AFRICAN DEVELOPMENT BANK
AFRICAN DEVELOPMENT FUND
HIPC INITIATIVE- FINAL DOCUMENT ON COTE D'IVOIRE
ENGLISH TEXT ONLY
lntem ationalD evelopm entA ssociation
FOR OFFICIAL USE O5LY
FO R
EX EC UTIVE
D IRECTO RS'
M EETING
For coM ideradon on
n ursday,M arch 19,1998
IDA/R9FO
FROM :TheSecretac
M arch 6,1998
REPUBLIC OF COTE DW OIRE
H IPC D ebtlnitiative:President'sM eniorandum and FinalD ocum ent
Attachedaretwodochments(ReportNo.P72291VC):(i).
theM emorandum and
Recom m endauon ofthe Presidenton'Assistance to the RepublicofCôte d'Ivoire underthe H IPC
DebtInitia*veand (ii)theFinalHIPC DocumentonCôted'Ivoirejointlyprepared by 1MFand
1DA stafg,
Quesuonson thesedocumentsshouldbereferred toMr.M clntire(ext.37944),
M r.vanTrolenburg(ext.36794),M r.Katsu (ext.37504)orMs.Dejou (ext.33357).
.
Distribudon:
Executive Directorsand A lternates
President
Bank GroupSeniorM anagem ent
Vice Presiden/,Bank,1FC and M IGA
Directorsand Departm entHeads,Bank,IFC ànd M IGA
Thisdocunlvnthas a rcsthctcd distribution and may be used by recipients only in the
pcrlbrm ance ofthcirofficialduties. 1tscontents m ay nototherw ise be d
.isclosed w ithout
B /orld Bank autholization.
Documentof
The W orld B ank
FOR OFFICX
U SE ONLY
ReportNo.P 7229 W C
REPORT AND RECOM M ENDATIO N
O F THE
PR ESID ENT O F T H E
N
ERNATIONAL DEVELOPM ENT ASSOCIATIO N
TO THE
EXECUTIV E DIRECTORS
ON ASSISTANCE TO
THE REPUBLIC OF CO TE 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 the
pedbrm ance oftheirofficialduties. Itscontentsm ay nototherwise be disclosed without
W orld B ank authorization.
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FOR OFFICIAL U SE ONLY
ASSISTM CE TO TIIE M PUBLJC OF COTE D'W OX
UNDER TM M AW W O EBTED
PO GR COIW TRTES DEBT IN ITIATIVE
TableofContenl
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STRUCTIIRALAND SOCIAL DEVELOPG NT PERFORMANC: CRrrERIA..8
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Côte d'Ivoire: FinalDocum enton TheInitiative for Heavl
;ly Indebted Poor Cpuntrle:
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D s documenthas a resd cted disz bution and may be usçd by recipienù oaly in the
perform ance oftheiroï cialduties. Rscontents m ay notothirwise be disclosed without
W orld Bnnk authorization.
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PRESD ENT
OF TM N EM ATIONA L DEVELO P< NT ASSOCIATIO N
TO TH E EM CW IVE DX CTOR S
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1.
ER TH E H IPC DEBT =
ATIVE
1submitforyourreview andapprovallefollowing M emoran4um andRecommendauon
ofie Presidentofie lntemadonalDevelopmentAssociauon GDA)on the œssie nce to be
provided to ie Republic ofCôte d'IvoH underieHeavily hdebted Poor Cound esX PC)
IniEative. n isM emorandum and Recommendation discusses: (i)iereliefO tisexm cted to
be provided by IDA throughoutthe interim period 1om the proposed decision pointofM arch
1998 up to the proposed compleGon pointofM arch 2001;and (ii) ie s% chlmland social
developm entm rformance criteria thatFould be m onitored G tween l e prom sed decision and
compleGon1 1n2.
2.
n is m em orandllm refers to the M dings of X ôse d'lvoire: Final Document on the
Initiative forHeavily Indebted PoorCouni es''X PC) which isaffnnhed as Annex 1. n e
Annex reportstheresultsofthemostrecentdebtsustmlnnbility nnnlysis(DSA)forCôted'Ivoire,
including creditorreconciliauon = d updatedprojectionson exm > = d govem mentrevenues.
n e Annex recommends:(i)the timlng ofie decision M d complefon points;(ii)the debt
sllenlnnbilitytargets;(iii)theprojected debtrelief9om bilateraland multilateralcreditors;(iv)
acGon by mto lateralcreditorsto achieve the targetraGo ofthe NPV ofdebtto expo> atthe
completionpoint;u d(v)m rfomlancecrheriaunderielnitiauve.
3.
n is reportand recommendnflon is associated w1t11the Coun> Assise ce Skategy
(CAS) forCôte d'Ivoire (ReportNù.17007-1VC,diycussed by ie Board on September 11,
1997).
PROPO SED DEBT RELIEF
4.
Aspresented in the HIPC FinalDocllment to bring Côte d'Ivoireisdebtto a tarjetof
NPV ofdebtof141yercentofexpo> ,equivalentto280percentfortheNPV ofdebt-to-revenue
ratio,by tlw completTon date ofM arch 2001,thetotalbilateraland m ultilateraldebtreliefwould
beU5$345.2million. Itisjroposed thattheExecutiveDizectorsapprove,in pHnciple,relief
having anNPV ofUS$91mlllion in respectofdebtowed by Côte d'Ivoire to IDA,subjectto
consrm ation by other creditors fhnt they will provide proportional relief '
on their clnimsl
(para.27(d)). Reliefwouldbeprovidedthroughthecompletionpoint,asdescribedinparas.12
and 13.
'n etotalrelitfproposedofU5$345.2 million islessthantheUS$601.7 millionincluded in tbeGuidelinespaper,
whichwasbasedonend-l999dataandontheend-1996exchangerate(CFA/ 523.7perUSdollar).n e
estimatespresented heretakeinto accotmttheresul? ofthedebtreconciliationexerciseand arebasedon data
for20O andthedepreciateden4-1997exchangerate(CFAF59*.*perUSdollr).
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engbility forsupm rt= detie 1 PC Iniuauve basid on
H diuow i eExx uuveDirectbs endorsedt
(a)
a decision point aher aveement is rzached on a new th-e-year ESAF
n- ngementand on appropriate Ktnlcfllml and socialdevelopm entcriteria to %
m onitoredby m A;
@)
a completion point th= years Fom decision point subject to sausfactov
implem enution ofl eagxed progra ;M d
(c)
atietimeoftheprelimine discussion in Apdl1997,itwasexm ctedO tCôt:
d'lvoire could have reachH its decision pointby June 1997 = d.its complefoh
pointby June2000. Given the delaysin reaching agreem enton a new tb- -year
progra ,thesedateswouldbeadjusted accorA gly,i.e.,w11 aprom seddedsio:
pointofM arch 1998and aprpposed compledon pointofM = h 2001:
DebtStock
9.
