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)

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

SAAM SMIT Towage Brazil Signs on with Helm

Helm Operations has signed on Brazilian harbor services company SAAM SMIT Towage to its Helm Marine Operations software to manage its billing and dispatch.    SAAM

First Ocean Vessel of 2015 Arrives at Port of Indiana

Northwest Indiana celebrates opening of gateway to global markets   The arrival of the 655-foot bulk carrier M/V Irma at the Port of Indiana-Burns Harbor signals

Risk & Reputation in the age of Disruption

Risks faced by today’s global businesses represent a combination of traditional concerns and newer threats that reflect changing times. The 2015 Allianz Risk Barometer,

News

SAAM SMIT Towage Brazil Signs on with Helm

Helm Operations has signed on Brazilian harbor services company SAAM SMIT Towage to its Helm Marine Operations software to manage its billing and dispatch.    SAAM

Siemens Wins Vessel Electrical Installation Contract

Nautilus Minerals Inc. announces that the order for the supply of the entire electrical installation for the production support vessel has been awarded to Siemens International Trading (Shanghai) Ltd.

Delivery Begins for HMS Prince of Wales Bridge

The bridge section of the U.K.’s second Queen Elizabeth Class aircraft carrier has been loaded out of its dock hall in Glasgow ahead of its first sea voyage to Rosyth.

Government Update

Underway on LNG

On 17 January 1955, Commander Eugene P. Wilkinson, USN, the first Commanding Officer of USS Nautilus (SSN 571) signaled the memorable and historic message “Underway on nuclear power.

ExxonMobil President Seeks Swift Action on US LNG Exports

The United States is at risk of losing economic opportunity and the ability to solidify its role as a global leader in energy production unless the government moves

ICS Chairman Warns of Regional Regulation Chaos

Addressing members of the Singapore Shipping Association, the Chairman of the International Chamber of Shipping, Masamichi Morooka, warned about the dangers of

Logistics

First Ocean Vessel of 2015 Arrives at Port of Indiana

Northwest Indiana celebrates opening of gateway to global markets   The arrival of the 655-foot bulk carrier M/V Irma at the Port of Indiana-Burns Harbor signals

Baltic Index Up Slightly on Higher Rates for Large Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose slightly on Monday due to firmer rates for the large vessel segments.

ExxonMobil President Seeks Swift Action on US LNG Exports

The United States is at risk of losing economic opportunity and the ability to solidify its role as a global leader in energy production unless the government moves

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Pipelines Port Authority Ship Electronics Ship Simulators Sonar Winch
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: 0.1815 sec (6 req/sec)