IVORY COAST: World Bank Supports Côte d’Ivoire Economy With 70 Billion CDA Francs

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The World Bank approved on December 5, 2017 a credit of 125 million dollars from the International Development Association (IDA), or about 70 billion CFA francs to Côte d’Ivoire, to support the efforts undertaken by the authorities to promote sustainable and inclusive growth and strengthen the resilience of the economy to shocks, says a statement from the Institution.

This funding, the second in a series of three operations, supports development policies that focus on key fiscal challenges and on the education, energy and cocoa sectors, essential to more inclusive growth. the press release.

In the area of ​​public finances, this operation will focus on the abolition of several VAT exemptions, with the aim of increasing tax revenue by CFA 18 billion in 2018. In the education sector, it will increase the duration of teaching and to take charge of students, especially those with academic difficulties.

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On the energy side, state treatment of unpaid electricity bills will help increase revenues without raising rates. Promoting transparency in the cocoa sector will enable Côte d’Ivoire to mitigate risks and protect governments, exporters and producers from avoidable losses, says the World Bank.

“Each of the pillars of this operation is associated with structural measures that support the economic transformation currently taking place in the country, including the desire to address the economic policy issues that have years, to more inclusive and shared growth, explains Pierre Laporte, director of operations of the World Bank for Côte d’Ivoire. Some advances do not stop at legislative changes: they are concrete and far-reaching changes of direction. “He recalls.

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The World Bank welcomes the progress already made and is satisfactory. This is evidenced by the fact that the number of taxpayers has increased from 78,306 in 2016 to 85,152 in mid-2017 – The shortening of procurement processes has averaged approximately 160 to 102 days between 2014 and June 2017 As for the repetition rate, it was reduced to 11 per cent at the end of 2016, compared with more than 15 per cent in 2015.

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This funding program is an integral part of the World Bank Group partnership framework. Côte d’Ivoire for the 2016-2019 period, itself designed to support the 2016-2020 National Development Plan, the statement said.

The International Development Association (IDA), a World Bank institution founded in 1960, provides interest-free donations and credits to the poorest countries to help them implement projects and programs that stimulate growth. economic development, contribute to the reduction of poverty and improve the living conditions of the poor.

 

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