jyx . .

'y ,jt;g L. r 2 :. . ..jt: Jg .g .j.o.. .j . . j y,. wtz , ;u . iyy . .yjj.. ...: g.v . . . . yj., .

',

. exp ort ac4luty , nn. d. .c. ô. n. tm, ue. d reh' .sn, ce ., b., h. ..1u- glhl' nty, , .*- . n.(, pc-xx.. sx.s, '! e.a'.. s t , 'r,.n,.:.an- . ,,,c.-e.-

., yg. ' ev. u. r t..:, 4. .. . ,r

. y .$ . . r . , : .r, . j p , . q . . . . . qhe key d'eb t tatios are expeded to Rll over th' e me -d', Iu.?m ktsg 1*.1- g . t1. ', '.'.-. :ye. n thbu, . . , . si , - , c .n'n 't $,. t . - , . . - , - . . . . j,' . .. . j ' qp & . ; J ' ;.b j . ., , . ' . ' 1 N; ' .' . , . <

relief. 'fot th e budget from deb. t-serw ce. pa . . aeqts>' xolz-1'd,-,hh- o, t .p. ctq'r u'h. 1-11.,, w .e.'l1.i Jt'9. eè 200 0. The j ;' . l . .. . , - ' ' . t . . I

ratio of th, re . ) kV of' pubh' c debt-to -expp. rt. ,g ('n*.. #r' a. v.xt#s'pskzl.ëfwcd.'e. bt''t;,, 0... ,p. .e>- tl*'.4à 'ugde. r Naples t, ,

'

. ..t-.'u' . p.. an-sl c jub cre di to rs n.n d 1m* ' p 1 'em :. q' t), t.

' io' 2 à' t'tkft t14. ' e' 'E. ktk ' :.'d'' ;:'- :nT t'C .' ' 1b' Ab, rd' '. 'E. b t ; te' 'd.'' u ct'' -1 ö'. f1. ' . '.. ' ' 1-1;,..,=,t e rm s m . . . , , : , . , , . . . . . , ; ;.-'.. 1ëk.:Ei;7l.-. , .2,k,;)' . lrrlt'-. t,,k irdkq. ,t:''-:)j.. . . ,k)!)r-. o lkklkl .11.4:11. .. 4:11 lrrj:l'. . .11:,- .,:1iir.- .:)' m :23;. - (:).. 4f5;' - 117,'- - '!,t1Iqk:j;---..:,'. . .:r?k'.- '!1:. .,--11ht,1.,

.

'.. .:I,i -!;;.- --.

.,.6:;,. -*.-,,--.3'--., -t---,,.,

. ?l:--/'-kd(ti',.

r .k..,s,:l.$,-t1krr:-. ,,-1!1,,. -- .

-

.?ç:,-.-,-,j,b- -d.--, $-'t,i. .!. 'i!,- : .1r:12-. ,1:.

' ..

,1--1.1.r.2-- -.' -.-- ::2!;- ' . 4:).2 'd::'i --- - - .. ,1,11:.-- --dt,, -,:!,,,. - .--.'q-'... -,;,-. -!r-.. .11:,., ..1t'.,k,;- .4:)it,,.-. . .(:IL..- z',rjrqjk

. 1d4;.- . .. ,yj',.J th' e posslb. , 1: completlon pomt snd ït would. c,?. n',t..w. ue t:.p. clefin . p ., . j

. . ' . . . l J . r

' '

) ,. .( 4 9 1 ' : ' -. . ..;.J: 'mè '-wQ '' , ' : '. . t, ' J l a , . , ; . ' 'j.: 3 5 perc.. :..t.:.b..y 2j0 16 (Table. 1 lnd . ex T'. 'àblq 4),, T;..h' ç. liptgjlp ofs' p'kb 12 'ext, ., em, . a1 . d .:b, t seroce to .,

. . p ' d, bt jèjj:,*t . j g ;, ujd. ' dt lop st e) ad, i 1 ' .fro. m ' 'eXD OXS öf .200. ds M' . d. nonfador SelYlde.. s (R e. r . e: .. u . k ,.u . t9. 'w . . . .u - M$ .' * ' - -

. -**'. - r ,

. . . % n,.'1 r u .i---. !: ' ki* , n . . ' +; 5. j. ' *- . : :.

. 2 1 percent m 19' 97 to 13 percent m 2000, 9 p efb, :. ét là.k.2# ,@ 6. j lnd. 5 ZczoperteAt. by 20 16. . . :'j. .

. . :. . , .j

)L ' . ' ' '

- . ' ' - ' @ @ '

Table 1. Cote dflvaire: Key Deht R' -n't'lws U.. ad' # r the B, asehne Sc-enarlo, .,'. . . . * , ' ..

F 1996-2000: fand. ' 2 0: 11,6 ,1/

-'' . flh. . percè/f. t)' ' .-. ' ' )...'.ttk'.. ' . . : , .. . . . ' ... ' . - '

. : . . . t1996 1997 1998 1999 2% 2016 f

. . j . . . ..NPV external 'debo -year average expoA 'Public 353.2 306.1 1 71.0 156.7 147.5 35.2 '

,

Private 78.3 77.4, 75.8 74.8 73.7 63.0 j'Total 431.5 383.5 246.8 231.5 221.2 98.2 .:; '

F Debt servi xports f#'. . . . kj. . Public..- 25.0 20.' :.'8.' '. 20 .2 ' l 4.1 1 2..7 5.5 ,.,''.

' Phvatç 10. .3 1 1 .1' . ' i1li1.6 1 l .4. 1 .1 . l ' 9.5 . ' ..,1..t5 . >' ' Totnl 35.3 31.9 31.7 25.4 23.9 15.0 ,

h' NPV p' yblig (IeI>t/GDP ' 1$4.7 1 1:0:4 72.4 6* 5.5 61.0 14.3 ' ''r'(

. ' ' (NP' s ' V. ..bt'f' A''-p, ' -p..bw1.,i, çlrdebt/ , . . .. ..n

, .'

..,' . . .

. .

' ï.p t..,. . '.' '

j.J ! . :, q u p'( :4,, .g , yjj. (,4 j y ,r<.y ; j go j rgr.g cy .g

y ysGovemment revenue! .

' Public debt xxrvic/ ' ' ' ' . ' ,-$: . . : r' ' 52 1 43 6 41.0 29.7 27.3 1 1.4 ..': ; 'Government revenue . .. j ' , l . ' ' r'ejl

Solircès' : lvoirien authorities; and Fund and World Bnnk dAf1-, e#imates. thy, J1

' ''e'd wi* London club cre tors and î'.'. ',

*

,1l/ueru,e implemenuuon ortse debt arz debt servioe reduçuow ggr4. l ' ..asslzmlng a hvpothetical Paris Club stxk-of-dùbt operétiön 1:1, 11998 on Naples , w1t11 a 67 percent

' 'Ke

'

M j ''' . '*

'

.'.. redtxtioé of C ête d'Ivoire's pre-cutoF--d. nte debt in NP V . ' . .

#. l ' .: '' 33%

1 f

:, '' (

'

' 1

'

4 . ' ' 1 c docum, ent, thcse v ratiosw ere 3.6 6 percent ror 19.96- 144 p. ercent .

,.), u. tj. promm' . .

j ' . . ' I . . ' . . 1' ' d 33 ercent for 20 16, ' '. 3. 1i för 2000, an p . ,. . k.

. . , ..t:j(

'

..?1% it. . ' . .

' .? .' ... '. . .

: '' ': ':u '-

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4: ;;,' '. v:. : . . . : . . ..

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. ' . ' . ' c ' f.j( 1. !! . . . . 1 kaé gu.. . :. q-zuj..us.oup'i...x wx .qu.q. .. ... .. : ..s.;.,wju .. . ag s . ... . . a ..;.. . :..x..L> Q 'a t ' -. . . . . . .. . . . . .. , .( oua,.asa.xp , :,. . . . ., , . . , a. s.. g'k.. ..CQA x

- 7-

8. n e fscal burden of extem al debt would reme heao untn O er 2000, despite theassumed debt relief Fom London Club and Paris Club creditors. n e NPV of the publicdebt-to-govemment revenue ratio would fall Fom 588 percent in 1997 to 293 percent in2000, and then to 174 percent in 2006 and 68 percent by 2016. Stm ing Fom 44 percent in1997, the public debt seM ce-to-govemment revenue ratio would drop to 27 percent by 2000,19 percent in 2006, and 11 percent in 2016.

9. The vulnerability and sensitidty apalysis undelaken in the preliminal IX C documentfor Côte d'Ivoire remains valid, as the countl faces above-average vulnerability; pm icularlywith resped to debt-to-GDp and fscal indicators.' In view of the opeqness of its economy,Côte d'Ivoire is particulrly sensitive to possible extemal shocks, such as lower expox p -ncesof cocoa and coFee. In additiow although only pm ially documented, private debt plays animportant role in assessing Côte d'Ivoire's debt sustainability; its level is signi6cantly abovethat of other sub-saharan African countries and is estimated to acoount for roughly one-fihof the NPV of total debt in 1996. By 2008, based on the above assumptions the NPV of!external private debt is projected to supass that of public debt for the frst tlme.

IIL Côu D'lvom EgsM zusTMEr ltEcoM

10. Since early 1994, following the devaluation of the CFA franc, Côte d'Ivoire has

successfully implemented a multiyemr jrogrnm of economic recoveg and refolm aimedmainly at achieving sustained econonuc p owth and restoring Gnancial viability over themedium term. n e program was supported by a three-year ESAF arrangement, in an nmountequivalent to SDR 333.48 m'lllion (140 percent of quota), which was approved onM arch 11, 1994. Performance under these arrangements has been satisfactoly A1lquantitative and structural perfonnance criteria and benchmarks under the three armualarrangements were obseaed, except for four performance criteria and benchmarks rel>ted to

(a) the ceiling on the central government's external payqents arrears in June 1994,. (b) theupdatin! of the repayment schedule of public enterprise llabilities to the Caisse automned'amortlssement (CAA) in June 1995; (c) the ceiling on the central govemment's reco> zedoutstanding domestic payments arrears in September 1996; and (d) the provision of thepreliminary repod on the extemal audit of the Gnancial accounts of the price stabilization fund

'M noted in the preliminazy HIPC document, Côte d'Ivoire remains vulnerable with regards

to several indicators. Its NPV of public and publicly guaranteed debt, at 148 percent of GDPin 1995, is much higher than the median of 73 percent for the reference group of I'X Ccountries. Côte d'lvoire's export conccntration in a single product (cocoa) was 29 percent in1995, below the median of 37 percent in the reference p oup. However, when expoxconcentration is nieasured on the basis of the three main products, this ratio was 48 percentfor Côte d'Ivoire compared with a median of 47 qercent in the referencç group. In terms ofvariability of exports, the indicâtor for Côte d'lvolrè was 11 percent, lower than the median of20 percent for the reference group.

1 li

4. 'M..) ) w

jdé ..'! t .i. .

