Debt: Côte d'Ivoire classified as "low" risk of debt distress, a first in sub-Saharan Africa
ABIDJAN, June 2026
Following a meeting of the Executive Board of the International Monetary Fund (IMF) held on June 24, 2026, Côte d'Ivoire was reclassified as being at "low" risk of debt distress by the IMF, a first for sub-Saharan African economies, reflecting a notable improvement in its debt profile and financial credibility.
As a reminder, the Bretton Woods institutions classify debt distress risk into three (03) categories (Low, Moderate, High). This classification is based on a debt sustainability analysis over a twenty (20) year horizon, measuring States' capacity to honor their financial commitments.
This historic decision by the IMF and the World Bank comes after more than a decade of classification at "moderate" risk, following the attainment in 2012 of the Completion Point under the Heavily Indebted Poor Countries (HIPC) Initiative. This reclassification places Côte d'Ivoire in the "low" risk category, hitherto unprecedented in sub-Saharan Africa. It reflects in particular the shift of the country's debt-carrying capacity from "moderate" to "strong," with indicators well above sustainability thresholds.
According to the IMF, this improvement, which comes at the conclusion of the economic and financial program signed with Côte d'Ivoire three (03) years ago, reflects "prudent debt management by the authorities, including liability management operations that reduced short-term debt service and smoothed the repayment profile, and a strengthening of debt dynamics, supported by fiscal consolidation and increased revenue mobilization under IMF-supported programs."
A debt trajectory now trending downward
After several years of increase linked to development financing needs and successive external shocks, the public debt ratio was brought down to 57.6% of Gross Domestic Product (GDP) in 2025 according to the IMF report, a decrease of 2.6 percentage points compared to 2024, marking its first reduction as a share of GDP in more than ten years. According to the institution's projections, public debt should continue to decline, settling at around 45% of GDP by 2031.
More innovative and structured debt management
The improvement in the risk profile is underpinned by increased recourse to diversified and lower-cost financing instruments, such as the Samurai bond and sustainable financing facilities backed by guarantees.
Furthermore, on the regional financial market, Côte d'Ivoire is also benefiting from significantly improved financing conditions. Indeed, based on reports published by the UMOA-Titres agency, Côte d'Ivoire is managing to mobilize increasingly longer-term resources, such as Treasury bonds (OAT) with maturities of 3, 5, and 7 years, and this despite a reduction in the interest rates offered to investors for more than a year.
A strong signal for investors
This reclassification as "low" risk constitutes an additional signal for investors and rating agencies, in a context where they are becoming increasingly demanding toward emerging economies.
This positive development should enable Côte d'Ivoire to benefit from more favorable access to international markets, with a progressive reduction in its financing costs and a broadening of its investor base.