Table 1showstheNPV oflvprian debt ieyrojected amountsofdebtreliet and the
burden shsringbetween bilateralapdmultilateralcredltors. OftheNPV stotk ofIvorianpgbliç
debtofUS$13.0billionoutstandingattheendof1997,22percentwasheldbyiemultilaivt
' F,
including 11 m rcentby the W orld Bsnk,6 percentby the African Developm ent Bnnk and 3
percentby theIM F.Some 31percentofthetotalwasheld by ParisClub m em bersand 46m rcent
by London Club com mercialbankK.Attheproposed completion m int6fM arch 2001- O erthe
eFectsofthe commercialdebtap eem entof 1998 and assllm lng a Paris Clgb flow rescheduling
in 1998 and aParisClub stock ofdebtoperation in 2001- the share oftheN PV ofW èrld Bnnk
debtinthetotalNPV stpckofpghliçdebtisprojectedtobe 11.7perqppt Tiçrïsncmaseinle
share of the W orld Bnnk, and ot 1DA in pm icular, reflects reliéf iom Paris'Ulub and
comm ercialcreditorsandnew 1DA lending.
10.
n eFinalY PC Domlmentattached in Annex lillustatesthateven with comm ercialand
oo cialbilateralrelief,Côted'Ivoirewillfacemajordebtobligationsinthe inten'm period. 11
rafo ofdebtserviceto governmentrevenueisprojected to remain above27 percent9om 1997
through 2000. 12 ratio ofthe NPV ofdebtsewiceto govemmentrevenue is projected to be
292.9m rcentin2000(seeTable3oftheAnnex).
11. Thus, under the lnitiative, it is proposed that consistent with the guidelines of the
ExecutiveDirectorsofboth IDA and IM F',theNPV debtto govem mentrevenueratio bereduced
âom 292.9 m rcentto 280 percentby l e proposed completion point of M arch 2001. This
implies an NPV debt-to-exportratio of 141 petcent. Based on projectibns to the complytion
3 W orld Bnn: andIM F,RHIPC Ini
tiativ:- GuidelinesforImplementation''(1DA/R97-35ofApril22,1997)
dimenssedby theExecutiveDirectprsonApril24,1997;'lcôted'Ivoire:Prelimino Dx um entonthe
InitiativeforHeavilyIndebtedPoorCountries(HIPCF (IDA/SecM97-103);andClmlnnan'sSummingUpof
leInfonnalM eetingofQleBoard ofExçcutiveDkectorsofIDA on Côted'Ivoire- A elimine Documçptùp
thelnitiativeforHeavilyIndebtedPoorCountries(IDA/SecM97-179ofMay9,1997).
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12.
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Since FY94,IDA hasprovided assistancetc dealw11 i e extem lldebtproblem ofCôte
d'IvoireinO eeways. First consistentwith theCouno AssisA ceSkategiesof1994-97 and
1997-2000,IDA hasprovidedahighlendingprogrl thatresm ndedtotheextemnland5sœ
Gnxncing n-.
dqofie couno . Second,Côte d'Ivotre hasbenested Fom supplemene D A
- .311 underie FiM Dimension program. Between FY94-9s,ie counA received ae ut
US$322million inFiM Dimensioncredits. Third,tohelpCôte d'Ivoireresmzctœ eitsmusive
commercialbmlkdebt IDA providedaCommercial,DebtResa chm'ngProjectCreditofUS$50
m illion equivalentand an 1DA D ebtReduction Facilil C'm ntofUS$20 m illion thatw msfunded
Fom IBRD
' 'sconi buuon totheFacility.
D A AssistaneeundertheInitiative
13. No= ally,reliefon debtowed to IDA would be provided through the Y PC TrUS'tFtm d
= d,under certxin conditions,during the interim period between the decision and com plefon
points,O ough the use ofIDA p ants4. However,Côte d'Ivoire coneitutesa specialcase as it
stillhasalkigh levelofIBRD debtto service. Asofend-1997,theIBRD debtstock a ounted to
U S$1.1billion. Since IBO isthe only source offunding ofi e W orld Bsnk comm nentofi e ,
.
HIPC TrustFund,ie useofIBRD resom cesthrough the HIPC TM
Fund isnotappropdate
because itcould raise concem s as to whetherIBRD resources were electively being used to '
seM ceIBRD loansofCôted'Ivoire.n erefore,itisproposed toprovidea11ofthe reliefon debt ,
owed to D A in tlkis case through IDA grantà in the am ount of US$314 m illion eqtzivalent
(equivalenttoanNPV debtreductionofIDA deàtofUS$91million).n eproposedgrantsare
about39 percentofthe indicative lending program ofU S$800 million which was endorsed by
theBoard dlm'ngi em oM recentCA S discussiop ofCôte d'Ivoire on Septem ber11,1997.
14. 1DA debtrelief through the completion point is expected to be provided througi
strucfllmladjuse entoperations,to be prepared by govemmentand sfal and proposed for
approvalby thiExecutiveDirectorsin the usualmnnner. The indicative lending program in the
Côte d'lvoire CAS projectsadjtp% entoperationscommensumte with theproposed IDA debt
reliefundertheHIPC Initiative. Trancherelemseconditionswould be designed in such am nnncr
tbntthey are fully consistentwith theproposed monitoring indicatorsspelled outfurtberbelow.
U nlike otherHP C Initiative cases,asthe debtreliefw illbe provided only through IDA grants
for specisc adjuse entoperations,IDA willnottnterinto any separate legalapeementw1t11
Côted'Ivoireatthedecisionpointfortheprovision oftbeagreed reliefon debtowed toIDA.
Im pad ofIDA Assistanct
15. Before reaching its completion point,Côte d'Ivoire can atready expect a subsfnntial
declinein itsdebtindicatorsvis-à-vistheWorldBank Gmup (Table2).Assllml
@ngthatthehigh
'
4
See D A#''W orld BnnkPm icipation intheHeavily Indebted PoorCountries'Debtlnitiative''#SecM 96-926,
AUgllst26,1996.
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. 1hem qpogedID'A g,r.e,tss'
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cxditsl.
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1476.9
1361.8
Dçbl
tservicetoWorldBnnk(1US$million)
266.
9
172.6
6.3
3.2
NPV ofW orldBsnkdebv GDP (1 pèrtent).
