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 Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Baltic Index Up On Higher Capesize Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday helped by an increase in demand for capesize vessels.

Mothballed Vessels SE Asia Reflect Oil Slump Pain

Around 1,300 offshore support vessels lying idle worldwide. Not everyone in shipping is bemoaning the industry's worst crisis in living memory: a cluster of

Asian Traders Unload Floating Gasoline as Market Flips

Gasoline shifted from tankers to landed storage or sold off; forward gasoline prices to flip to backwardation from July. The number of tankers storing gasoline


Royal Caribbean Selects Quintiq Software

Quintiq, a Dassault Systèmes company, announced that Royal Caribbean Cruises Ltd. has selected its software solution to optimize the assignment of more than 80,

Costa Concordia Captain's Sentence Upheld

The prison sentence against the former captain of the Costa Concordia cruise liner for his role in the deadly 2012 shipwreck was upheld on Tuesday by an Italian court.

Partners Target Improved Maritime Efficiency

On May 25, 2016, The University of the West Indies Arthur Lok Jack Graduate School of Business (UWI-ALJGSB) together with the Trinidad and Tobago Shipbuilding &

Government Update

EU Ships in Libyan Waters Would Undermine Tripoli Govt

The U.N.-backed government in Libya has not invited European ships into its territorial waters to help stop people smuggling because this could harm efforts to

Striking Port Workers Protest Greek Port Sales

Greek port workers walked off the job for a sixth day on Tuesday and marched through central Athens to protest the state-sanctioned selloff of the country's two largest ports,

Bulgaria, Greece to Consider Greek LNG terminal

Bulgarian state energy holding company BEH and Greek natural gas company Gastrade have set up a joint task force to prepare a proposal to build an off-shore liquefied


New OPDR Service Links Spain with Northern Europe

OPDR introduces new service: CAVA offers connection between the Spanish east coast, northern Europe and Saint Petersburg    OPDR announced its new CAVA service,

BIMCO President Speaks on Dry Bulk's Road to Recovery

“Scrapping ships and no new builds is the fastest road to recovery for the dry bulk market” BIMCO President Philippe Louis-Dreyfus comments on BIMCO’s latest market

Baltic Index Up On Higher Capesize Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday helped by an increase in demand for capesize vessels.

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Salvage 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: 0.1146 sec (9 req/sec)