! $ j a Y= 7 T ' - -' v v-v;'evnt ' . e xb - -- -. . . : . u .. ; , . t J' .. . 7 -.74*: J , . ut..t ...4 . . , .y . w; . .y. . . . ,y y . .. ww.r.rz yyv.v vvax.v.n..sa.rrvg.yrjnvrr ;x..-.- - , ;z..: : , , ' ' T ( . . : .z .. ,., ;f . . . . .. . . . y ; , ,y. . . ). . #

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,;.). . . .. ' .. - c jt . . (. . . .. ..k ..). ' .'': : j''?f- . . .' .. ; , : .y.. : x..: .'..13 ):k. .. s . .' . . ? .. 7

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' . . . l ' ' J ' ' ' '. , s. c . y r . k.. ,L . .' . : ' ;, w K j ( < j . .

. , . . . zj. ),r yj z .; . . ) g . j. . j . -j (##. y. ( ,tj y. wk ajk, qa, ywery . ,v, x.n., j: g 4o y 1. efor cd'. F' eç/A.n,#.le- 'cöa (CATSTAR) at 4nd-A, .u.gM. . .$ t ) zw , , , . .'

Z ' i :-8 Jf the related perormsnçe uri' 't' zhi. fkï#. 'hiki'/'i '--%', k'tèrtïuàtâtià. n o. f correalve adions,nonobs:rkln g .mp, *' . D

.'* 1 . , . . . . .. .; y-.i .p..t= d. n11 1ö%Rn' ' q'uide: the three Annual r M 'Mem'eàt.zh*è#*îlurlrsbtz:/sed. . ..ï. ; .

. , . . ., . ô. .. . . .. !: :( . .

è' 'èthe umb périod D A hxq beun sép- poe; kifn, 'gtoête d'lvoirélj: ràd' justment strétkgy11. . 0# t. , . ! y - ? , :through. , A'làrge lendin' g. progra% with com, '. 'm'l-t'M:gt$'xt:.j-d;li.n.Tg.; U . S$. J . .2 .billion during, 1994-96.j '

. .<< (JC ' '.x ; j '. ' ''

...Thid p ropxm. hasj l-ned headly on adlustment opxèfàfièxpàjkwhioh inelud' èd. ah ecbhomic. .. .- ,, . . . ; . ; . . . .t !5- ' .. . . .

-recovery 'crpv.d. lt (F1 Y95uUS$ 100 m' l'l11on); an, : ,a,>, ctilk' 'fâli S,ç#tgf adludtmeàt cred it (AS. AC. ), . -- - I . . ., > - .

-

/- y(FY9 6 -US $. 4.50 m1. llion), a private sed. ot dev:l:. p. à. :. nii # rkéïllvttltp; . SD ) ' '(F; . Y 96-U. ' S $ vl 8 0 million),; I f .,k . . #-::- J ' .'C. pïê'aelt-t. - 7 ' k' 'and D A rsepp, lemental credit.s under lhe B.x.n'. 'k $ .Fifl. zlj tlitI'i4. ,t.k,;4.I,#n p, röv, :,n;m. , . (totaling' ' ' , I j:j m x also reacti.. vated:ttkditx Udt' m, 'ent prejeet pip eline, with. newU5$29.2 mi1li. ?n,). In paral , .. , ou,

x. . , l . j jptjjjj , al kj m x o peratkons reachedcbm, . mltm:à.t:doflabout US $478 mlllion. Disburàe-è. nt, ,

nlmost USt$'1 billion duting 1994-96.

f12. The results of the comprehensive adjustmeh' t strojfqgy'. adopted sinte the 1994I -

. . . ) . - . . .devaluation have been encourapng. Re2 GDP gr, ,owth Msç from 2 p erc.ent in 1994 to1 .7.1 percent in 1 j995 sn1 xn estimated 6.8 percent in 1996. Tê,he lz-mont'h rate of ini' ation felll 2 percent 111* December 1994 to j'.5 p.è!)4,:,.n,t in December 19.9 G-thesharply, &om 32f i'sszttlt4p.k?.''Le',tës,s orthe economy

, as well aspredevaluation lekel. The improved extemal comp ,.., . y .g y . s. ym y j pyrojm oy osp ju. j , . . . jyy g. jja u t .domestic èdtman. ' d .restràint, reduced the currëktdislzj, j L.,..-t..),),ç, . .' l

in 1996 M emqures to contain 'èzpé 'h d'. i'ttffe a,hd improve revehue collection1993 to. 4.8 percent .l -' . . .were put ,1 place, nnd the overnll fscal descit waN /ed. ubê.dzfrom 1 1.9 percent of' GDP in 1993

to 2. lypercjnt inl 1996. A comprehensive st.r:te&;:tb,.,*+.'éy,lg...q.. xtdrnal '#à.nd, wjnte>- 'a1 debt was

alsö purk-ùe 'd. A11 extemal payments 'àrfears tb * ë' ù.i.à1' ' A'il/zg.fy/à1ck' n d' m, uiltil. , vte,ràl k creditors l,n' d. j ' î . ' * ''' '. f g : <

. xuytùià ' : k .stnojt dolipltiù, ,àrrears wer: cleared by end+199;. N kwiç.xl

, #ppàlxbmrreWlkg... W&s ,à1>,,t,%t

t. : -f.:.:. ' z : I . . , : . .k ; :..-t .: . # . ., .). , ...: . à' . . ' ,,j. : ..L . g .

.

exclusively oli concessional terms, Elipble débt bkèd tè P à' ,h. s .Cld b' credrltb. r!' wxj' ' .tksc-ked,uled. '1 ' : . . + . . ' ' 'in M amh

. .1994 ölï L. ondon tirms, an' d a comm' érclxl', dtktktyy.l..j rjfçt.tj-riqg. égrçemeh' tj Whi. ch wàsrçached. 'm M- é.v ' 19.97 wit'h the London Cl'ùb, Elis 'j# -1j :.,:,.#.,i1.:.d, f' fplt, d,-lttj.s4g l .a y .''

. . s 'v .d' .

, , ' ):: s

.. :... . -;(.)).,;,qg. . : . ?, , . .,.

. ,. . . .

13. Tm' portànt .stm ctural reforms werezso'canied? out 'duridg 1994-96; with a view to.v : I ogral ijfzueg.: juy yjyo x. y a,n: a tuyjjag jrax, swtjonenheclng drern' al tpmpetitiveness' b y 1 ,

r ... l . ' u .2< - J , ' ' .costj, an. d to expandi.ng. the role of the privàte .sector. Th, é 4. rices of a wide rangè of produçtsld and the price equalizatioù fu ,Q. (C aissi d e pére#quatiön) was eliminated; thewere decontrolle ,I

.

marketing of cocoa and co/ee was deregulated, and anaudion system for extem al niarketing' l h CM STAR was reformed

. There werè 29 ptfblic enterp riées that wefewas introdgced, wnd t e ,

partially (13) or totally (16) privatized, whil, e sevefal otkzrs were restrudmred during thtperiod 1994-96.)Mne m' ore entemrises were privatized .dtl'd. illg 1997. The privatizedcompnnies lcluded the telephone company ('C; ' ' LCO' '.'.', ''' an'd the largest agro-in dustrialcomplexes (e.g., sugar, mbber, and palm oil). Private seetgr .development was a1. so fo'stered byliberalizing maritime transport, simple' 'ng customs'snd port-handling procedures,I

, , (j txkkng tjz sstimplementing measures to. make labor and fuancial markeyts more flexible, an .. tsteps toward Judtcial reform.

j; . ,.

. . ' . . . ' .

. ... f ,>i.. ,;'.'t . '. . . . ' ; Ck LiIL :..'L;' ;i; tç ikk, k ,. 2:,: .. , - . tiklhkikrjliiK,. . :':t; ,ï.)$' .. - - : . ;jii. -i?.;: .,..'- . . . k: , : . .. .,û uuc<: - kùskirksj.:. .: 'j; .L !,)f:.. k, : - -..-.i :ù. a. s .., . ,. . , <- à ;a . ... .:c ... J : . :. .@ à'. .'' . . ' :..; : S.qu..'' .

. 9-

Box 2. D ndon Club Agreement. . ,

: .

., .

On Mly 6, 1997, an aFeement was concluded between the Ivoirien Government and itsx mmercial bnnk credltors, which would become eFective in early 1998. n e ap eementenvisages a mandatol debt buyback of 30 percent at a 76 percent discount, with a2lyear âont-loadd interest redueon bond IFLIRRI chosen at a level of 91 percent anda 30-y= disx unt bond chosen at a level of 9 percent. It represents a net debt reduction

of 77 percent in NPV terms and a buyback equivalent price of 6.9 cents per dollar. It iscontlgent on the moblliymtion of extemal asslstance to fnance the up-Font costs, in anamount of about U5$237 million. In addition to Côte d'Ivoire's own resources (aboutUS$30 O lion), the m AExpnltive Board approved, on July 10 1997, an D A credit in

. . tan a ount Tuivalent to US$50 mllllon and a debt-redudion facllity grant, in an amountof US$20 mlllioq mpplementd by 1a112 Fom Switzerland and the Netherlands of about

US$10 million and US$5 millioq respectively France would contribute F 300 millio'w orabout US$5û mlllion in the forin of a l nxsslon: lo< and the Fund's contribution couldamotmt to SDR 51 m'llliow or US$70 m'lll'lon (muivalent to 21.4 percent of quota), as pmof the proposed new ESAF arrangement.

n e m ect of the Imnœn ClubAgaement

7 1:0%6 160%

j4;u! 5 lxu :1 ê 4 lx% h xpv;

:;u : wpvysxpoxsf o 3 > .-+..k a 60% kt 40w

1 ' . 20%

9 Q%1997 1998

Year '

14. The refonn esorts continued during 1997, in spite of some diK culties in the fscalarea. Real GDP growth is estimated to have reached 6 percent, and inflation was contnined tosome 5 percent. The external current account descit narrowed frùm 4.8 percent of GDP in1996 to 4.5 percent in 1997. Aher some Gscal slippages in the frst three qum ers of 1997, theoverall fscal descit was contained to 2 percent of GDP. On the structural Font, several priprpolicy adions were implemented, including the adoption of an aciion plan to reduce poverty,trade and price liberalizatiol public enterprise privatizatiol and a commitment to fullyliberalize the coflke sector in October 1998 and the cocoà sector in Octobet 1999.

j.i .gf'

ëlj1i:,f..'' '

r 7 tk d ' txt T; :?, ) ' *, c v.' - -'' - '. t ;. . - ê1 ' r J ' . . Jt ' 7. jz ) ': k s':byjàn è ' q. . . ;.. j. ' ' ' $ .)v , N,!. . r;. ' A'-I.FU'J!)W'I'DRM T1Lm ' ''er-.-7=-'-> v = D'v'v -u< .y 'y -- - .r .. . .. . qq . . . . . .

. ja. 4L . '. .j' . . . . . ja . . . ; yj

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.

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z.;jtj))J' - .'' ..syjjir .' q. j :. j '.. , : ( . . . . ).: 'tà .) . -i,,-.C ' - ii :4!kg. - ,'k; k::' ' ; c .i; . ,j

' .'

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. . ., j.j,,y:.rj' ,$ . jgjjjtiri ';jjj.J ' ,ue.' - t. ''êE:.:ti'%,' ;(-,2s' ,: $,j;$:k4k9t-1;:8: ï.;7 è . - . . .,r-:g. -;;,. jj ? . s. . . . y. . . .

