Ivory Coast Increases Budget on Higher Cocoa, Gas, Port Revenues

Posted by Michelle Howard
Wednesday, July 09, 2014

Ivory Coast has increased its 2014 budget by nearly 4 percent on expectations of higher earnings from cocoa, natural gas and the country's ports, a government spokesman announced on Wednesday.

Ivory Coast, the world's top cocoa grower and French-speaking West Africa's largest economy, has undergone a rapid economic turnaround since the end of a decade of political turmoil in 2011. Its economy grew around 9 percent last year.

"The cabinet adopted a finance bill revision that brings the 2014 state budget to 4,407 billion CFA francs ($9.16 billion), up from 4,248 billion CFA francs initially," government spokesman Bruno Kone said following a cabinet meeting.

Ivory Coast announced a surprise first-quarter budget surplus in May after state revenues, resulting largely from improved tax collection, beat expectations by around 31 percent.

Kone said that the new budget would see investment spending increase from 1,258 billion CFA francs to 1,306 billion CFA francs for the year.

"These are good signals that confirm that our economy is doing well and that our current GDP growth rate of 9.1 percent will be maintained," he said.

Credit ratings agency Moody's assigned Ivory Coast a first-time rating of B1 with a positive outlook on Tuesday. The agency gave the same rating, which ranks the country four notches below investment-grade, to a planned $500 million Eurobond.

The new bond, expected to be issued this month, will mark Ivory Coast's first venture onto the international capital markets since it defaulted on its previous Eurobond during a brief post-election civil war three years ago.

The government resumed coupon payments on the defaulted $2.5 billion Eurobond after securing $4 billion in debt relief in June 2012 under an IMF-World Bank scheme. It has since emerged as one of non-oil producing Africa's best-performing credits.

($1 = 480.9100 West African CFA Francs)

(Reporting by Loucoumane Coulibaly; Writing by Joe Bavier)


Ports

APM Terminals to invest $70 mln in Port Elizabeth Terminal

The Port of New York and New Jersey is the largest port on the US East Coast and third largest in the United States with 6.37 million TEU handled in 2015.  In 2014,

Long Beach Port Acquires 125 Acres for Cargo Ops

U.S. Navy, Maritime Administration and California Environmental Protection Agency representatives joined City and Port officials today to commemorate the approval

Hanjin files for Receivership, Ports Turn Away Vessels

Hanjin says asks court for its assets to be frozen; Hyundai Merchant looking to buy Hanjin's "good" assets. South Korea's Hanjin Shipping Co Ltd filed for court

Finance

Global Fallout from Hanjin Collapse

When Hanjin Shipping, Korea's largest and one of the world’s top ten container carriers, filed filed for court receivership after losing the support of its banks,

Ship Finance 2016 Q2 Reveue Falls

Ship Finance International Limited earnings missed the Street expectations for the second quarter. Quarterly charter revenues $159m versus $174m in last quarter.

KfW IPEX-Bank Boosts its Presence at SMM

In an interview the departing head of the KfW IPEX-Bank Maritime Industries department, Dr. Carsten Wiebers offers insight into the facets of international ship

News

DNV GL's New Project on EU LNG Market

Whilst LNG has proven to be a viable option as a bunkering fuel for ships, there are still challenges to the pace of its development and demand for LNG as a fuel.

Japanese Shippers Trim Fleets

The three big Japanese marine transport firms -  Nippon Yusen Kabushiki Kaisha (NYK Lines), Mitsui O.S.K. Lines and Kawasaki Kisen - are decreasing the number

Ship Finance 2016 Q2 Reveue Falls

Ship Finance International Limited earnings missed the Street expectations for the second quarter. Quarterly charter revenues $159m versus $174m in last quarter.

Government Update

Calm Seas, Libya's Lawless State Open Door for Migrant Flows

Calmer seas and Libya's lawlessness have opened the way for smugglers to ship thousands of migrants across the Mediterranean this week, in a striking reminder of

Hyundai Merchant Marine to buy Hanjin's 'Good' Assets

South Korea's financial regulator said on Wednesday that Hyundai Merchant Marine Co Ltd will seek to acquire healthy assets of troubled shipper Hanjin Shipping Co Ltd.

Hanjin files for Receivership, Ports Turn Away Vessels

Hanjin says asks court for its assets to be frozen; Hyundai Merchant looking to buy Hanjin's "good" assets. South Korea's Hanjin Shipping Co Ltd filed for court

Logistics

Global Fallout from Hanjin Collapse

When Hanjin Shipping, Korea's largest and one of the world’s top ten container carriers, filed filed for court receivership after losing the support of its banks,

Japanese Shippers Trim Fleets

The three big Japanese marine transport firms -  Nippon Yusen Kabushiki Kaisha (NYK Lines), Mitsui O.S.K. Lines and Kawasaki Kisen - are decreasing the number

GoFLNG Strategy Milestone for Golar LNG

Golar LNG  has now passed a very significant milestone in the roll out of its GoFLNG strategy, says a statement from the company.   The recent full and final

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1145 sec (9 req/sec)