Moody’s Investors Service has rated the long term debt of the Government of Côte d’Ivoire at Ba3, stable. Structural reforms and investment in infrastructure are supportive of strong economic growth in Côte d’Ivoire according to the ratings agency, which also notes that while the country’s institutional strength remains low, it has shown real and marked progress, surpassing forecast expectations. Projected medium-term growth is at approximately 8%, a number which is significantly higher than the average for Sub-Saharan countries. Despite the current commodity downturn Cote d’Ivoire’s mining as well as hydrocarbon sector possess significant growth potential. Furthermore, the country’s participation in the West African Economic and Monetary Union (WAEMU), and its relatively developed regional financial sector has been able to absorb an increasing share of government debt. Coupled with this, the country has comparatively strong fiscal fundamentals and sustainable debt levels, supported by substantial donor support and debt forgiveness over the last few years.