:? .. !, .'k' C . s:.: ' . > ) tandl. g

,th, e po. sluve re *. . we mfpkehlxznsf'ï#e 'a' d, Jv's. 'tlàét stfitépyj' ..tli: m -j:1L '1!5;- . . -$ ' , qk. r tllttdkll'. - ,:': yte;.>tvs,t :4-:11:1171k. - 1', . ,, .. .- . . . . .. . ,. . .

. , .. ,, ;. -, rjjjjk. ,eoa.;.>y . . ::. j;yr jryjj. jgjjg -jkyr jryjj j;jgkjjpr jgylt, u

. - . ;)j,q-jjjjg,j;jjjjy.. :.

.z. - q-. y;. .. -r;;jp;--:h . jjy- .j(jjj, .,.jgjjj..--, . jg. :,:. gjj. CkjjZjrr:jj,,. , . - :g;;.

0-,.. jryjj- jrjjj. -.j;yjj. u. . . . ,y,

.

.-jjrGsc. ali ',':ktu. é'tih à temnlns Faple, lndqth. ' è vy, , . .:p. , : . ç.mal.* ' . : . . j ' . . . ; . a. .

contthues, sA: .A to: social development 1he r. e'yljmp. '. itipA, . 4-) f, . :. ù-*ponuz. gr. io<. 14 sn. d lmproveme nt.. in pi'8: ' $ '- ' j nowmè g the deval u atio. n '.h' t*h t ''fhi 4% ' d. jrak - sètsh#to .#â1.li,l4..èD1Ke. 'A' .t: theusxme ' time, ''Cprod. ùcvf pnt. :s ' o . ... rj (% py.., ,&j.,è . . . .C

. y . I . , . o . . , . k . . ., . . .q zj yy j a. x uy y ayyu c ajj o n . Ygt g Jj, .aV' 1 .j'cn.g e &. h l jmc4.eas, edw. qb-y. qdget, aly app tgp. n. âti öns were al1#' 4y. tetd tR. gh, è .t r 'i '. : h ' i .k ,jt ' 2 .; z . .y . . . ' j'..,j L '' : . : .. ; . . .' .' ' . l' . : ,àly. é. wqg. /d', 1f, ' rxio f,.é. d: Ik o lr e l s t è ov ei' c. o m 'ù t14 . :+. F' /ç.e. -td.i e f 1. k#. t Ii evfitvh-e'zdt Ve ce-ârd' 'ek 4 o'h. g 'e. eo h o % t, rd'' ':. èlk*lA: j' m-*' q*@'

. %*@' ***- ' 'ss'

v. ***** q*-- --w'

. j , . . -' o ..- kwyir)rr g,(k.yryg.j)j: ,jj, ..-.... i.kjjx jgotlyj!u . ,, wr... . . ';j ' . . , ,, . : jkthreugh .th.l y .6. atly. 1990.5. S pecécnlly, fu Jl'h. er''f' # èalp,e à.T.è.: 1. lgd..iàt.loô. .)s neçd.. ed 7, C'to. aè.ltzve.'ext. ernal.' è ' t9' ') -3*;. - !t' k . ' . 'k. L i2 J ., ' C 'vl'ability; ta .d. elèpe! m -ng 'öf stm rttn tral reforms 1 FA: 'è:&:st$.a@,- uitâdip' #o. motetp nvate 'sector :

' . . , j ' ik, . <p . g . aa;:x 7 z,f . . ' . 1 .' )g 4) : , . .4jd 'eve. lôptn. ent; l'nd xn nm.. bltlous so clal d evdopt. eàt. agend. 'à. 1.s requlred t,ö 'reduce poverty. and*

'

. . = 1 ! -.1 * ' 1ImP rove 'KGCSS I'0 $OWm SCM CCS. ,1. ' .

j.'T ï . ,$k

. . . m . . î' , . ' J,16., ,Sm .db the dlscû. SS10nS Of the prelllm. .'l,naly , . ',,.C .d'.# py.l/ ent fo, r Côte 'd Ivoire kln tke Fund. I , , . w z juu: yarri. e: .o

.u. ,t sever'al .rouh. d: 's of .and. D. . A; TR. 4 edls i7n Ap. 1il, 1 9 9 7 , the Fund ahd. m. . ' A z tjt' 'n. .J . s,! - , , . .. . . .. ' ' k: . 5. j L - . J . T .: qu . '. . =. . . , . ,discuss.iofis qn al med. ium-term progrnm that .c. .e.u. 'l.'d.è ,byyzsu', pszp.xo:, rted ky a new three-yev ESAF

arrahg' emen. t end by D A resources, and t.hu.si.Y.-' 'ptw' .)Cj,r, -'4.-zt-bp Y'*4) ,!v.4.' i. .rv to-its dtcision point unde,r . j.,'h' e : ' . 'C Tn 'ijiatlve. 'The program lncludes . à '.b mad'. ' i?â' '# 'g,#' è,. f. 4#. io #s, focus'm- g on t''h' e. 1t -.. . . y. . : r j . . , . . ( . . . ) c. .-: l . . . . . #. . . .lm. .n. lemmnt-à. -tl-:. n. o. f a pmdent sscal pohcy, a d..çtpè,,.w.qg., kf.,#.4mc.N. tal reforms, a sound ..- -

. ! 'r : .%'- A'l'z'- ''' 'ç. , l jj jjc regources, nnd ;xn sm' 'bittbhiliiixsisxlal d' le2#Vè- lbè'- Olùb'iit r'ggend, .a. Tlu e L : t's:),y' G, %n' , a. g, #.m e 1). t.db. . P u .w , , a- f : ; j . ; , - z . y y , , . rj .. .jy . yn. egotlations we.re protrad. yd because of the neéd.tp .Efi,j,u,'ré'.t , j

. 2 ' ' . *

'

. '

s ' . .

cred. lb. le; ,(b) the f'seml sltuatton ls back on track' x.f) 'tsr t'hb. s. llpp ages that occurred rdunng. the .'CGrst n'me m' on. ths of 1. 997-, (c) n1l key structural' 'pVö- r' adio-lj are in. plarce, èspecinlly agr' eement 7-1. (. ' .?on the libernllymtlon of the cocoa snd cofee sectors; and, (d) some govemance issues that k

-n 1996 halve been addressed. jarose l

P cY R EFORM COND ITIONALITY :71W . oLI.

t,. ' é, '' .'.b17. During the 1998-2000 period, C ôte d Ivoire s economi. c an. d pclicy reform u

I . '

... - . . ' '

'performance would be monitored under.Fund. .and, m.. . A-sptp, ported progrsms'. For a. l ., i M arch

. 2o0 1 côte d Tfk' btkàllw. . th,tî'lid'i,t%: IPJ' i*d. .. to. '(,:M ,:0, bi ai'n F'und Board' s :'scomnletip, .h p o. int n , . .. g ... :. ,. . , .:. ., ., , . . . ., y s

approval of é newj three-year ESAF arrangetent i'lt 'Mkk7lt 1998,. (b) ' juccesffu lly com. plet: the $.program supported by such n.n ESAF m angement; (c) successfully implement the reform jl

' ' lturz sedor adjustmerht cridit and '' privat'e seotor dev. eloj ment 'd. er Im A s agncu .programs un

credit; (d' ) shöwtsatisfactol progress in implementing thë outstanding stpctural rbform ).agenda expected to be supported by IDA adjustm.e'h, t operàtions; and (e. ) show satlsfadory ':.I

. duction 6 .'provess in implementing the social development reform qgenda under the pozerty reactioh progtam, with the actual performance to be momttofed' by ongoing and new D A .operations.

18. This section describes seleded elements of ongping or envisaged struch, lral and social.1 . . . . . . . :: . j . ,, (jj rjsector reforms

, ïncludlng specéc actlons that couldc' 'bermofu tored between the dec slon an ,

tf 1 tion'' pollnts.

ex Table 5 provides selecled stnzdu. ral reforms and the-lr timing to 'JCOmP. C z ,'' zl ier the ESAF- and DA-supported prowums. . ex Table 6 provides a jbe momtor. unl

f rms m' the social sedo. r, w hi 'el: x'e contained in the authon'ties' tsummaly of selected re o ,' ' 1 dopted 'm'lune 199*7

.

'

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. 11 ..

19. n e refonn strategy for 199> 2000 is bn-zl on the positive results achieved since theJanue 1994 devaluation and is O H at strengthen'mg D d ner-lerating the secondgeneration of refo= that are still nV H to (a) en=xre Gnxncial viability over the mHium tolong termi (b) keep the = nomy on a path of suexined vowth; (c) reduce povec andd) subenntially improve the living m ndards otthe population. Aem rdingly, within a(M mework of pmdent macroeconomic polici- spe v y continuM fo-qlconxlidation-and intenszed re#onal inten tion eForls, the major refo= areas incltldetrade and price Ebemllyntion and other actions to promote private % or development; theprivatH tion and restmduring of public enterprixs; tax reform and expenditure mnnngement;civil service reform; streàgthening of the fnancial sectoq and libernlelz>tion of the oocoa and

6 .coFee sedors.

A. Financlal and Struttural Reforms

20. n e mn'ln source of economic growth is expected to be the expansion of privatesedor adivity. To foster the sedoq's developmenk the reform mpmclzres focus on enhxncingCôte d'Ivohx's domestic and extemal competitiveness and creating an environment that isconducive to the development of private hwestment and externnl private capital M ows.In tbe arex of price aud trade IiberalH tgon, the government has already redue the

number of goods subject to gricc controls Fom 13 to 6 and will pror-Y to Ebernligo the priceof bremd, a ke commodity, m 1998, and the indiotive producer prices of Geee (also in1998) and cocoa in 1999, leaving under control beond 1999 only prioes on public utiv es(which are under monopolies), pbnrmnezaltical produds, butane, and Rhoolbooks. It 1mK a1s0eliminnted all nontxrilbarriers, whh the exception of those pedxining to menlrity, publichealtha and the ene onment, as well as the one on reftned petroleum products, which is slatedto be el'lminated by December 1998 in the context of the privatization of the N tionaletroleum ree ely ISIR). As part o?the customs txrilhnrmonizmtionx the Coundl ofPO sters of the W est * c,= Economic and M on- union (WAEMUI decided to reducethe number and level of cuxom 'nn'fl's and set the new rates at 0, !, 10, and 20 percent to beput in place by Tanuary 1, 2000 in all member countries. In this context, Côte d'Ivoire intendsto reduce by end-M arch 1998 the cunrnt llighest rate Fom 35 percent to é temporazy rate of25 percent and to apply the 5 percent rate to most imports currently s'ubject to the zero fate,thereby lowering the average tlrifFrate Fom 19 percent to 15 percent; the lxriF reformconstitutes a performnnce criterion under the new ESAF arrangement and for IDA assiennceunder the HIPC Initiative. W gth regard to the Iegal and regulatoc frameworK theauthorities intend to complement the reform of the labor and 'mveqtment x des adopted in1996, and the business 1aw reform adopted at end-1997 under the OHADA treaty on theharmonizmtion of business law in Afficaa by decentrnlkzing and modernizing thejudicial

Q'he medium-term strategy is desclibed in more detail'hz the policy framework paper for1998-2M , which was issued in parallel with this doxment in thç context of èôte d'lvoire'srmuest for a new tluw -year ESAF arrangement (1 the Fund as EBD/98/19, and in D A asSxM 98-

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. ' ;'L ï. . :' . . . . . . . . '' '' . . . . .' coni -patly' .'7C 11/ : ' : 11 rO ' . the Ivo-m* en au' thon't ''l'és . lht 't%h' dt ' 1' 'è p'V ' ''rivétlz-t ?e' 1 5 't lorè p ù'bh' c enfemnlses .,'

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xd7, ,t.-p.ah, . spol sedors. As reg, ,ar. d, 's. the , e. lt t'érpl .e,fj. .j.:.s, 1i: . . . .. ' . .' ' : . 1 . ,. : . ' .' portfolio .ïwhich should include nd more than âbolit', 18@'J>' taJ7on:. 'ty. wowlted enterp fises. by' t'1 ' ' ' . ' #i ,. @ . @, . k/ ' - ' . . '. ' . :, ' ,j '' end-2'0O''0,. 'the fozus m l1 be on lmprovmg the 'mcm: toniltgtwpf thelr p erform ance and enhanclng

,% ,s . j o . o y ; sê , the qtlallty .of th e sem ces that th ey provlde to the p fkvâlt: jeetor.

