Ivory Coast slashes bud­get by 10%

The New Age (Gauteng) - - BUSINESS -

ABIDJAN: Ivory Coast has cut planned spend­ing for this year by 10% due to a sharp drop in world prices of co­coa, its lead­ing ex­port, Pres­i­dent Alas­sane Ou­at­tara said yes­ter­day in the wake of an IMF visit. The move is a ma­jor con­ces­sion by a gov­ern­ment that has prided it­self on its stew­ard­ship of the West African coun­try dur­ing its re­cov­ery from a 2011 civil war. It has since emerged as one of the world’s fastest grow­ing economies, draw­ing the in­ter­est of in­ter­na­tional in­vestors. – Reuters

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