14.8
10.6
NPVIofW orldBnnkdebt/averageexpoA (1
34.7
25.6
AnnllalW orldBnnkdebtservice/averageeàports(1
peme
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s'T'/AX
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16. n e l
Bnnk Crroup's CA S seeks to wss
gist Cô.te d'Ivoire in m ducing.poveo. through
environment1
ally sustn,
'nnble and inclusive'g,
roo h and through basic socialservice and other
directpoverty related activities,with an emphmsison = a1aremswhere poverty ismostsevere.
Such growth depends on: (i) stable macrc-ecohomic perlbrmance, including good debt
ma
nagementl
andaneocientregulatov frsm,ework
;(
.
ii)increased,pr.
ivatesectordevelopment
and investm e
'nt;(iii)moreem cient,innovative,tari
gded expendiu esin healA education,atld
bmsic lnfrmstl
ructur
'e'
;
'(iv) skengthehed institutional'
and h*
uman'capacity; (v) environmenul
1
sustainability,and(vi)improved governance,notably in publicexpenditure
'management,which
.
'
constitutesaperform ance trigger. n e CAS providesforBnnk Cyroup assisfnnce,inclu'ding 9om
IFC,in each ofthosekey areas.
PotendalPoverty Im pact
17.
Social
indicatorsare below i enorm sofcotmm kes ofshnilarincom e. Life expectn.ncy is
I
52 yem , Infantmorfnlity and m atem alm otbidi
ty l ç. high
... On1y
percent ofwpmen and 52
:
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m rcent ofm en r e literate.N etprime schoolenrollmentis about 51 percent. ' -seven
m mentofi ecoun> 'sresidentsareestim ated to live below thepoverty line,up âom 11percent
in i emid-1980s,reGecting i e nlm ostdecade l% g econom ic crisis. M i ough 60 percentofi e
poorlivein= a1reas,theshareoftheurbanpoorhasalsoincreased andissi> fkant.Poveo
alleviauon wasa1ow ol cialpriority unflrecintly,msgovemmentkaditionallytendedtofavor
m licies oriented towards rapid r owth,= der the assumption that poverty reducuon would
follow autom atically.
18.
n e Government adopted in June 1997 a Poveo Alleviation Action Plan nlmtd at
reducingtheoverallincidenceofpoverty from 37 percentin 1995tobelow 30percentby i000
(Table 3). n is poverty action plan is a core of the Policy Framework Paper (PFP).
Notwhhe ndingielong-term chnmcterofmany oftheplan'skey elements,italso inclubes
som evev specisc qllnntiGed targetswhich w illbem onitored throughouti e 1997-2000 period
by ongoingRdnew IDA projectsandadjus% entoperations.Table3sllmmsrigesthekey sodal
actionsandœ gets.
19. Proresstoward thebroad objectiveofthisprogram willbemonitored through asetof
poverty indicators updated regularly by nnnual household consumption so eys and other
speciallze-d survejs. Govemmentrecognizzsthatpoverty eradication requiresadecene ized
approach wii dtrectinvolvementofthe localcpmmunities. Accordingly,iniegrated acfon
progamswillbe defmed atthenational,regionaland locallevels. Sectoralprogralnswith
prellmino œ getshavealreadybeinset.
20. Dlln'ng the 1997-2000 period,the socialand poverty eradicadon prop am willfocus on
seven areas:basic educatl
tow adultliteracy, bu ic health,fnm o
ong,basic l
.nsaua oum ,
lly plnnnl
nlrsldevelopm entand socialftmds.
21. Basic Education,Literacy,Health and Family Plnnning. Govem m ent recognizz
.s that
providing better basic education u d health services w illnot only be benefcialto the poor in
improvingp eirchancesofobtmlning moreproductive andbetterpaid emplom ent itwillalso
stim ulatelongterm growth by raising laborproductivity.
(a)
Totaleducation spending,asà share ofprimary spending,willrise 9om 32
percentin 1997 to 39 percentin 2000. Primary education willreceive no less
th% 45 percent of the total budget for educayion a:d the govem ment is
currently preparing a major education propam,to be proposed for IDA
support,with thegoalofllniversalprim ary education.
(b)
Govemmentintends to raise health expendiu es âom 8 percent oftotal
prim o expendituresin 1997 to 11m rcent in year2000 and theshare ofbasic
health 9om 33 percentoftotalhealth expenditures to 39 percentdtm'ng the
sameperiod.n eNationalHealthDevelopmentPlan
P 1995-2005)sims
atthe universalavailability ofa 'tm inim um package ofhealth serdces''which
includes matem nlcare,l
'm munization,fnm ily plnnnlng,lim ited curative care
and prom otionalservices. Governm entw illparticularly seek to improve the
quality and cost-eo ciency of expenditures in basic educatiow health, And
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TIV TNTERN AH ONM M OX TARY FO
O
THE M EkNAH ON M DEG OPG
M SOCIATION
COTE D 'W OX
FinalD ocum enton theInitiativeforH eavily Indebted
PoorCountdu (HD CI
Prepard by the Ste oftheFund and them A1
M arch 4,1998
Contents
H.
Stlmm
ofD ebtSustnlnabllity
Page
alysis .................................4
Co
-ted'Ivol
-re'sAdl-ustment(
Record .....................................7
rV. Poh'cyRefonn and Conditionah'tr ......................................10
Ju
Fm
'ancii nnd Struehlrz Refonns ................................11
B
Intensé
' ed Sociz Poh'cies ............'..........................14
V. DebtReconclh-ation snd Debt-l
M anagementCapacity .......................16
VI. Consultationswith Creditors
.
DebtSustnlnabili TargetsM d DebtRelief ..............................17
.
i
ISSUeSf0rDl
'scusslon ..........
'.....................................19
TextB oxes
1
2'
sumptionsUsed m
- theD ebtSustlinabt
-lity alysis .............J.........5
London Club Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
lApprovedbyEmestoHemândez-catâandJolm Hicklin(fMD,andPaulIsenman
andShigeoKatsuX A).n eFundste team oomprisedM r.Tahari,M r.1.Thim
M r.van denBoogaerde,M r.Lewis,M s.M alzfouzsM r.M ueller,andM r.Tsaveai.The
m A stalttam includedM t.Mclntire,Mr.vanTrotsenburg,Ms.W jou,andMrs.Zeng.
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L INTRODUW ION
1.