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J 22. In the Sscal area, further cönsolldatlon ls to b e. p u'rsued lh the penod ahead. The :1i' '.. I'k- overall fscal, d 'efcit is to be virtuallv eliminated. l b'',v-.2'4' 9.'0 : ntn, 'd . small suoluses 'i.

(of up tb l.per 'cent of GDP) are projected therelah-t , fèr. O.é. k'tih è'rtevenue side the government is '' j . . . M' ' 1' ' :

4. ' èd to im lemi nt-lng reforms aimed at imp foving. 'th, 'e tax syst..my broaderîing th': tax 'r, co . tt p k. . . - .; : .1 . . r . . . ' . . . . e.ùh k '. -f. . . . . ' : rt èç-' !, '' . k , 'j.. bnqe, curtmhng Faud nnd tax evnKlony and strengt. h emhtg. 'lh' e tàx 'and customs adrhlhlstfatlonj, '

t'it along the, Sllines of the recomm. endatio. ns of tech'n' ical ,4,s. s. istanc. e missiohs. The s.e actiôns 1Q.. '.: .

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- . . . l . - s;t j. . . a . ..jq;. m 11 be momtored under the new ES . arrangemeàt. T th.'e. :nvlség. ed rtzqsures m 'll make the ,,

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.7) ma.lntaln the overall révenue-to-GDp ratlo at 2 1 perèenj t . ,' ' 1 * h sscal and parnzscal 'ltvl.'':s,on 'thR. * ':xport sector, especinlly cocoa. 1tî Dlanned reductlons ln t e

j ) - . . * . ' ' . j o . . . . . u k , . . ; , , ,

. gj ), k j .jj . p. ,s., g . , j a t j . o. m. yj g' os ç,. . t jj e . , ; ,9.;,,' The measures mclude reform of th e prope taxk jmprdkv.fù. :nt 4,

system of prepapng vnnous taxes (ASDM, refnforedhi edt :of the l'ér. gù-tax, payers um. t and the , : ;2. . . @ @

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s,;ë E Forts m 1l. also be made to promote taxpa. yer cö. 111. -p. ll-p-fn! . e zalj . . , , r11 .. . . :. -.! . . . . . a .k. ,.,<àj, . qyy... pz. ij iryyj tj : t ,(.g ç. k-j,s,-eju-js,,;.j p. . .....ss.j (,j. ajjjjr @ , . ,..j..,g..- ..j g. ., o :).w'' artj. s , .)vh... . . . . and 4*a.s. j, gop . , .P.. n. lm expendltures are. 't.O'. b.. .e. 'ik; Xp, zty. - . . . , jj . ,y .. sxay r.k y , . .,. ,g,gy.. yy; . ,,, (.. 4, ... ,... . , yt. ., j;. lyg), ., . , . . y Jalyv . . è .. . . . ..'.)t ' ,' xjzt; ;. ,... . . . . . ,.., ... ... .. . '.'.'J4,. Cs,. , .j? jk y lzqzay.!'jj s . , . g: ' but 'b udg' ef ' ' allocatlons for hemlth and Eduèâtton wt 11 .b, è.l'ri, creagy.d, ;, m lt ffie wlth the targets .,

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. , .speclfi ed udder the poverty reductlon actlon plalts M , a result of the lmple. m enta. tlon of the '. k . ) . y. , . y gjj j y jo ; qojju; s. o m g s y g q rqaut o g .clwl sem ce reform and modest pay lncreases, t e wage l

, . . . . . . .

. x r. . LGDP ln 1996 to 6 percent ln. 2000. Slgmscsnt refoinn, s: -4.. bèin. g undertaken to lncrqlKe ; :.'''' '' ' . '

'i ' 'j , . . 1 . . t . . ,.w . r s .' : . . .,). budget tranjparency and ensure goôd gokea ancuè'.'''A1' 1:'go. vernm. ent extpehd lture hàs been .' k .*.- ..w j .m. . xj . . v.. # ; . ,.. ,p .s m . . o . .; integrat:d in à jconsolldated budget m Jénu 199.% ârfd .*k e h. ew budtg kt acco. untlng j-''

fr k will e' nter into elect in Janu 1999 . Fmal' ! ily' ; ''gpv. eitmn. ent cashe ow .rhanagement ''',? am ewort ,.. j ' ' ':v111 be strength 'ened through the centralization of all govèrhment deposits at the treasury. '.

i . , ' ''*'' '

s. . '

23. The civil service refnrm is to be based o' n the ùutcome of the census of govenvn. ent ''

Q . 1 . . . . . '

employees wluch was carned out ln June 1996, and set the number of clwl servants at 115,678 . ji-

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x. . malnly through a reductlon of the number of temporary éikd day lab. orers. New retrultment j% . ' ''''

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- 13 ..

will be ll'mited primarily to the educatiol healtk justice, and security sedors. The currentfocus of the civil selvice refora to be monitored under the new ESAF- and mA-suqportedprovams, will be on prodding adequate incentives for government employees by ratlonalizinjthe system of allowances and introducing a performance-based promotion scheme.

24. A healthy and eEcient fnancial sector is imperative for a strenphened role of theprivate sector. Following the restrucm ring operations of the early 1990s ànd the Januaa 1994devaluation of the CFA franc, lvoirien banks have become more proftable but their situationstill requires strengthened complianc: with the bnnbing legislation and pm dential regulaiionsof the re/onal (WAEMUI bnnking commission. However, the provision of fnancial servicesin mral areas, and to small and medium-sized enterprises, as well as the mobilization oflong-term sadngs and the O ancing of long-term investment, is still descient. To address theseconcerns, the Ivoirien authorities * 11, in concert with the other W AEM U member countries,strive to improve fulhur the legal, regulatorp and institutional Flmework so as to foster theemergence and diversiscation of new Gnancial instmments and seM ces. ln pm icular, theauthorities are to (a) promote long-term saqings instmments and nonbnnt- fnancialinstimtions, eqpecially lçasing companies; (b) strengthen micro-fnance institutions; and(c) ensure the orderly operation of the regional fnancial market, which w111 be launched inAbidjan in March 1998. The authorities will also accelerate the restructuring jrogrsm for thepostal and sadngs agency whh the aim of splitting its postal and sadngs actiuties. M onhodngwill be ensured through the proposed ESAF arrangement, and the D A proposed FinancialSector Development Project.

25. Going beyond past liberalization commitments, the authodties have decided to engagepropessivuly in the full liberalization of tlxe cocoa and colee sectors, which account forsome 40 percent of the country's export base. The envisaged timetable calls for the fullliberalization of the coFee sector beginning with the 1998/99 crop year (October 1998), to befollowed by that of cocoa in October 1999. The liberalization comprises, inter aliw theelie nation of the stabilization mechnnism and the underlying price and cost scheme, includingthe indicltive producer price, as well as the reduction of CM STAB'S role largely to qualitycontrol and administration of the auction systein. The full liberalization of the cosee andcocoa sectors and the restructuring c'f CM STAB are key structural m easures to bei l mented prior to the completion point and monitored by D A arl d under the proposedmp enew ESAF A angement. A large array of accompanying measures are to be put in place and

monitored under DA-supported ogerations to ensure the success of this far-reaching reformand set the stage for the full liberallzation of the cocoa sector, which is.

scheduled to followthat of cieee one year later, gven the greater amount of preparation required to preventworld market disturbances in view of Côte d'Ivoire's dolninant position in the world cocoamarket. In the interim period, the role of CM STAB is to be strictly limited and monitoredunder the conditionalities of the agricultural sector adjustment credit and the proposedESAF m angement, which stipulate, inter aliaa the limitation of CM STAB'S direct sales to15 percent of productiona a continuous improvement of the auction system , and a closesurveillance over CM STAB'S fnancial operations and current costs, including the setting of

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' ) . . w.. . '. . . . . , . . . i' . .reforin :s .m th e. cosee and c otoa sed. ors, l.s e. x. .p,' 6. e..t?.4.d. t4fm'b.''2. 'apk. p. rm. sed, .-ll.à. 1 49.- s9?8. ; th e. 'second, m . 1. ,, j . - .,

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v ...,j' ' B

. In ten. 'sal*'5'e d. .S. v9. ., c.:'lxI' ,P. b. 'lic .l* e.s . ?i' ,', ! 1 .. . ' . . 'k. 't. k

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. 1mm. ' #. nty rej cognl 7. l ng tIMs DCC. dy relteré'tod 'ltsYd

.. Qt/. j r ' t ' . .; jvj.: . . . #/ 'y . z .' ' k ' . , öve ' ' *1qh, dk i cators i.n rece. nt years and' bn- ng' d'bk o. u2 'tY''fl-tïtk*l't e'ab' 'l% ,çh-k '.:'ng2. . .m' ' ' th4 p n-onhty' .sec.tor. s è .' Q' Y' . i / . . . . . . , .. . . . . .e . 7 . . .. . . . . . . . , y' . ) * * # . g . ; ' . . y . . . . '@

. . * ' . Vof h eal. th ap . .d ed ucatlol as well as baslc l . astno ctuc4.. ,2Ry..e. soqrce ;. fr. e ed u'p 'by p otzntlal rellef . 1

'' C' '1d support sustainabi 11 ty and'. th. e p lrxl-n/n' 'e''d.' exp. xn sioh, m-. sècial' k p.' rograms . I:n î )unde. r the. . . l wou ,. , . . . ,jJune 1997

, the govemment adopted a poverty red uction .action plan aim. :d at lowen'ng the *>.i; ' . . j . sj. . .'.'; . over,éll 'r'm,kltdl..i>, e.e of povertv from 37 p ercent ln 19.95 totbelow 30 p ercent by 2000. ' ,%

. -.

' '''

7 -s M' I '- e' . - . '''' - . . . ...#. $N otwith 'stan dihg the long-term honzon, of inany' . bf thmplarfls kéy dem. . ents, lt qlbo lncludes /' 11 -, d. -- . . .

