Cote d'Ivoire PRSC 1

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Since mid-2011, the Republic of Cote d'Ivoire has regained political stability and now has the opportunity to tap its considerable social and economic potential. The First Poverty Reduction Support Credit (PRSC-1) is the first of a programmatic series of three DPOs designed to help Cote d'Ivoire reach its stated goal of becoming an emerging market by 2020. The series has been prepared in line with good practice principles for development policy operations in situations of fragility. The series focuses on areas of heightened importance in these settings: (1) strengthening public confidence in government by improving the transparency of budgets and accountability of public officials; (2) building investor confidence through rapid, visible improvements in the business climate; and (3) quickly creating economic opportunities by focusing on potential sources of growth and employment, particularly on labor-intensive exports. The reforms supported by the series reinforce its cross-cutting foundation of governance, including policies to reduce corruption, enhance transparency in public service and in the exploitation of natural resources, and strengthen the oversight role of civil society. Reforms to increase the resilience of the Ivorian economy include increasing the share of revenues from the main export crop, cocoa, received by farmers. Reforms to create jobs focus on improving the business climate, raising private investment, and supporting the growth of promising labor-intensive activities in rural areas, such as cashew production and cotton cultivation.