Thisdocùmentprod desa* a1assessmentofCôted'Ivoire'seligibility forassistance
undertheHeavilyIndebtedPoorCountries C)hhiative.Itsummarizesthedebt
sustainabilityanalysis(DSA)discussedinApril1997bytheExecutiveBoardsoftheFundand
theIntemationalDevelopmentAssociation(m A);describesthestmcturaland socialpolicy
teformsto bepursuedby Côte d'Ivoireand monitored underFund-and m A-supported
progrlms;and repoxson theoutcomeofthe debtreconciliation exercise and onthe
consultationswith Côte d'Ivoire'screditors.Thepaperalso proposesthàttheBoardsofboth
instim tionstakedecisionson Côte d'Ivoire'seligibility forassistance,itst'decision point''and
ucompletion points,''debtsust%lnabilitytargets,and thelevelofassistanceto beprovided by
theFundnndm A contingentuponthecommitmentsofothercreditors.
2.
ThediscussionsintheFund andD A Boardson thepreliminae HIPC Initiative
documentforCôted'Ivoireztook placeag/nstthebackgroundofguidanceprovidedby
ExecutiveDiredorsinthe <'Cap Paperfort?, Preliminazy InitiativeDocum entsforBolidw
BurkinaFaso,Côttd'Ivoire,andU gandw''and thepaperon the'CT'
IIPC Initiativ
idelines
forImplem entatiom'''In discussing both guidancepapers,ExecutiveDirectorsacknowledged
thattheNPV ofdebt-to-exportsratio niay overstate a countly'sdebt-seM cing capacityinthe
caseofopen economieswith ahigh 4xports-to-GDp ratio and aheavyGscalburden ofdebt
service.Therefore,on a case-by-casebasis,Diredorsallow edforsom eSexibility in assessing
counte eligibilityundertheHIPC Initiativeby setting theNPV ofthe debt-to-exportstarget
atthecompletion pointata levelthatwould aim atensuring fscalsustainability.Executive
DirectorsrecognizedthatCôte d'Ivoirewouldfallinto thisgroup ofcountries,w ith an NPV
ofdebt-to-exportsratio wellbelow thethreshold of2O0 percentatthecompletionpoint,but
meeting therequkements,undertheGuidelinesforImplementatiow ofhaving an exportstO-GDP ratio ofatleast40 percentand a governfnentrevenue-to-fm p ratio ofatleast
20 percent.
3.
ExecutiveDlrectorsthereforeap eed- asapreliminarydew- to consider
Côted'Ivoireaseli#bleundertheI'
ID C Initiativeandtosetitssustainabilitytargetforthe
NPV ofdebt-to-expolsratio atalevelthatwouldbeconsistentwith anNPV of
debt-to-govem mentrevenuetargetof280 percent.Thislevelwasconsidered necessal to
provideCôted'Ivoirewith a credibleexitfrom therescheduling process.ExecutiveDirectors
agreedthatCôte d'lvoirecouldreachtheGdecision point''undertheI'IP C lnitiativeO er
2The prelimine documentwasissued in theFund asEBS/97/57, 4/2/97 andin theD A as
m N SecM 97- 103,4/2/97.
?
.
3''Cap PaperforthePreliminary lnitiativeDocumentsforBoliviaa BurkinaFaso,
Côted'Ivoire?andUgandz''185/97/59,4/1/97andm N SecM97-104,4/2/97),and
<'HPC Initiative- GuidelinesforImplementation''1 85/97/75,4/21/97and117A/1197-35,.
4/22/97).
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Box l.AssumptionsUsed in theDebtSustalnabilityAnalysis(DSA)
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An nnne avex ere GDP F owthm teofsome6 percentin 1998-2000
andabout5-5% percentthqrp-qler,jeiectingthebuoyancyofthenontraditional
expol sectorand asteadym crp-qmelninvestment.
@
Anaqerag!expol volumegro< hrateofabout5% pelcent,assuminga
majordiveqsdcatlon ofthe exportbase.Resg ing thelimlted potentialfor
tE cl
'm e - D dtlq re-qtddd sufacearjaavmlablefornew coleeandcocoa
?lantmgssoastoavoldtulhlrdeforestatlow theyrowthrateofcöcoaexpols
lsexpu d to dx lineprop esslvely from 5 percentm 1999 to some 2 percentby
2016,andthatofcoFeeexyonsFom 4% percenttolessthan3percent.Export
performance would thus pcreasingly rely on the sustained development qf
manufacmred goods,textlles,and agro-industrirs.A majorimpems forthls
developmentisexpededt?comefrolptheongo'
m: jtmcturalreformsandthe '
maintenanceofthecompltltivenessgamsoftheIvolnenecgnomythatresulted
fronlthedlvaluation.011exporp thatcame on jtream ln * d-1995 would
contlnueto mcreaseoverthem edlum term and stabllcethereo er.
@
Incomeelasticityofimportsi'
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*
Grossdomesticinvestmentisprojectedtoincreasefrom 14 percentof
GDP in 1996toabout!9percerttin2000andmorethan21Rercqntin2009,
d
riven by a signiscantmqrease m private domejtic and fyrelgn mvestment,
refectingtherqcoveq qfpnvatesectorcov dencem thelvomeneconomy,and
amodestrisem pubhcmvestment.
*
The ratio ofgovemmentrevenueto GDP isprojected to stabilize at
21perce..tbetrœn2000and2016,downâom above22plrcentin 1996.
,theone
percentg epomtdrop in the earlx yearsqfthe projedion period renedsthe
progresslveredudion oftheauthonties'rellance on exporttaxes.
*
Thetermsoftradeareprojectedto impröveslightlybetween 1998 and
2002,and stabilizethereo er.
*
Netprivate capitaliv owsareexpected to averagecloseto 1percentof
GDP.
*
New externalfnancing ij expeged to be highly concessionaland
contradedmninlyFom multilatgrallnstitutlons.Grossdisburslmentsofprogram
assisunceareexpectedto decllneshaTlyO er2000andbeyrtuallyphasedout
by2003,butprojM loxnctoCôted%vorewouldcontinuetomcreuemoderately
throughouttheprojectionperiod.
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A hypotheticalParisClub stock-of-debtFperation underNaplesterms
involving a 67 percent NPV reduction and lmplemqntation of the debtrestm cturing agreementwith commercialbnnk creditorsln eazly 1998.
*
Rednlchlrlng ofdebtand arrearsvis-à-viscommercialbnnkq,involving a
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8.
n efscalburden ofextem aldebtw ould reme heao untn O er2000,despite the
assumeddebtreliefFom London Club andParisClub creditors.n eNPV ofthepublic
debt-to-govem mentrevenueratiow ould fallFom 588 percentin 1997 to 293 percentin
2000,andthen to 174 percentin2006 and 68 percentby 2016.Stm ing Fom 44 percentin
1997,thepublicdebtseM ce-to-govem mentrevenueratio would drop to 27 percentby 2000,
19 percentin 2006,and 11percentin 2016.