' à .. . . , ) ' . . -- : 'l

,som e s, pecif'c quantlsed targets that m l1 be momtored. thr? <b u'g. 'h, ou t th e 1998-2000 peno.d by jongoing an d n 'ew D A projects and adjustmen't op erationst,' a.s well as under the proposed new '''

. ES arrangement. The key soclal actlons and tatgets ,ar, ,e' su ,lnmnnze. d m Table 2 and. égx. T able 6. To 'ensurù the success of 'th. e wcti-own .p4an,''. fh e go,verhme. nt 'has se t, up a tk.. ' . : . ' ' .t .. . : )y . J ., . ... . .. : . .. , . . ' . s . ; z .' . va. w . x . c ,j- . * ' y . . j ' . jjj .g. y ym. g yc rjj, yyjgyj' J l i . ç. . , 1.'14 ' ' '4:) 4:8. :.' '-. -. .t: t:.. j;ù. t2). $41ï. (:).,.r Iy :-,.17) t:r. 17-$/71... .:;.. (2: 11.171 (:1. (:1 Akl dzi 1- :; f:r t2r.' )t'l7l,- ,E.. -1,2. (:r: ,t!..1'.k!),iti-....::k- ?k,-1:.i)k.1l(:-'-vtjj-...1Fl. t'.J!L, i!r..'.

'd. :k' 1il-l'L- t1tq:;- .tIr-.-tk-r:1:,;:12k:1ë:k- lLiliti r. (2, . .,$!!-, : - -!-, . . :; 4:1?1.

- . : .t:j; j6-. . . : ,ddp -'>' k ')kt:. ,u . . . I . . . . . . : . . : - :.'r -.- :'- - . . x. 15t. : - -). . . ' . : . - '...k; . : :: s-i-îè' . : : . ' '- . . . . -

' .''6-

. sv' stêfnattcallv' .tlr. acklfka Dovertv lndlcatö, r!. A1 jè- ufstrét'tf , lftm:. 1: 1?998. x'n. n u. ,a1 survey s w1l1 be

.. -'''''' ''''i'' lr ''*41-.. '''''''''''' '''.' -1,. -.,. '''-''' - .. . '''.. r41,'.-1,- .''''''''''''.

''' '' ''''' jjjjj, conducte. d. to mohltor the llwng standard ! and ..czàd. ltlön: of h. o ugeholds.. j. .

j' 27 In the tducation sector the gove ent's eforts.will focus o'n improving the quality *'1* > ... '

. . . l . , .p . . . . . . , .kj. of, and promdlng greater ac cess to, educatlon fo. r th 4 elt 't'l'r,: p qpu' latlon. N'e

.t ratej of pnmary j'y. j p . o . .

. ,. school enrollment are targeted to mcrease from 51 perceltt m 199.6 to 55 percen. t by 20. 00, and y

' h literacy. ratel is expected to n'se from 43 percent to 4.8 p ercent over the same pen'od with ' '', ' t. t t e j , j.. ,. spec. lsc measvures focu, slng on females and reg lb. nsJm tj...p,...Q'it Jimeal strengthening technical and vocationall' ti:,ulv.hu ,-hg. T; (-) tlu-à end, th ewshàre of 1k measures. . ., ., I ., .- . . ., . , , ., . . . -- -, . :

:;,g educatton ln govj emment pnm expendlture (exclud'mg. forelg n-fnanced lnvestments) ls to . ..j '? ' . . . .x . . ju. yju : , a, yw go p ey th e 'b u d.! g et J!X t .Y,'l.: be ralsed from 32 percent ln 1996 to 39 percent by 200 0.F, wl.t. .n.'

z . . l -- . . -' . -' : - ., ,. . . ' '-#: I' appropnzttons and executlon for b aslc educatlont are to b e kept to ât 1eâs1.45 percent, m th a .'.

.tv. #. '

I . '

s Strong rural component. er.1 -''

. r:. 71... . jj

. . ./'rj' : .;. ' ', ') . ' ' '' '

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' ' ' ' ' '. ' .'

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- 15 -

Table z. Expenditure for Educaunn and Health, 199* :*

& bizions of CFA fmnxpunl- e.#M olerwix)

1996 1997 1998 1999 2000A@t F+# lNog. TNPg. lNog.

D ucationToœ 1/ 246.5 275.6 315.1 3692 4153h mment of GDP 4.5 4.6 4.8 5.2 5.4h N t of ti prima:y exmnditu= 31.6 31.6 332 36.9 394

RemllToY 1/ 55.6 69.3 78.6 99.4 115.4In N t of GDP 1.0 1.2 1.2 1.4 1.5In Grcent of tœ primo exv di/= 7.1 7.9 8.3 9.9 10.8

Memorandum itemm-Bulget total pdma!y exv ditures 1/ 779.9 873.0 949.5 1,* 0.4 1,065.6GDP 5,473.6 5.9*3.4 6J29.8 7.1* 2 7.690.7

Souxc lvoirien authoritiu and estimates and prolections of Fund and World Bank cfnfrs.l/Excluding foxign-fnanoe inveements.

28. In the health sedor, the objedives, adidties, and resources needed are stipulated inthe national health development plan covee g the period 1996-2005. n e govem ment iscommitted to increasing the coverage and quality of health serdce, especially in rural anddisadvantaged areas, and to placing a strong emphasis on preventive care: Pm icular attentionis to be devoted to raising the infant vaccination rate by 20 percentage points, to 80 percent,by 2000 and to strengthening preventive m-qures to combat Am S. Speciscally, thegovemment aims at increasing the share of health in total primaly spénding (excludingforeign-fnanced investments) from 7 percent in 1996 to 11 percent by 2000,. it has also set Ma subtarget an increase in the share of primary health care in the health budget Fom 33 percentto 39 percent, over the same period.

29. The authorities also intend to step up their eForts in the areas of family planning, aswell as of basic infrastructure. The strengthening of basic infrastrudure comprises acomprehensive strategy to increase access to safe water, expand rural electriscationa improkèconstruction and pm icularly maintenance of rural roads

, and rehabilitate poverty pockets inrunudown urban and rural areu. Finally, the govemment will strive to improve themanagement, targeting, and social impad of various social funds, based on a comprehensivereview of past performance of these funds, which was completyd at end-lune 1997.

. j .<.'. é;

V; ;.' **D W .5 ' -'U m > 5= rrr'N vv'---''=%'''<5''U z'' = rt .,.. jys;m. j

1.1.. : . . j. %: $

. .

' '. ' t.,jjjj.

: '

. . '

L :. yl ' '' !.) . 1. . '. .,,' . ' Jl,,.jjj;- ,,1,,. . . . iq..jq' :, ê kèjikt

. - . .. . - - . .L j

. . . .;)).:,,)qj,.2 :.:

f ' ' l ' jç . . t Yv. DEBT Rxcoxcaunoxw>. .,bl tél h, ; ç . Ao r,vR, .r. cvwczrv $( . .- i . . . 129 rl - ;. . ' g .- . .. ! .. ... . . , . ' .;: , , . (.,

30. The lvoiriqn govemment completéd fhe rdeb t 'dpàià' teconclliation with a1l its bilïtçral .td muliillaterai creditors in November 1997. . T'kehtée4#ëliliatien of debt d'ata proved very '' 1an I

useful and enabled the authorities to correct, fnv-tune, and expand iheir debt database, which . i1 2047

. Thejoint Fund and D A' Mjsion' .s to discuss the new progrnm'and 1:now extends toI

.. r . . '

. ',)prepre the policy Fnmework papur for the p iriod 1993

=2.000 wofked with the authorities tp )' l , .

' ; . , . ' '

check thè database s consixency with torightél dàta prôkioèd by creditè. rs. The movç of the j.) ' . , . .debt unit 'fr, om the CAA. to the tr:asury 4 priùr Actieà for t'he sublhijjion of th: 'request of

the new VsAFlarrangement to the Fund's E' xkcuitive Broed. . was 4 ompleted ip July 1997 and Ej,is expected to 'improve debt data management .ànd tö réstktin 'regu, 1ar updates gf the debt $I

. - ! . d .database. Nevertheless, a need for better computçr ha:d.ware and sohw. are has been identzed, .

..

:r. I . . . : .= 4 cont. a'çts havé bben established to purchase and put in plàce such sy stems and. tram stn&, jl .

:

'

po'gsibly With DA assistance. lj.;. . (?1q3 1. The govemment is also seeki- ng technical assistance from the W orld Blnk and other è!

1 ' tdonors in the o'ngoing compilation, reconciliatioh and .repoling of debt statistics, as.well as a :11 bt

-management strategy. The obje'ctives are to improve the debt database, ..ireview of its defu lly Ztegrate debt analysis in the macroecolme c Fltm.

,ewdtk, and, in psrticulat, addressl '

. .weaknesse! in the statistics identiGed in preparing the debt sustainability analysis. ï

ii '

'

' ''

'

''

iiii

d

'

i32. The database for the external debt of the p ublic enterprises in Côtc .'Ivoire should è

1 f h debt without fornta)l govt' rhm, ent gu Arahtee. The government is f Ibe imbroved, especially or t e

.Y. l jtjl . j jjj t.jqy tjyé yùjjejtjqn ot debt statistics 5.1com mlttéd tp improving management of tlzis dtbt', . y kji .1 ,

7 ' ) . ' ' ' '

on extemal debt contracted by public entemrises wkh kqd witlmut central govemment . jl srst step, in september-octobvr 1, .jS94'' .A .,u.,wèy wa, uunvhqd .by fl4e t !guarantee. LM ja .. . .' ting detailed information on éxtemal dçb

,, t obligations from the public kauthoritiesrrequjes .

entemöjes. Infbrmation was also solicited from. foreigp.ipi, urànc: çotmpnnles that guarantee ,' ' i witli a view t

.o qross-checking and ..foreign lending jto public enterprise; in Côte d Iv: re .t

reçonciling thz information collected from the. publiç çntzrp rises. The D SA includvs only the ;iq. .

.j. 1 . .jpublic enterprise debt that is zuaranteed by the Ivailieri covem ment on the basis of available .,1 '--' %'-' .infbrmétièn provided by the authorities

. ?1

.33 The go Ikemment has also decided to set up a tech, 'nical commission to prep. are a ,(j6'' > ire's private exterqàl debt in 199.8 so as to obtain a #

., '

comprehensive database pn côte d Ivo1 . . . r.é .

more accurate debt stock than the curreni.estimateç Bett,,er information on private debt will be ' .. . . .it.incorporated in any subsequent debt sustainability R alysls. .;

.'? jg ,I. '

. y'(jjgg-' 7., iy .

