Ivory Coast Reaches Debt Relief Decision Point – World Bank
Ivory Coast has reached the decision point for debt relief under the Heavily Indebted Poor Countries (HIPC) initiative, the World Bank said in in Washington on Tuesday.
– We expect Ivory Coast to rapidly meet the requirements for the completion point so as to benefit from the full debt relief program that will free up resources to finance essential spending in social sectors, said World Bank Country Director for Ivory Coast Madani Tall.
The International Monetary Fund (IMF) has agreed to write off 3 billion US dollar of Ivory Coasts 12,8 billion dollar national debt. President Laurent Gbagbo described the measure as good news and thanked France for its support. He said the weight of the debt had become a “grave mortgage on the very future” of the West African country.
The main objectives of the new pact include offering fiscal consolidation and achieving sustainability, says IMF Ivory Coast mission chief Arend Kouwenaar.
Kouwenaar says the government will now publish an annual budget, and give quarterly updates verifying that spending matches the budgeted amounts. Kouwenaar says government spending will shift toward growth-oriented initiatives that benefit the broader population.
Kilde: www.worldbank.org