9.
Thevulnerability and sensitidty apalysisundelaken in thepreliminal IX C document
forCôted'Ivoireremainsvalid,asthe countl facesabove-averagevulnerability;pm icularly
with resped to debt-to-GDp and fscalindicators.'In view oftheopeqnessofitseconomy,
Côted'Ivoireisparticulrly sensitiveto possibleextem alshocks,such aslow erexpox pnce
- s
ofcocoaand coFee.In additiow although only pm ially documented,private debtplaysan
importantrole in assessing Côte d'Ivoire'sdebtsustainability;itslevelissigni6cantly above
thatofothersub-saharan African countriesand isestim atedto acoountforroughlyone-fih
oftheNPV oftotaldebtin 1996.By 2008,based ontheaboveassumptions!theNPV of
externalprivatedebtisprojectedto supassthatofpublicdebtforthefrsttlme.
IIL Côu D'lvom EgsM zusTM Er ltEcoM
10.
Sinceearly 1994,following the devaluationofthe CFA franc,Côte d'Ivoirehas
successfullyimplementedamultiyemrjrogrnm ofeconomicrecoveg andrefolm aimed
m ainly atachieving sustained econonucp owth and restoring Gnancialviability overthe
m edium term .n eprogram wassupported by athree-yearESAF arrangement,in an nm ount
equivalentto SDR 333.48m'
lllion(140percentofquota),whichwasapprovedon
M arch 11,1994.Performanceunderthesearrangementshasbeen satisfactoly A1l
quantitativeand structuralperfonnancecriteriaand benchmarksunderthethreearmual
arrangementswereobsea ed,exceptforfourperformancecriteria and benchm arksrel>tedto
(a)theceilingonthecentralgovernment'sexternalpayqentsarrearsinJune1994,
.(b)the
updatin!oftherepaymentscheduleofpublicenterprisellabilitiestotheCaisseautomne
d'amortlssement(CAA)inJune1995;(c)theceiling onthecentralgovemment'sreco> zed
outstandingdomesticpaymentsarrearsinSeptember1996;and(d)theprovisionofthe
preliminary repod onthe extem alauditoftheGnancialaccountsoftheprice stabilization fund
'M notedin thepreliminazy HIPC document, Côted'Ivoireremainsvulnerablewith regards
to severalindicators.ItsN PV ofpublicand publicly guaranteed debt,at148 percentofGDP
in 1995,ismuch higherthan themedian of73 percentforthereferencegroup ofI'X C
countries.Côted'lvoire'sexportconccntrationinasingleproduct(cocoa)was29percentin
1995,below the median of37 percentin the referencep oup.H owever,when expox
concentration isnieasured on thebasisofthethreemain products,thisratio w as48 percent
forCôted'Ivoirecomparedwithamedianof47qercentinthereferencçgroup.Intermsof
variabilityofexports,theindicâtorforCôted'lvolrèw as 11percent,lowerthan the median of
20 percentforthereferencegroup.
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W . P oLIcY R EFORM
C ONDITIONALITY
:71
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17.
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During the 1998-2000period,Côted,.Ivoi
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.(b)'juccesffullycom.plet:the
program supportedbysuchn.
nESAF m angement;(c)successfullyimplementthereform
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prov essin implem entingthesocialdevelopmentreform qgendaunderthe poz
erty reduction
actioh progtam,with theactualperform anceto be momttofed'by ongoing and new D A
operations.
18.
6.
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.
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' the socialsedor,w hi'
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19. n erefonn strategyfor 199> 2000 isbn-zlon thepositive resultsachieved sincethe
Janue 1994 devaluation andisO H atstrengthen'
mg D dner-lerating the second
generationofrefo= thatarestillnV H to(a)en=xreGnxncialviabilityoverthemH ium to
longtermi(b)keepthe= nomyonapathofsuexinedv owth;(c)reducepovec and
(d)subenntiallyimprovetheliving m ndardsotthepopulation.Aem rdingly,withina
M mework ofpm dentm acroeconomicpolici-
spe v y continuM fo-ql
conx lidation- andintenszedre#onalinten tioneForls,themajorrefo= areasincltlde
trade and priceEbemllyntion and otheractionsto promoteprivate % ordevelopment;the
privatH tion and restm during ofpublicenterprix s;tax reform and expendituremnnngement;
civilservice reform;streàgthening ofthe fnancialsectoq and libernle
lz>tion ofthe oocoa and
coFee sedors.6
.
A. Financlaland StrutturalR eforms
20.
n e mn'
ln source ofeconomicgrowth isexpected to betheexpansion of private
sedoradivity.To fosterthesedoq'sdevelopm enk thereform mpmclzresfocuson enhxncing
Côted'Ivohx'sdomesticand extem alcompetitivenessand creating an environm entthatis
conduciveto thedevelopmentofprivate hwestmentand externnlprivatecapitalM ows.
In tbearex ofpriceaud trade IiberalH tgon,thegovernmenthasalready redue the
numberofgoodssubjecttogricccontrolsFom 13to6andwillprorY toEbernligotheprice
ofbremd,ake commodity,m 1998,andtheindiotiveproducerpricesofGeee(alsoin
1998)andcocoain1999,leavingundercontrolbeond 1999onlyprioesonpublicutiv es
(whichareundermonopolies),pbnrmnezalticalproduds,butane,andRhoolbooks.It1mKa1s0
eliminnted allnontxril barriers,whhthe exception ofthose pedxining to men lrity,public
healthaand theene onm ent,aswellastheone on reftned petroleum products,which isslated
to be el'
lminated byDecember1998 in thecontextofthe privatization oftheN tional
Petroleum ree elyISIR).Asparto?thecustomstxrilhnrmonizmtionxtheCoundlof
O stersoftheW est* c,= EconomicandM on- union(W AEMUIdecidedtoreduce
thenumberand levelofcuxom 'nn'fl'
sand setthenew ratesat0,!,10,and 20 percentto be
putin placeby Tanuary 1,2000 in allmembercountries.Inthiscontext,Côted'Ivoireintends
to reduceby end-M arch 1998thecunrntllighestrateFom 35 percentto étem porazy rate of
25percentandtoapplythe5percentratetomostimportscurrently s'ubjecttothezerofate,
thereby lowering theaveragetlrifFrateFom 19 percentto 15 percent;thelxriF reform
constitutesaperformnnce criterion underthenew ESAF arrangementand forIDA assiennce
undertheHIPC Initiative.W gth regardtotheIegaland regulatoc fram eworK the
authoritiesintend to complementthereform ofthelaborand '
m veqtmentx desadopted in
1996,andthebusiness1aw reform adopted atend-1997 underthe OH AD A treaty on the
harmonizmtionofbusinesslaw inAfficaabydecentrnlkzing andmodernizingthejudicial
Q'
hem edium -term strategy isdesclibed in more detail'hzthe policy fram ework paperfor
1998-2M ,whichwasissuedinparallelwiththisdoxmentinthçcontextofèôted'lvoire's
rm uestforanew tluw -yearESAF arrangement(1 theFundasEBD/98/19,andinD A as
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'mitedprimarilytotheeducatiol healtk justice,andsecurity sedors.Thecurrent
focusofthecivilselvicerefora tobemonitoredunderthenew ESAF-andm A-suqported
provams,willbeonprodding adequateincentivesforgovernmentemployeesbyratlonalizinj
the system ofallowancesand introducing aperform ance-based prom otion scheme.