..; 'Tâ'k':j#.(;àjjq.. . . ... ;jj..'t 'z.*

i'

.)ù,j11

.71. . ..- t

k,. j

.) ;'y'. - : . -;?.

rr'-' ..-. .(u ç.. t... . L.. - -: ï.... ..-: ;. . '.... al-iitk:' ': r;..rl' tk;l-r :.'.'1 u -k -- .k.-.àèki-,.ià -..:.. . ï . .....- .. .ï - . . : . ::'. - , . : .. - . -- .. . ;:.-:---. ..-.--. .-. . '-- i ' '- - ' '-''

- 17 -

W . CONSULTATIONS W ITH Cu Drrolks

34. Fund and D A stnFs have had consultations with Côte d'Ivoire's multilateral creditorsand with tht Paris Club regarding actions that they would take under the l'Ipè lnitiative forCôte d'Ivoke. In general, multilateral creditors were very supportive of assistance toCôte d'Ivoire under the Initiative; and they endorsed Côte d'Ivoire's eligibility under thelnitiative, and the setting of a Gcompletion point'' three years aher the çfdecision poinf'. TheAfrican Development Bxnk (A& B), which Oer the World Blnk is the second-largestmultilateral creditor >nd accounted for 6 percent of the NPV of public debt at end-1996,agreed with the stnlrecommendations, including in the preliminae HIPC document forCôte d'Ivoire = 1 the Guidelines Paper.

35. Paris Club trediton agrcd in yrinciple in May 1997 to grant a ;ow rescheduling toCôtt d'Ivoire under Lyon terms (involung an NPV reduction on eligible debt of up to80 percent), subject to equitable burden sharing nmong creditors, as soon as a new ESAFarrangement is apyroved by the Fund and the Boards of the Fund and D A have agprovedCôte d'lvoire's ellgibility for assistance under the I'IP C Initiative. The Paris Club lndicatedthat a stock-of-debt operation on Lyon terms would be envisaged at the completion point,

VR DEBT SUSTAm ABILIW TARGETS AND DEBT RELIEF

36. At end-1997, Côte d'Ivoire's NPV of public debt is estimated #t US$13 billion(Annex Table 7), or 130 percent of GDP. More' than three-fourths of the outstanding NPV ofpublic debt was owbd to foreign commercial banks (US$6 billiona or 46 percent of total) andParis Club creditors (US$4 billiol or 31 percent of total). Multilateral creditors accounted forUS$3 billiona or 22 yercent of total NPV, with the World Bank representing US$1.5 billion(1 1 percent), the Mncan Development BankTund US$0.8 billion (6 percent), and the FundUS$0.4 billion (3 percent).

37. During the Fund and D A Board discussions on the prelimina!y HRPC Initiativedocument for Côte d'Ivoire, most Directors agreed- as a prelirninav view- to considerCôte d'Ivoire as eligible under the HIPC Initiative and to set the sustainability target at the'fcompletion point'' for the NPV of the debt-to-exports ratio at a level consistent with an NPVof debt-to-revenue target of 280 percent. This target level was considered necessary toprovide Côte d'lvoire with a convincing exit &om debt relief and the needed relèase ofbudjetary resources that could be reallocatçd for priority spending on social sectors,pm lcularly health and education.

38. For a ttcompletion point'' in M arch 2001, as shown in Annex Table 9, achiedng thetarget of 2t0 percent for the NPV of tht debt-to-revenue ratio would imply an NPV ofdebt-to-expod target of 141 percent. This would require total assistance under the

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- 19 -

39. It is proposed that the Fund disburse its assistance? in the form of a v ant, into aseparate account for the beneGt of Côte d'Ivoire and adnunistered by the Trustee of theESAF H1PC-TrUSt at the t'completion pointH to be used to meet debt seM ce to the Fund on aschedule to be agreed with the Ivoirien authorities. The objectives of this schedule will be tohelp bring the debt-service burden down to the aveed target and to smooth the debt-serviceprofle, including any humps, with resped to the Fund or more generzly. SinceCôte d'Ivoire's debt service both to the Fund and overall is relatively smootk it is p/oposedthat in this case where there are no pronounced debt-service humps, the schedule of use of theFund assistance could be slightly Font-loaded and spread over the 'ltfe of the country's currentobligations to the Fund. A graduated schedule of the use of this assistance for Côte d'Ivoirethat meets these objectikes will be agreed with the Ivoirien authorities and proposed forapproval by the Fund Board in due course, possibly on a lapse of time basis.

40. Normally, relief on debt owed to D A would be provided through the HIPC TrustFund, and, under certain conditions, durlng the intedm period between the decision and

comjetion points, through the use of DA pants. However, Côte d'Ivoire constitmes aspeclal case as it still has a 1111 level of IBRD debt to seM ce. As of end-1997, the nominalIBRD debt stock amounted to US$1.1 billion. Since m ltD is the only source of funding of theW orld Bnnk component of the HIPC Trust Fund, the use of m ltD resources through theHTPC Tmst Fund is not appropriate. M an altemative, it is proposed to provide D A grants innmounts equivalent to approximately US$314 million (equivalent to an NPV debt reduction ofUS$91 million) through the completion point. n e proposed amount constimtes about39 percent of the lending program which was endorsed by the D A Executive Board duringthe most recent CAS discussion on Côte d'Ivoire on September 11, 1997.

W IL Issc s FoR DISCUSSION

41. Executive Directors may wish to focus on the following issues and proposeddecisions:

42. Eligibility for assistance'. Based on the stn.l analysis, the guidance provided byExecutive Directors during the discussions of the preliminary I'IP C Initiative document forCôte d'Ivoire and of the I'IIPC Guidelines for Implementationa and stal consultations withmultilateral creditors and the Paris Club, the stie and management recominend thatCôte d'lvoire be eligible for assistance under the HIPC Initiative.

43. Decision point: In view of Côte d'lvoire's track record, and the extent of the

completion of the debt data reconciliation exercise, the stnF and management recommend

approval of a 'tdecision point'' in M arch 1998.

44. Completinn point: The stn/and management recommend that the ''completionpoint'' for Côte d'Ivoire be set tkee years aftc the ttdecision point'' in M arch 2001

,

:?

. ' ! :

'; .J5. ' '

. . :. )vl... * ; .

. ' L:'. . .

' . +4*- '

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.. '

. ' ?. '1t

.L . .( . . '

.t*' . . lifinMeàtmn suer. .ess:ll completion of theàewrjtill. et+. ' '<:+m' .r. SE',S''AY' . ' ':!e.. , xn. gement, r!.g 3..,. -*R . 7' . j ** r o (2 rl. z?:;. . , .M-'-.c .tjtkk.- hj:( 11 ' s) '<e . e > . .tim ' nléluèqtx'

.ko. n of refo=. provnm. A suppedfed'bygmi tiA%' àdl'otliëkt. t'iièd: ltsk àn, d satisfddov. Aq

provess in im 'plementlng social s .nt. or re of rmsk !!I ,

.- .

,-

-'

45. Debt sustainabillw tac et: In liMh. t.of' Cz...,,i.,te,. d. '.'ltvp. ir e s heav fscal burden of debt I! *' --- --- -' .#!.service, and wi'th a view to orovidinM a credibl

vptçxi. t &. qm deb' t reschedulhm, the Mlpl ln, d ,,)1 .

*' - .

- . ' ' , .

- J;,j.management recommend that Executive D .ktd. ltss.thwd-:pse a. tcget of NPV of debt-to-expoxs jI ' ,

' . .

ratio of ,.1. 41 p ercent consistent with an NPV o f vdk-bt-t.., rR/vernment ravenue tamft of .gj. -*' *-' -

h!2.80 lpercent. 1

j'

..'wJ. Ak-. 'to cpngider. decisions on ' lj46. 'B.. i,è. pased decislons: Executive D k.,>..#J..*>,,m@#l '. . , t q jk-co ) jynz, vjtnjatjvey th. e ffdecision POZtC theCôte d'Ikoire's elipbility for assistnnx und:t the 'HTPZ ? . :.

,.I ,, . . , . Li , j jutjow, ,s eommitment for''completion point, the debt target, snd th. e :&p.é:, .if.es? d.. <â4h. hn.sl. . .,k , h In-lti&tive. A 4rn,.l.) .-'.., ; , d'ecigon *,1,1 be issued as aassistance to Cote d lvoire under t e . .1 .. .

ysupplemeat jo.this paper, while D A . : i.ssue, in y a.p.hlt141 to tkis psp. :r, a Presideht s reportj ' . ..and reconmi. endation to its Executive Directors on asslstM.. çezto Cô. te d'Ivoire' under the

. j tjvelC Tnlt .a .

47. Next lteps: lt is endsaged that: (a) this d-ocumenut, wi' .l1 b e made available toCôte d'Ivoire's bilateral and multilateral creditot.: at fhv mx.tnz-.-'ml'e. time that ii is circulated to: . . : ;. . : $, / . . . .

'

Executive Dired. ors; (b) the stsl - inform Direct- o..iàt,4.f.' tlef-py. m'ajor new developmentsregarding oommitments by creditors by way of é ,suppl4p

, . :-n.,t. Qr oral statement at the time of

i ' d (c) assuming' a. gr. ,:.4m*g'ht, àn .y deçisiöw a dqcision forthe discussion of this doeum:nt. nn .. l -' . .-.. . ' '

. -

approvz will' ' be circttlated when assurandes of çèm. . m , 'ttw ept: are. eon6C ,rm yd b y other creditors.

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.- 21 -

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.54 3:4 ... . 2. .5.: 20k0 l 5.: l:.e ::: . :2 ' tt.k . . . .. . .1 . . . . y .

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Y.t ', .. ' ' lnvotâi'et ltla , 506 ;7 546.7. .$98.' 2 64! .2 69 1.2 766.'1.5.. :4*4 -.. .2.9'l4:9.:..' 4Jr..t.,ï . . . j . . . ., . c.. ,. , .. . . . , . . . . . s . . . ! ;L:1. Lt u : .,.. ' . . . - ê. '. . . (u t of GDP) 6. l 6.1. . 6.2 6.2 6.2 ,6.4. 6:6. ' ,6.6.-..1$. '

. 1 . ' .'5 ' * .; ... .r '- .Of' c:.': f'nanar,l by.m l-ot Ioam .wd granu 154.1 156.2 - . l 5:.: 161.9 165.4 169.4 . 16:.9 17.. 9.l ,- ';i# .j;, : .'' ' # ' . . . ...i:,( '. - . . j . .. .r ''.

. . ' . ö. balaa-, ,',.cl.tam' g n nu. ymest erdrr) W .292 .2 30:,: 3 1. 5.Q 332.3 351.: 342.3 3 19.0.. 337 .$. ' .

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.' r*t (.a ent of GD P) 0.0 .(/.3' 0.6 ott . l.0 1.Q 0.e . ::.: :, . . ' '.''

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l awmd en (llub up- t paynlent 0.0 0.0 0.0 0.0 0.e ô.0 0.: 0.0 ù'

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.;#' .-iitb'' j!i . ' . . y' ' . . . ,'.. -. d- -, ,t..>,... .. .

