Côte D'ivoire - Economic development

Since independence, Côte d'Ivoire has engaged in an economic program aimed at ending its reliance on outside assistance and at achieving self-sustained growth. Its economy has remained one of the most developed on the African continent, and its religious, ethnic, and political stability was a model for other African nations. Under current conditions, however, the Côte d'Ivoire economy will remain highly vulnerable to commodity price variations and dependent upon outside assistance into the foreseeable future, a future mortgaged by its earlier levels of borrowing. Increased efforts to liberalize the economy by privatizing state-owned companies have also helped to improve economic performance, as has increased capital investment. The country's debt in 2000 was approximately $13 billion. Côte d'Ivoire hoped to become classified as a "newly industrializing country" by the year 2025. In September 2002 mutineering soldiers attempted a coup, however, and the country was divided into government-controlled and rebel-held areas. After a cease-fire was declared in January 2003 and a government of national unity was formed, President Gbagbo declared on 4 July 2003 that the civil war was over, and there were hopes that the disrupted economy would return to a state of stability.

In March 2002, Côte d'Ivoire negotiated a three-year $366 million Poverty Reduction and Growth Facility Arrangement with the International Monetary Fund (IMF) to support the government's economic program.

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