24.
A healthy and eE cientfnancialsectorisimperative fora strenp henedrole ofthe
privatesector.Following therestrucm ring operationsofthe early 1990sànd theJanuaa 1994
devaluation oftheCFA franc,lvoirien bankshavebecome moreproftablebuttheirsituation
stillrequiresstrengthened complianc:w ith thebnnbing legislation and pm dentialregulaiions
ofthere/onal(W AEMUIbnnking commission.However,theprovision offnancialservices
in m ralareas,and to smalland medium-sized enterprises,asw ellasthem obilization of
long-term sadngsand the O ancing oflong-term investment,isstilldescient.To addressthese
concerns,theIvoirien authorities* 11,in concertwiththeotherW AEM U m embercountries,
strive to improvefulhurthelegal,regulatorp and institutionalFlmew ork so asto fosterthe
emergenceand diversiscation ofnew Gnancialinstm mentsand seM ces.ln pm icular,the
authoritiesareto(a)promotelong-term saqingsinstmmentsandnonbnnt-fnancial
instimtions,eqpeciallylçasing companies;(b)strengthenmicro-fnanceinstitutions;and
(c)ensuretheorderlyoperationoftheregionalfnancialmarket,whichw111belaunchedin
AbidjaninMarch1998.Theauthoritieswillalsoacceleratetherestructuringjrogrsm forthe
postaland sadngsagency whh the aim ofsplitting itspostaland sad ngsactiuties.M onhodng
willbeensured throughtheproposed ESAF arrangement,and theD A proposedFinancial
SectorDevelopmentProject.
25. Going beyond pastliberalization commitm ents,theauthodtieshave decidedto engage
prop essivuly inthefullliberalization oftlxecocoa and coleesectors,which accountfor
some 40 percentofthe country'sexportbase.The envisagedtimetablecallsforthefull
liberalizationofthecoFeesectorbeginningwiththe1998/99 cropyear(October1998),tobe
followed by thatofcocoain October 1999.Theliberalization comprises,interaliw the
elie nation ofthestabilization m echnnism and theunderlying priceand costscheme,including
theindicltive producerprice,aswellasthereduction ofCM STAB'Srolelargely to quality
controland administration oftheauction systein.Thefullliberalization ofthe cosee and
cocoa sectors and the restructuring c'fCM STAB are key structuralm easuresto be
implementedpriortothecompletionpointandmonitoredbyD A arldundertheproposed
new ESAF A angement.A largearray ofaccom panying m easuresareto beputinplace and
monitoredunderD A-supportedogerationstoensurethesuccessofthisfar-reachingreform
and setthestageforthefullliberallzation ofthe cocoasector, which isscheduled to follow
.
thatofcieeeoneyearlater,gventhegreateramountofpreparation requiredtoprevent
world marketdisturbancesin view ofCôted'Ivoire'sdolninantposition in theworld cocoa
market.Intheinterim period,therole ofCM STAB isto be strictly lim ited and monitored
undertheconditionalitiesoftheagriculturalsectoradjustmentcreditandtheproposed
ESAF m angement,which stipulate,interaliaathelimitation ofCM STAB'Sdirectsalesto
15 percentofproductionaacontinuousimprovem entofthe auction system , and a close
surveillanceoverCM STAB'Sfnancialoperationsand currentcosts, including the setting of
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15 -
Table z. Expenditure forEducaunn and H ealth,199* :*
& bizionsofCFA fmnxpunl- e.#M olerwix)
1996
A@t
1997
F+#
1998
lNog.
1999
TNPg.
2000
lNog.
D ucation
Toœ 1/
h m mentofGDP
h N tofti prima:yexm nditu=
246.
5
4.5
31.
6
275.6
4.6
31.6
315.1
4.8
332
3692
5.2
36.9
4153
5.
4
394
Remll
ToY 1/
In N tofGDP
In G rcentoftœ primo exv di/=
55.6
1.0
7.1
69.3
1.2
7.9
78.6
1.2
8.3
99.4
1.4
9.9
115.
4
1.5
10.8
M emorandum itemmBulgettotalpdma!yexv ditures 1/
GDP
779.9
873.0
949.5
1,* 0.4
1,065.6
5,
473.
6
5.9*3.4
6J29.8
7.1* 2
7.690.7
Souxc lvoirienauthoritiu andestimatesandprolectionsofFundandWorldBankcfnfrs.
l/Excludingfoxign-fnanoe inveements.
28. Inthehealthsedor,theobjedives,adidties,andresourcesneededarestipulatedin
the nationalhealth developmentplan covee g theperiod 1996-2005.n egovem mentis
committed to increasing thecoverageand quality ofhealth serdce,especially in ruraland
disadvantaged areas,and to placing astrong emphasison preventive care:Pm icularattention
isto bedevoted to raisingtheinfantvaccination rateby 20 percentagepoints,to 80 percent,
by2000 andto strengthening preventivem - quresto combatAm S.Speciscally,the
govem mentaimsatincreasingtheshareofhealthintotalprimaly spénding(excluding
foreign-fnancedinvestments)from 7percentin 1996to 11percentby2000,
.ithasalsosetM
asubtargetan increaseinthe share ofprimaryhealth carein the healthbudgetFom 33 percent
to 39 percent,overthesameperiod.
