Country Report Cote d'Ivoire July 2009

Outlook for 2009-10

• The holding of the presidential election, scheduled to take place in November 2009, will continue to be a necessary condition for improving the country's long-term political stability.
• Political instability may continue after the poll if there is widespread electoral fraud or if the main political parties do not accept the results.
• The country was awarded an IMF-supported three-year poverty reduction and growth facility (PRGF) in March 2009, which could pave the way for large external debt write-offs in late 2010.
• Real GDP is forecast to grow by just 3.2% in 2009, as the global economic downturn and weak commodity prices affect economic activity, before accelerating to 4% in 2010, as reconstruction work speeds up.
• Inflation is forecast to fall from an average of 6.3% in 2008 to 3.5% in 2009 and 3.2% in 2010 as a result of lower international food and oil prices.
• The current account is expected to move into deficit over the forecast period, recording shortfalls of 2% of GDP in 2009 and 3.5% of GDP in 2010, largely as a result of a narrowing trade surplus and a widening services deficit in 2010.

Monthly review

• On June 30th the identification and registration of voters for the presidential election was finally completed, with a total of 6.4m having been registered out of an anticipated 8.8m.
• Nevertheless, there have been protests by voters who were unable to register owing to technical delays and strikes by registration workers.
• The government is withdrawing the fiscal exemptions introduced in mid-2008 to help alleviate the high cost of food and energy.
• The government has repaid CFAfr128.9bn (US$288m) of arrears to domestic suppliers, out of an estimated total of CFAfr272.3bn at end-2008, in an operation supported by the IMF and the World Bank.
• Financing has been secured for the construction of two new bridges across the Ebrie lagoon in the commercial capital, Abidjan.
• Exports of cocoa were severely disrupted by a two-week strike by dock workers at Abidjan's port, resulting in violent clashes between picketing workers and the police.
• The committee charged with reforming the cocoa/coffee sector has recommended reducing cocoa export and registration taxes.

Source: Country Report

This report covers the following industry codes:
SIC Code: 60;53;49;37;47
NAICS Code: 52;44;22;336;48