Visiting Abidjan, the director of the International Monetary Fund (IMF) Kristalina Georgieva delivered her inaugural speech at the annual meetings, highlighting the resilience of the global economy in the face of successive shocks caused by the Covid-19 pandemic and the war in Ukraine. She also praised the remarkable growth of certain countries, such as India and Ivory Coast.
During her speech, Georgieva highlighted that since 2020, the global economy has suffered a loss of $3.7 trillion in output, with growth prospects still weak in the medium term. However, she was keen to highlight the disparities between countries, citing Ivory Coast as an example of successful economic transformation.
The IMF director symbolically evoked the magnificent Alassane Ouattara Bridge, which according to her represents the transformation of Côte d’Ivoire from a fragile country affected by conflict ten years ago into a growing economy. She stressed that the whole world needs this spirit of optimism to overcome current difficulties.
Georgieva also noted that an IMF team had recently completed its mission to Abidjan to assess progress in the economic program backed by a $3.5 billion deal. Ivorian President Alassane Ouattara expressed his gratitude to the IMF and called for a new allocation of SDRs (Special Drawing Rights) for states. He also called for a restructuring of the debt of African countries and a strengthening of the voice and representativeness of vulnerable member countries within the IMF and the World Bank.
There are also plans to create a third seat for sub-Saharan Africa on the boards of the IMF and the World Bank, to give African countries a greater voice in global economic decisions.
This visit by Kristalina Georgieva to Ivory Coast highlights the importance given by the IMF to economic growth and financial stabilization of African countries. The recognition of the rapid growth of the Ivorian economy sets a positive example for other African countries and shows that despite global challenges, there are opportunities for economic development and transformation.
The IMF’s presence in Abidjan also highlights the importance of international cooperation and financial support in rebuilding economies affected by crises such as the Covid-19 pandemic and the war in Ukraine. These visits and agreements between the IMF and countries are essential to assess progress in economic programs and make necessary adjustments for sustainable growth..
In conclusion, Kristalina Georgieva’s visit to Ivory Coast and her inaugural speech highlight the importance of economic development and financial stability in African countries. The rapid growth of the Ivorian economy is an encouraging example for other countries on the continent. These visits and agreements between the IMF and countries are essential to supporting economic growth and closing development gaps.