29. Theauthoritiesalso intend to step up theireFortsinthe areasoffam ily planning,as
wellasofbasic infrastructure.Thestrengthening ofbasicinfrastrudurecomprisesa
comprehensivestrategyto increaseaccessto safewater,expand ruralelectriscationaimprokè
constructionand pm icularly m aintenanceofruralroads, and rehabilitatepoverty pocketsin
runudownurban and ruralareu .Finally,thegovem mentwillstriveto im prove the
management,targeting,and socialimpad ofvarioussocialfunds,based on a comprehensive
review ofpastperformanceofthesefunds,whichw ascompletyd atend-lune 1997.
<
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Thelvoiriqngovemmentcompletédfher
debt'
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àià
'teconclliationwitha1litsbilïtçral
t
.
andmuliilateraI
icreditorsinNovember1997..T'kehtée4#ëli
liatienofdebtd'
ataprovedvery
''1
usefuland enabled theauthoritiesto correct,fnv-tune,and expand iheirdebtdatabase,which
now extendsto12047. ThejointFundandD A'M jsion
'.
stodiscussthenew progrnm'and
.i
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preprethepolIicyFnmeworkpapurforthepirr.iod
1993= 2'.000 wofked with the authoritiestp
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origh
' téldàtaprôkioèdbycreditè.rs.Themovçofthe
.
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debtunit'
f,
rom theCAA to thetr:asury 4priùrActieà fort'
he sublhijjion ofth:'
requestof
.
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.
.
.
t
henewVsAFl
a
rrangementtotheFund'sE'xkc
ui
ti
veBr
oed
..w
as
4ompletedipJuly1997and
isexpectedtoiI
'
mprovedebtdatamanagement.
àndtö réstktin'
regu
,1arupdatesgfthedebt
-
.
E
j
,
$
d..
!.
database.N evertheless,aneedforbettercomputçrha:d.
w are and sohw
. are hasbeen identzed,
I
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= 4 conta'
çtshalvébbenestablishedtopurchaseandputinplàcesuchsystemsand.tram stn&,
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31. Thegovem mentisalso seeki
-ng technicalassistance from theW orld Blnk and other
donorsinthe o'
1
ngoing compilation,reconciliatioh and .
repoling ofdebtstatistics,as.
w ellasa
1bt- managementstrategy.Theobje'
review of itsde
ctivesareto improvethedebtdatabase,
è!
':
t
1
.i
fullyZtegratedeb
l tanalysisinthemacroecolme cFltm.ewdtk,and,in psrticulat,address
,
'
weaknesse!in thestatisticsidentiGedinpreparing thedebtsustainability analysis.
..
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iii
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32.
:
'èi
'
Thedatabasefortheexternaldebtofthepublic enterprisesin Côtc .'Ivoireshould
lgovt'r,hmentguArahtee. Thegovernmentis
beimbroved, es1pecially forthedebtwithoutfornta)
fI
comml
Y.ttédtpimp
lrovingmanagementoftlzisdt.bt
'
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,
jjjt.
jqytjyé
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tjqno'tdebtstatistics
1
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.yùj
7 y kj
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guarantee.L
M ajsrststep,in september-octobvr1
.4'. A .,u,wèywa,uunvhqd.
byfl4e
'
authoritiesrrequj
esting detailed information on éxtem aldçb,tobligationsfrom thepublic
entemöjes.Infbrmationwasalsosolicitedfrom.foreigp.
ipiurànc: çotm pnnlesthatguarantee
t!
.
'
,
onextemaldebl
tcontractedbypublicentemriseswkhkqdwitlmutcentralgovemment
.
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.
,
tli,aview to qross-checking and
foreign lending '
to public enterprise;in Côted'Iv:irew i
j
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reçoncilingj.thzi
nformation collectedfrom the.publiç ç
ntzrprises.TheD SA includvsonly the
1
.
;
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.
.
.
.
public enterprisedebtthatiszuaranteedby theIvailiericovem mentonthe basisofavailable
infbrm étièn provi
1 ded by thea
'-ut
' horities
%'
'
.
,
.
.
?
33.
Thegoke
Im menthasalso decided to setup atech,'
nicalcom mission to prep.are a
' tabasepn côted>Ivoire'sprivate exterqàldebtin 199.
8 so asto obtaina
com prehensive da
1
.
.
m oreaccuratedebtstockthan thecurreni.estim ateçBetterinform ation on private debtwillbe
i
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ncorporatedinanysubsequentdebtsustainabilityR alysls.
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17 -
W . CONSULTATIONSW ITH Cu Drrolks
34.
Fundand D A stnFshavehad consultationswith Côte d'Ivoire'smultilateralcreditors
andwiththtParisClubregarding actionsthattheywouldtakeunderthel'Ip è lnitiativefor
Côte d'Ivoke.In general,m ultilateralcreditorsw ere very supportive ofassistanceto
Côted'IvoireundertheInitiative;andthey endorsed Côte d'Ivoire'seligibilityunderthe
lnitiative,andthesetting ofaGcompletion point''threeyearsaherthe çfdecision poinf'.The
AfricanDevelopmentBxnk (A& B),whichO ertheW orldBlnkisthesecond-largest
multilateralcreditor>nd accounted for6 percentoftheNPV ofpublic debtatend-1996,
agreed with the stnl recommendations,including in thepreliminae HIPC documentfor
Côted'Ivoire = 1theGuidelinesPaper.
35. ParisClubtrediton agrcdinyrincipleinMay 1997togranta;ow reschedulingto
Côttd'IvoireunderLyonterms(involunganNPV reductiononeligibledebtofupto
80percent),subjectto equitableburdensharing nmong creditors,assoon asanew ESAF
arrangementisapyrovedbytheFundandtheBoardsoftheFundandD A haveagproved
Côted'lvoire'sellgibility forassistanceundertheI'
IP C Initiative.TheParisClub lndicated
thata stock-of-debtoperation onLyontermswould be envisaged atthecompletion point,
VR D EBT SUSTAm ABILIW TARGETSA ND D EBT R ELIEF
36.
Atend-1997,Côted'Ivoire'sNPV ofpublic debtisestimated #tU S$13 billion
(AnnexTable7),or130percentofGDP.M ore'thanthree-fourthsoftheoutstandingNPV of
publicdebtwasowbdtoforeigncommercialbanks(US$6billionaor46percentoftotal)and
ParisClubcreditors(US$4billiol or31percentoftotal).Multilateralcreditorsaccountedfor
US$3billionaor22yercentoftotalNPV,withtheW orldBankrepresentingUS$1.5billion
(11percent),theM ncanDevelopmentBankT undUS$0.8billion(6 percent),andtheFund
US$0.4billion(3percent).
