Updated February 17th, 2024 at 15:27 IST

IMF and Ivory Coast agree on a $1.3 billion climate change programme

The programme's reform measures, scheduled for implementation between 2024 and 2026.

Reported by: Business Desk
IMF and Ivory Coast agree on a $1.3 billion climate change programme | Image:PTI
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IMF programme: The International Monetary Fund (IMF) announced on Friday a staff-level agreement with Ivory Coast for a $1.3 billion programme aimed at combating climate change. This initiative is supported by the IMF's Resilience and Sustainability Facility.

Ivory Coast, known as the world's largest cocoa producer, faces significant exposure and vulnerability to climate change, according to the IMF statement. The country is challenged by rising temperatures, disruptions in rainfall patterns, flooding, rising sea levels, and coastal erosion, all of which pose threats to its resilient, sustainable, and inclusive economic growth.

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The programme's reform measures, scheduled for implementation between 2024 and 2026, are designed to bolster Ivory Coast's efforts in climate change adaptation and mitigation. These efforts will primarily target agriculture, transport, infrastructure, and public financial management.

The agreement is pending approval by the IMF's executive board, which is expected in the coming weeks.

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This agreement underscores the growing recognition of the urgent need for action on climate change and the role of international financial institutions in supporting developing countries' efforts to address this global challenge.

(with Reuters inputs)

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Published February 17th, 2024 at 15:27 IST