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j:. ' ' (u -''k '-'' t'ofl GE9' ) 4.: 4.6 4 7 4 6 4 2 3 7 3 5 3.4 '$' '!, '' l y', , . . . i . ,..1

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8 . . . - ' . '.c 1/ Bm-l'm: Kmuno me*urïlmg : Pan: Clnk debt rœtnm g on Naplo . : 'j' . I . . . . ., '. W Rrv.='.- and g'anuemmm Iy e 1h= (l.e., rxcl'zmg &l! mI--=.nt). .. . ':':j7 . .. '' ., 1 .. ''' . t!f; Y Excl.ldmg lzse mte=t d''- t/ tbe = 1*1 bank'! lH3 onwzrd. :

# Alhr the debt cancella 'tia Fznted by Fanoe .nd Switzerllnd m' early 1H 4. 1Y uivalirnk with the itr :lgns to tbe net traMfer of rraourceg âo'm abroad (excludmg prolvt aid). '

t

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- 27

Table 3 tcondudodl. Cztl dsvoH - Cental Gov- FH xial % Gm 1*3-2016 #

(ln billi- of CFAG- xlea ol* -' '** indicae l

2009 2019 2011 2012 2013 2014 2015 2016Mj. Noj. ' MJ. Pë. Pmj. M j. M J. Pë.

R- = *M F%R>=œ(u - of GDP)

œ nu (fœ >je œy)

le q v di- .

(u - of GDP)(7fe ick: W ago and galado

Inm tm=t u v dit=(** > Qf GDP)(1e c: : fuuae by project loa and granu

Plinury ulaw=. lntlding Fanu (paymat erdrrl T(*g > af GDP)

In' ' ' de œ e lie debt(a > of GDP)F.-- x1 dm Y F

(:vrra11 balam inclding ganlz (pm =l orarrl(ag v t of GDP)

lNv- llc fmaxingœ * %: H x tv - (nd)

p- xj r-x * œl--o r-lvxux dx #œ nr in arrua (nd) Y #1% e heulingLœdx Club ue'frx t pam tnt

Rnidual @pu ftrurming requWmçnu

Mem- M um it= :

Cjvm 11 deo-#*.ç hlançe turrow dcrmitien) S 454.: 449-6 466.0 469.3 480.2 5 10.4 532.6 566.5(az of GDP) 3. l 2.: 2.7 2., 2.4 2.4 2.3 2.3

S'w.--: lvoirlrn authoritio; and guFevtlm:tw :nd prrjectio-.

31 13.0 3344.8 3595.2 3:65.7 415:.2 4474.4 4:16.5 51:6.631 13.0 3344.8 3595.2 3265.7 415:.2 #674.4 4*162$ 51%.62 l.0 21.0 21.0 21,0 21.0 21.0 21.0 2120.0 0.0 Q.e 0.0 0.0 0.0 0.0 0.0

2*05.0 3049.0 . 3302.5 3591.1 3::6.3 4 1:7.3 4516.$ 4*63.1lK# 19.1 19.3 19.5 19.6 19.7 19.7 19.7.::0.7 946.3 1017.2 1093.7 l 17:.4 1165.9 1362.7* .1467.410 19.9 ' ! 105.4 120 l.# 1314.3 14 13.8 l 521.3 1637.6 1763.56.9 6.9 7.0 7.l 7.1 7.l 7.l 7.1

1*9.: 20 l.2 210.0 222.0 235.0 . 249.0 264.0 264.0

30:.1 295.: 292.7 274.0 211.9 2:7.1 300.0 37.3.52. l l.9 1.' l.5 l.4 1.3 l.3 l.3

222.5 21:.4 23 l.4l.5 l.4 1.42*.4 26.9 @? 6194.5 191.5 20:.*

#5.60.6

.29.4-14.3

-!06.1 % -106-2 ..101-0 .114.5 ..10:.6 -136.5 -160.1 -2l 1.#189.8 201.2 210.0 2222 235.9 249.0 264.0 264.0-295.9 -307.4 4 1 l.0 .336., -343.6 485.5 -424.1 475.90.0 0.0 0.0 0.0 6.0 0.0 0.0 0.00.6 0.0 0.0 0.ô 0.0 0.0 Q.0 0.00.t 0.0 0.0 0.0 ;.0 0.Q 0.0 0.0

50.0 52.2 53.* 6*.0 66.6 66.7 69.4 71.2

222.6 224.: 213.0 lH.0 1:2.61.2. l.l 1.0 0.9 ' 0.721.* 21.6 2 1.4 21.2 N .#200.* 203.2 191.6 177.8 16 l.#

61.2 51.4 47-1 74.1 101.0 140.90.4 0.3 0.2 0.3 0.4 0.6

-14.0 -4.9 .3.1 d.3 -10.2 . -4.2Q.0 0.0 0.Q Q.0 0.0 0.0

77.40.5

-23.3.2.9

1/ Bm lG K- lio a tl'.1''ng z Pzrig Club drbt v tmcturing en Napl- krnw.W R= = *nd grznu minuz prinury exv diturv (i.e.. excluding all in'z . 'Lt).1/ Exclv lng Ie ûq, ZZ.LI dut to tlw çommemixt Gnks from 1H 3 osward.# M rr thç drbt canoell&tien: Fznk,d by Frzncm and Switzerlxnd in early lH 4.J/ Equiwlmm GG th1 ep- ite :9pA. to th0 nd tr:lufer of rtlourcea frem ahmd (excluding prejoct aid).

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n q q* & *e < *

O - Vo - -.œ P- <

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. . . , .1< œj o ej . : ;N L ' ' ' . ' ' ' ' $ ' ' ' ' : '4. . c.G . . * .. .. .. < * < ..e. * m .fN1 * ' .'. '.'

m > m . '% 'v ev ' P-3 '' z Q ' . Q ' . * > ' eo. .r&$. ' ' : '. t.' >-.<. :.b . tv',z %.', t. . . t 'wr#..W < * ' qz ? . '' ; . . '- 1>1.' t > * ,.K. - .. ;%m&3 i...* . . :* .&- ..f* G o QI ''- /> I ..;'' ' . .. ' $ *. ' 4 . ' * . ' 3': . , . z . y ' xo . !' e . +:6 V L *m < knl ' .. (.... w ' .r' . l . k . a I w ; .. . . jpl jp . .. 6. . < . 1 .' 1 ., IX. >.' .. yIN .. : ; ' ':... >7 . ' ,5. e ' i ég;lp + ' . L Y< . . . '. . , . : . .. . .é

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1.''1o e- 'e- m * e- Y * m -' e * e * . .1' .> o > e % * œ * m > m % * ...

'' .'- - m P- - o' .'e' = ,e> * < ' > . ' ' . ' ' .''' '@...' . 1,?81;: yrl'ftdlk ' ç.qdsk 4:,1. 4.0.k iklqdr)d ''k, - ' n ,-. .: ' . z$'1$ j,,7 m ,;'':/'1i ',111:' ' i 4,.11... @..r' $/.h9 ,q1,p ' 1111)= , ' ' . ... . .1 '$' ï , -ks' :'g.

; i

* t' . (7N . 1. . . . . g.. ck .'t> - G o * m % * % > o. % * * - . vm - e - e: ' - <' 'm eA , o' . .* e: ' <. x = .- * m < * ' G' D *' o > m'' G * œ ' - ' ''

0 % = < *. .> '* * . .m < .' .1en 'e - > m % fNl . Q . '21.m !.

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w . . 'I ' . ' m ... . . ; j,.k . , s o ' s.: . s %' 6 ' w . ' - '- * * G 1 q. '. z -. ' ' Q- ' œ *. o % . < G % * . N . v j% - * * ' ' Q o ' @. - < ok o ' *' ' ' > * ' F. x . . .. . . = . . . . . # ..- ' - e: < . . . r/ e- < ok o' , v* ' . . > ON '-. * Y . . ry ' <: >e - * % .

'e r* 4- '> *' % f, % ' '* ' m. 51 . .. . . . m. . .s.v . . M ' . :

.O,1 g jm. *. >. +. *. o rn' < < * % œ e- . *. w j

- m e- e: + v Z g eq m eq > ch * fm . eq - m m % m. r .

- ig '. :! .. . e . -. . . , . >. .! j'fajp . . '. .- .: '- . ..' k' x .. . .2 . . * - '.x uç+*t. J N 2.7 z . z . . . k . .'. . 1 'zt...'.a :..:: ar%..,.'.' 1* q. . .. w . .. 21121 ....x .% .. , ... . . . '.. . -.

. . . :s r J*'e '''#' '-b&'. ' ' ' -'' ''' ' ' ' ' s. .. 1,: . : % . > . :'2 . At 2 8 . *0 :w . c a .' œ* - > % * * * - 0 + < - *

o - - o - - x x x m - Y x C .m - e m '* % x % - x o - > o '- < > < a > * œ < MW '.

o ! 'm' o. &p '> ...- >.t) x' ,-* = 8:A= o

o M O > o - QN * > n - > * o r =<. o * - 01 e4 - rn ' ..- VK *' '= = ' -1 < Y v m - - <'o g z

,- . . <$ eq eq % > > < . .0 . o, ..4... ....' .... .. .0 C% - .* .>. * : . >.. ,. .

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r ( $. . .j' .T .. . . .w: j..... ..j.) . , .. . . gxjyj ' J . ,.

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' ' '' ' . ' s . .: d' . k. r ..! . z'. ( ' : .;*ë . '. . . / . 11:11- ' ; ' fl. . . . .. . ;t T . ug . 4:1 . .. . . + . .. .A .. .. . -. .. q . jtjsgj. .. . - 4:j .. . *- r Y .. .* œ - A

. 11E, kk .,- . ge-w .oe .G :''* = W., . o .0% u = .0 ,4*- o .d ' oœ = * - '. ..

;a < g..,.r. . . .u .* . ., .0 .w .y. ).. r . ... r-. u e o ,. o a .G ' ! (<.% w. . % - ; .' < :o . Ltzkl .1 . I . . . . .. . . t . m. . .. . . . o. ' ' > ' .. . . E . .- - 's6 * X * m' '' < Q o G. '1 g K y o o> m D* . ' = xw > .0 w. = o- c

.- - 0. > K r w .=,8 8 ' - * W '' 'e c *.* xq) . . . e = m ,> j . .ï .- o = o 4 . .,. .z.5 m C = = = w? '% . q1 jn o .. !* m g: .w. w. .u .s , .o o œ x < o .' .:.- .- .- c. = <. .. ,$a u

- c> m . o i! .'j5 v% d C> = . - r: K ' 'e r1 c: e *-' w * 'u qz 0 &% Q Q o .m .n t- ' !<* tà .- .%= = ; .r a < ks i.8 % ' o . , Ii= = om

o = = > .- .. z t, s g . .. . Io qo u . .$ m m . em e . n ,2 o .a .> : .' *' = =. =. ! ' g < s. m> = = .'> . s = x . .m

.= e .%n t: ta 5 . . 'qz = 'm * :4 . = t n:tK = x m m . >' ta . G . x. ! . ) '= Qo > $*4 u t; > = r o q) ...tp .. .. o .. o o rx gk o. .:. # az .. .. = g = m = u .. om 3 = u = '-' < %e = *' o > = : . . Q Q. . o o o :. ' ' . w' . -*. . . . . . q: mG m u . o y. m .> > . > o . . . c

- > = . j Qœ m , m m o . z' m > ! ' tu' l ' ' u) . j: Z z. A c > .m . , o. = . jC & ' . X > . ' m oA :.' . . !. à ' ' . ' 'V

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'. . . . ' r x ' x; ' . .j$.s ' ' .:! . . .. . ,.e. A . . .: . . . . % k '

..u .k. fr h. .;:

. . . ,.... z..t : . . .. .c rs .. - pf .. . > . Ij w : . #): .w . > A k; :. k . .p . . . . . .'vx , 'Y t $1 . . . '?I'V % . K ' î te A. v . . . f . ; ' : ' .'. . . . : x ' . . j., . . . zk ? : >! . . . t .. . ' ' .'rt . Q ' ' ' F '. . . ' . . ; : . .'' ' . . 4 .. ' . . x '.v . . . é t . . . /. . ' c .F s ?' ' . ' . k. . . x . & . . . . '. l l . . ) . . . a.,.a.. . x . . .r r ; ' I . ' 'u 2 . ' uu s,.a' :x.(. - u ' ,A. : ' .*.,.e -. à=, a k!> x. * -%' * - ' - --*' - '

- 29 - W

Table 5. Seleded Stmctural Refo- 1997-2* 0

Rd= Te g

. '

Trade a d p* N -llxtbn = # kgal afo= :> RMXGO ofn= e ofge e jxt to prim conels from 13 to 6. u- llxvloa ofprix ofbmu* Rc val of 4 ofO 6 = aining Nl'Bs* RMXGOn of n= W and level of customs tAn'fEq* R- vgl of NIB on rdmM N l= preuctq. rw - -n- lon ofje dal sysa e mMv lxéon of COM regis% oë=

PHvxtH tba R d rw trxdue g ofpublle eateo rbeg. Privae tion of 9 pubEc O te dx.s in 1997. 15 in 1998. 1.5 in 1999. and 10 in 2%. Revksic of articlo of lcomorauon and enhanced control of public entcvpri=

Tu afoM and u pepdltum management. Improv= =t Zf=cuoning of M Dltprtvam Ot of taxesl. Ref=n of pD> taxes and cnaner.> Rexuon of exp01 taxes on e- na from 22 Im ent of average export pric in

19M o 16 N tby 2%Rducuon of wage bill frnm 7 N t of GDP in 1996 to 6 per- t in 2%Eo é- 'o-e nlnt wV e in- >qing allxations for heali and Hucation

Clvngee refo=. RM uce ie siza ofie civil m ice

PJM of new =xiknents in healthv Qucauon andjuslice sectors. ty. Ine ucdon of prtzucddty.lirïked promodon system

Stm agthealng of the rmanelal g- nr> Submission of CAA-GDD o a2 bnnung laws and prudential regulations. pxe ng that all bnntx m- thr pm dential ratios

lJn - lh.*tbn of th. ee- a and eofee gectoa. Limitation of dl- t sales of CM STAB to 15 percent of prM uction> FUII liberalization of cofee r tor with beginning of 1998/99 campaiR> FV libcalization of oxoa sector with beginning of 1999/% campaia

1=e 19971998

J=e 1997M xmh 1998

19981998

1997-2%Nov. 1998

x . 1997rw . 19:g '

1997-20001997-20001997-2000

19981997-24X*Jlme l 998

Jan. 19981998-2000

199> 99Oct. 1998Oct. 1999

eç

.&

- 3 1 -

Table 6. Côte d'Ivoire: Social Development Performance Indicators, 1997-2%

Areas Obl'edives SpeciGc M easures Follow-up

S- > -.-- tp * 1 m %. * 1Rpl- *G= efe ' ç SD *M IW * M* G X- ' -e' ' 1-so ux ...-... tuw ux au , - ) (> . . )u> ' ue - * > ' ' t e e * u % @ MV e g Qe 4 1%% * -' XN 'œ y - - 1@ œ ce a

Famtly' P* g t- t> fe lityrakfrta e -%...# * F* 1.'.* ' ofre e O lie 1aB * Mxle gofe --*- v$.6 *4.5byDl5. O lGfldlitiœ * + W lie R

Rab@o l- ! ofe - œ ace- - 4- 1 l- * lt -by- .

@ w - 'x or r- ! y pl- ' 1..,.-(mf' = uGto<d$m Ge- *- .-''ç*tiW m'2*-Ixwe 'm - - .'* * .: dioiol e dieiheç * '@

* lv ux of * o trgy * - 'o eeo- So 1*w Gco l e aM m laaa

@M* e gd '- t- e * -m- (Ms*)

* Mœute of* se er-dlb- v dW e - .

Bakc l-G-.enxee*- =- ..- wxjera lv jo cevw 65 je = tofdlh- byze e to tlec- 50 > e :5 - ofA nm iA d 0f* - 75Im ent

R= l roadg:u mt'- cœeFrm l aro aoceulble byY inu' ' m l rtemG .

R= l eloctns' r.at't- :ra- - x gefrx .u c- z!> *33> by2e .

t=' ' : m ndae ef low-tnc' (m:rKmxhol&: 1m1x- ew living

1x* 1*6:*1* - of- lp> lA d= 6œkW = - - '

* M+'œ of 1- % d- lopm< azxl œ iGœxaad.ed.x parwiuttim Gamvill capçityof tGk--ull ur- .

@ 1- *.- inK n= tlmrofv alvill:- m e byA blie g itm m watœ - lym inlg by2e .

* Ih- mgularnulnd-mv- of 3,,- km of- l * P=ieic M l-' FtlMit 2ma& v ycar. - sEcMas

@ 1,- .- in the -= of u. m 1 elxtrificauxIxogram (zy = 1 villa- N marj

* Me te g of % n'-G ofwilb-e lie e ele city- - .

* tltiliuo emadaed. :4+ * in u-h19:8.

* P e * i c M t-' - ' 1 *fte q- ofl- .

@ IG k g- ofre g- tlgewvaa ea-Iwg ix J. I- .

* Wide v licldx of tl & c6= of awe iagV lding catracu (wii e iscaGlxxl * '#v.tg dm lv n.

@ FaabllGx t of . m trm wit: : awjxity Ixiva.= tœ loldbg -'-<,'p to raix lœp- fœ ingfx lo ing: e clunxl it Grxl qw o- - ial

Rmdown neilhyrh(e v:@ n king eew.v of pcight -'* - -2* mquidngrrlobiliutix œ mlxatix

* Sw ly of wltrr. xm ge. uc. to rœ ewnpelghhxiuxdg to lx rehblliuœd, atXI mgullrizatixof- mhm

@ Formulatien aM executlx of . plaa fœr- klenwnt ostlw jxxl gsxo to % ml= tecove g = l*k od= 6œ k G * 1G ozw-v.-

@ lmpl- u6x oflxvv tive - .-.e.- to aw id...- 1- 9 u ajvazaçrc

* lmplrmenu6x of - .=.r*. to erwurr laM unurl= mity in u. ca trxt of ue PNGTEW

@ > G- fe * drahingof .e - pha

* Criteria def- fœ ml- te of

* Tl- xblg adte .

* Me tzxing in tle e-f- of tlewprrviglx of tlw PNGR

* Strrngtlwn Bivztevo ulxul &piculhn l * Mœ tlving in tle '',w.'- of*orgattiatitxu aad Ixwide w lgtanoe to yxng e ix of th PNSA- aM Ammfarmerx ard w- n. le xu.

SxialFupdz @ BV (m tht .. k - 6* e * C- ldi(m of *- .*1 e iu fœ**xe*. tle bnjsttofxegal fe in tM implcmenuux ef - o%*n',- So Mmw. . Iu 1H 7-2e .mvrrty 142tx:6* .c6* plam improvement in tlu nulug=wnq urgdinp e

imp.d of = ial G'eu!. iatle czmuxl of th -V UCGX N lity.

- 1 M elqmwnt lem,...o a'v- fœ- - lr in = 1*mM .

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f. , > w m.' ;a ., . . . : z 8... 7 . . ' ' o ' p4 mi . . . .(qt*! r .' . ..;: :4: :.:+ z . rœ - -(.f '. ': 't. . . . . g ë' .. u. - O

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c . >. t' lr ( . . . . . r ' ' . ' ; ') . ' > .)way . . ; . 3. ; 'Z . ; . & -, . . 'r . . . ? j. ., . . ' , . ' . y . .h . . .. . .. 3% . r'6w. . . . .. + ... . :'( ' x'w :>. <' : Yè Ytr' .s's' . g. .. .'.'L>>ky>'.'. . .. '. . ' N ' . j. .. ...f . o . . s .G œ * - G G * o œ ' 'oX 'o CG e' , - .'+. e- > > q** œ e * .a o' o o.'œ to - .-.'f> - *. m o

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> n > * - e o oI'N -Q* .0 o G m 01 - - G -@. m m * : g -' e4 o o, =. .ws o =. .*, N * * o -< e- < o - z , eq < ! *> ' w. . . r k. k a g- * o * * - .m . . ..<>t * k'G. . . ... . . . . ,.,g ym.rou vj . .

. ' . .. . '.- œ e - * e m 0!',0 o o rq .- > N. w œ * *e4 = + e4 * el o o o o o . =. =' a = . oN .- . . ev R.. x 4 4 .

> R * * o O - o e- .0 o . C9 '.G' . o' M$ W > > '& o* & o. e- fq <t 8 o o o f o? e *> *- ' e ' OA ' ' <' ' e' ' '. . . .<s. m . **- : . . . 5 .Cç . '' > 4@: ktrj.;.. en Tel ' .@-

- w e- - ok < m m e- m - w o - - > e4 ol > -& @1 e4 B ' >' < 4n' t2 o ,4* w' ' ' <' '.=' W 4 s# a'' rk 'x m e% g ; m w - . eg M ' a.' . e t s* .:. p. * -o - < - - en - - w ..+. 0% @$- .. - . . .. . ..*#foe>..o wj r%

O - * - e e o o o o o - G G N m - - e< - * - m < - o - o o o = . =' ' * , el . Oi. , .pJ oyx - . . . . . . ....v : k . .< . ..u .. .. . . ' !r? - T. -v ' v. . v' .. 4 L '. J( z .

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m w G o - 'e m o o o o - Y o o m o o -= & = m' <1 4 8 o' o' o' o' ' w' = m' <* 'o W G deq .- rx .0 - - eo

t - / - v! e m q q n * A ot e sfxm q q n @.e- i e- rd * * e- < m o è1 m x è rd w - .- x el< @k eq o eq m * * - > @tr N rn a * <1- * q e o .* * - ' ol -,l = o x * m. - - ' wj o e: n w .m

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t mm q - o m MM t - o m m m m q S * ë eo mo - v o # d o o - - d lo eo - o - W e -

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n @. *. *. -. t m * % A * o % *t 1 G. q t m m M t mp i o o o o > 6 *. e- G d - * o > o - o #d o * **>*a* **G R R * * * * #

A=qnt*t %PG%9P*.9P9 G * * 8 D ma--o-wo o-Aoo-qo-o = d # a xN -

q m m #! Yt t ** t t 9 m * m 1 & *- q > m e: * ' ee- 0. o .. * - d o > - x o x > d w o d o g M penoe-e -- * > - o

% m e! > = m *! *. n = n -zo t m m *. M ' % -. n q m* *'> : K * Y Q î : : *' e 7 M o R o Q * Y * Q ;Q -

= m % m -,0 e t = -,0 =* =m ..o G . m m > > n * = e4 e *%% e ; ; - N & % B g - - % % * X * R * * - 7

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