ABIDJAN: Ivory Coast recorded a surprise budget surplus in the first quarter after state revenues exceeded expectations by around 31 percent, according to figures announced by the government on Tuesday.
Ivory Coast, French-speaking West Africa's largest economy and the world's top cocoa grower, has undergone a rapid economic turnaround since the end of a decade-long political crisis in 2011 and saw economic growth of around 9 percent last year.
"We had projected revenues of 793.8 billion CFA francs ($1.65 billion) for the first quarter of 2014. We were at 1,040.3 billion CFA francs," government spokesman Bruno Kone said following a cabinet meeting. "Spending rose to 928 billion CFA francs from a prevision of 840 billion CFA francs."
Kone said the increased state income was due to improvements in capturing domestic resources, which accounted for 86 percent of total revenues in the quarter, as well as better external financing.
The windfall had allowed the government to increase investment spending from a planned 168 billion CFA francs to 252 billion CFA francs, he said.
The strong budgetary performance comes as Ivory Coast prepares to issue a $500 million Eurobond in July, according to an announcement by Prime Minister Daniel Kablan Duncan in April.
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