37. During theFund and D A Board discussionson the prelimina!y HRPC Initiative
documentforCôted'Ivoire,m ostDirectorsagreed- asaprelirninav view- to consider
Côted'IvoireaseligibleundertheHIPC Initiativeand to setthesustainability targetatthe
'fcompletion point''fortheNPV ofthedebt-to-exportsratio atalevelconsistentwith anNPV
ofdebt-to-revenue targetof280 percent.Thistargetlevelw as considered necessary to
provideCôted'lvoirewith a convincing exit&om debtreliefand theneeded relèase of
budjetaryresourcesthatcouldbereallocatçdforpriorityspendingon socialsectors,
pm lcularlyhealth and education.
38.
Forattcompletion point''inM arch 2001,asshown in Annex Table 9,achiedng the
targetof2t0 percentfortheNPV ofthtdebt-to-revenue ratio would imply anNPV of
debt-to-expod targetof141 percent.Thiswould requiretotalassistance underthe
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39. Itisproposed thattheFund disburse itsassistance?intheform ofav ant,into a
separateaccountforthe beneGtofCôte d'Ivoireand adnunistered by the Trustee ofthe
ESAF H1PC-TrUStatthet'completion pointHto beused to m eetdebtseM ce to theFund on a
scheduletobeagreedwiththeIvoirienauthorities.Theobjectivesofthisschedulewillbeto
help bring the debt-serviceburden down to theav eed targetandto smooth thedebt-service
profle,including any humps,w ith resped to theFund ormoregenerzly.Since
Côted'Ivoire'sdebtservicebothtotheFundandoverallisrelativelysmootk itisp/oposed
thatin thiscasewhere thereare no pronounced debt-servicehumps,thescheduleofuseofthe
Fund assistancecould be slightly Font-loaded and spread overthelt
'fe ofthe country'scurrent
obligationsto theFund.A graduated scheduleoftheuse ofthisassistance forCôte d'Ivoire
thatmeetstheseobjectikeswillbeagreedwiththeIvoirienauthoritiesand proposedfor
approvalby theFund Board in duecourse,possibly on a lapseoftimebasis.
40. Normally,reliefon debtowed to D A wouldbeprovided through theH IPC Trust
Fund,and,undercertain conditions,durlng theintedm period between thedecision and
c
omjetionpoints,throughtheuseofDApants.However,Côted'Ivoireconstit
mesa
speclalcaseasitstillhasa1111 levelofIBRD debtto seM ce.Asofend-1997,thenominal
IBRD debtstock amounted to US$1.1billion.Sincem ltD istheonly sourceoffunding ofthe
W orldBnnk componentoftheHIPC TrustFund,the useofm ltD resourcesthrough the
H TPC Tm stFundisnotappropriate.M an altem ative,itisproposedto provideD A grantsin
nmountsequivalentto approximatelyUS$314million(equivalenttoanNPV debtreductionof
US$91million)throughthecompletionpoint.n eproposedamountconstim tesabout
39 percentofthelending program which wasendorsed by the D A ExecutiveBoard during
themostrecentCAS discussion on Côted'Ivoire on September 11,1997.
W IL Issc sFoR DISCUSSION
41. ExecutiveDirectorsmay wish to focuson thefollowing issuesand proposed
decisions:
42. Eligibility forassistance'
.Based onthestn.
l analysis,theguidanceprovidedby
ExecutiveDirectorsduringthe discussionsofthepreliminaryI'IP C Initiative docum entfor
Côte d'Ivoire andoftheI'IIPC GuidelinesforImplem entationa and stal consultationsw ith
multilateralcreditorsand theParisClub,the stie and m anagementrecom inend that
Côted'lvoirebeeligibleforassistanceundertheHIPC Initiative.
43. Decision point: Inview ofCôted'lvoire'strack record, and theextentofthe
com pletion ofthe debtdatareconciliation exercise, the stnF and managem entrecom mend
approvalofa'tdecision point''inM arch 1998.
44. Com pletinn point: Thestn/ and managementrecomm endthatthe''completion
point''forCôted'Ivoirebesettk eeyearsaftc thettdecision point''inM arch 2001,
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supplemeatjo.tjhispaper,whileD A .:
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47. Nextlteps:ltisendsagedthat:(a)thisd-ocumenu
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Table5. Seleded Stm cturalRefo-
1997-2* 0
Rd=
Te g
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.
Tradea dp* N - llx tbn = # kgala fo= :
.
*
*
u- llxvloaofprix ofbmu
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Bs
RM X GOnofn= W and levelofcustomstAn'fEq
*
R- vglofNIB onrdmM N
.
rw - - n- lonofje dalsysa e mM v lxéonofCOM regis% oë=
1= e 1997
1998
J= e 1997
M xmh 1998
1998
1998
PHvxtH tba R d rw trxdue gofpublleeateo rbeg
. Privae tionof9pubEcO te dx.sin1997.15in 1998.1.
5 in 1999.and 10in2%
. Revksic ofarticlo oflcom orauon andenhancedcontrolofpublicentcvpri=
1997-2%
Nov.1998
> RMXGO ofn= e ofge e jxttoprim cone lsfrom 13to6
l= pre uctq
Tu a foM andu pepdltum m anagement
.
.
Improv= =tZf=cuoningofM Dltprtvam Otoftaxesl
Ref= nofpD> taxesandcnaner.
x .1997
rw .19:g '
>
Re x uonofexp01 taxesone- nafrom 22 Im entofaverageexportpric in
19M o 16N
tby2%
Rd ucuonofwagebillfrnm 7N
tofGDP in 1996 to 6per- tin2%
Eo é- 'oe nlntwV ein- >qingallx ationsforheali andH ucation
1997-2000
1997-2000
1997-2000
Clvngee refo=
. RM uceiesiza ofiecivilm ice
. PJM tyofnew = x iknentsinhealthvQucauonandjuslice sectors
.
Ine ucdonofprtzucddty.lirïked promodon system
1998
1997-24X*
Jlme l998
Stm agthealngofthermanelalg- nr
> Submissionof CAA-GDD o a2 bnnunglawsandprudentialregulations
. pxe ngthatallbnntxm- thrpm dentialratios
Jan.1998
1998-2000
lJn - lh.*tbn ofth.ee- aandeofeegectoa
. Limitationofdl- tsalesofCM STAB to 15percentofprM uction
> FUIIliberalizationofcofeer torwithbegi
nningof1998/99 campaiR
> FV libcalizationofox oasectorwithbeginningof1999/% campaia
199> 99
Oct.1998
Oct.1999
eç
.
&
-
31 -
Table 6. Côte d'Ivoire:SocialDevelopmentPerformanceIndicators,1997-2%
Areas
Obl
'edives
SpeciGcM easures
S- > - .-- tp*
1m %.
Follow-up
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