Country Report Cote d'Ivoire May 2011

Economic policy: Donors pledge emergency funding for Cote d'Ivoire

Following the end of the military stand-off in Abidjan and the capture of Mr Gbagbo, Côte d'Ivoire's international partners have pledged emergency funding to help to restore the country's administration and the provision of basic services. France has pledged US$580m in emergency aid, which will be complemented by US$100m of development funds from the World Bank and EUR180m (US$245m) from the EU. These will be used to fund the resumption of essential public services-power, water, sanitation, hospitals and schools-pay public-sector salaries and meet the country's external debt obligations. The African Union and the EU have also lifted sanctions on Côte d'Ivoire, unfreezing the country's international assets and enabling foreign companies to resume business with the ports of Abidjan and San-Pédro, the national refinery (SIR) and the cocoa trade management committee. However, the resumption of economic activity and the full disbursal of these funds will not occur until government ministries have reopened and the banking system has resumed operations. The regional central bank, Banque centrale des Etats de l'Afrique de l'ouest (BCEAO), planned to restart operations in mid-April, but the country's commercial banks have been slow to reopen, reflecting concerns over security in Abidjan as well as the damage inflicted on many bank branches by looters.

© 2011 The Economist lntelligence Unit Ltd. All rights reserved
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