IMF and World Bank Annual Meetings: Minister Adama Coulibaly Advocates for Increased Climate Action Funding in Africa

The annual meetings of the International Monetary Fund (IMF) and the World Bank Group began on Monday, October 21, 2024, in Washington, DC.

A strong Ivorian government delegation, including the Minister of Finance and Budget, Adama Coulibaly, and the Minister of Economy, Planning, and Development, Nialé Kaba, is participating in these meetings, which will conclude on October 26.

During the African Consultative Group meeting, chaired by IMF Managing Director Kristalina Georgieva on Tuesday, October 22, 2024, Minister Adama Coulibaly advocated for climate action funding in Africa.

“Africa is facing the effects of climate change without having significantly contributed to it. I would like to emphasize the urgent need for climate action financing for our states,” he stressed.

Continuing, the Minister of Finance and Budget recalled the ambitious objectives set by Côte d'Ivoire in the fight against climate change, as highlighted by the Abidjan Legacy Program, launched by President Alassane Ouattara at COP 15.

In this context, he urged the IMF to fully support Côte d'Ivoire’s advocacy with the international community to mobilize the necessary resources to finance its climate action at COP 29.

On this occasion, the Ivorian government envoy praised the progress made by his country following the previous IMF and World Bank General Assembly, and he also commended the quality of the relations between Côte d'Ivoire and these organizations.

“We have recently reached an agreement with the IMF services on the 3rd Review of Côte d'Ivoire’s economic and financial program, supported by the Extended Credit Facility and Extended Fund Facility mechanisms. The 2nd Review of reform measures supported by the Resilience and Sustainability Facility, as well as consultations under Article IV of the IMF’s statutes, were also discussed,” he stated.

Regarding concessional resource mobilization, the minister welcomed recent progress in the replenishment of the Poverty Reduction and Growth Trust and the Resilience and Sustainability Trust. He recommended continuing efforts to mobilize these resources.

On the issue of allocating a third executive director chair to Sub-Saharan Africa, the minister praised the IMF’s leadership in responding to this long-standing appeal from African countries.

According to him, this is an important step that will help increase Africa’s voice in major decisions concerning African economies and the global economy in general. He further noted that Côte d'Ivoire is honored to appoint the first executive director of the new West African group.