IMF reaches staff level agreement with Ivory Coast for $1.3 billion resilience, sustainability facility

FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo

DAKAR (Reuters) -The International Monetary Fund said on Friday that it had reached a staff level agreement with Ivory Coast for a $1.3 billion programme to fight climate change supported by the fund’s Resilience and Sustainability Facility.

Ivory Coast, the world’s top cocoa grower, is exposed and vulnerable to climate change, the IMF said in a statement.

“Rising temperatures, rainfall disruptions, flooding, rising sea levels and coastal erosion are major challenges and represent recurring risks for resilient, sustainable and inclusive economic growth,” the fund said.

The reform measures between 2024 and 2026 will support Ivory Coast’s actions to strengthen climate change adaptation and mitigation, particularly in the areas of agriculture, transport, infrastructure and public financial management.

The agreement will be submitted to the fund’s executive board for approval in the coming weeks, the statement said.

(Reporting by Portia Crowe; Editing by Leslie Adler and Josie Kao)