For more information, see Côte d'Ivoire and the IMF

Côte d'Ivoire—Enhanced Structural Adjustment Facility
Policy Framework Paper, 1998–2001

Contents

Tables

Table 1. Côte d'Ivoire: Summary of Measures Implemented in 1997


Policy Areas Measures Date

I. Fiscal policy

   1. Revenue

- Evaluation of the fiscal impact (June 1997) and results (Sept. 1997) from the application of the new investment code.

June/Sept. 1997

 

- Strengthening of the Tax Investigation and Audit Department.

June 1997

 

- Creation and start-up of an inspection group in the large taxpayer unit (DGE).

June 1997

 

- Implementation of software for the DGE to monitor deduction entitlements and manage arrears.

June 1997

 

- Computerization of revenue management and taxpayer monitoring.

December 1997

 

- Improvement in the functioning of the acompte sur divers impôts (ASDI), particularly by strengthening controls.

December 1997

 

- Reduction of export taxes on cashew and karité nuts.

December 1997

 

- Reduction of import duties on flour and jute bags.

December 1997

   2. Public finance management

- Completion of a study on public spending procedures and implementation of its recommendations to avoid the accumulation of arrears, and initiation of an audit of expenditure committed without payment authorization (DENOs).

June 1997

 

- Adoption of the law transferring the debt management unit from the CAA to the treasury.

July 1997

 

- Completion of CGRAE audits.

June 1997

 

- Implementation of the recommendations of the CGRAE audits for the reform of the legal and institutional framework.

December 1997

   3. Civil service reform

- Finalization of the results of the 1996 civil service census and determination of the staffing of each ministry at end-1996.

June 1997

   4. Public debt

- Elimination of all nonreschedulable external payments arrears.

December 1997

 

- Signing of the commercial debt reduction agreement concluded with the London Club creditors.

May 1997

 

- Completion of data reconciliation with multilateral and official bilateral creditors.

November 1997

 

- Creation of a committee to monitor private sector external debt.

June 1997

II. Regional monetary policy and reform of the financial sector

- Adoption of the regulatory and operational framework defined by the WAEMU for the new regional financial market.

September 1997

III. Promotion of private sector development

   

   1. Public enterprises

- Privatization of 9 enterprises.

1997

   2. Legal framework

- Implementation of the business law reform, in accordance with the OHADA Treaty.

December 1997

 

- Reactivation of the Office of the Inspector General of Judicial Services.

June 1997

 

- Introduction of panels of judges.

June 1997

 

- Creation of an arbitration court.

October 1997

IV. Trade and prices

- Liberalization of prices of goods and services still regulated, reducing the number of categories from 13 to 6: baguette bread (to be liberalized in 1998); butane gas; public utilities (water, electricity, post and telecommunications); pharmaceutical products; textbooks; and indicative prices for agricultural commodities: coffee, cocoa, cotton, and natural rubber).

June 1997

 

- Adoption of decrees governing the system of petroleum product prices and the structure of the prices for butane gas.

June 1997

 

- Setting up of APEXCI.

October 1997

 

- Liberalization of ordinary and broken rice imports.

January 1997

 

- Elimination of all remaining nontariff barriers (4), with the exception of the SIR monopoly on the supply of refined petroleum products, imports of cotton fabrics (in accordance with the WTO), and restrictions justified for reasons of security, public health, and the environment.

June 1997

V. Agriculture

-Creation of a CAISTAB/GEPEX joint management committee.

September 1997

 

- Finalization of the conclusions of the external audit of CAISTAB's financial accounts, and implementation of its recommendations.

September 1997

 

- Establishment of a one-stop CAISTAB/Customs window for coffee and cocoa exports.

September 1997

VI. Environment and forestry

- Introduction of an environmental protection code.

September 1997

VII. Social policy

- Adoption of a poverty reduction action plan.

June 1997

 

- Assessment of the social funds.

June 1997


 

Table 2. Côte d'Ivoire: Summary and Timetable for
Macroeconomic and Structural Adjustment Measures, 1998–2000


Policy Areas Objectives/Policies Strategies and Measures Timetable Technical Assistance

I. Fiscal policy

Reduction of the overall fiscal deficit and achievement of virtual balance by 2000; generation of primary budget surpluses compatible with the financial objectives of the program for 1998–2000.

See below.

1998–2000

 

   1. Revenue

Maintenance of government revenue of at least 21 percent of GDP, through rationalization of the tax system, broadening of the tax base, and strengthening of the efficiency of the tax and customs administrations.

Tax and customs administration:

- Reduction of tax and customs exemptions by stepping up controls and ensuring that exemptions are strictly limited to those allowed under the law.

1998–2000

 
   

- Completion of the study on the extension of the cadastre.

March 1998

 
   

- Definition of 20 land districts.

December 1998

 
   

- Expansion of the tax base and improvement of the property tax.

   • Introduction of a simplified cadastre.

   • Acceleration of the land registration process.

December 1998

 
   

Export taxes:

- Reduction of export taxes on cocoa from 22 percent in 1996 to 19.5 percent of the export price in 1997 and 17 percent in 1998, and reduction of export taxes on coffee from 12 percent in 1996 to a symbolic 1 percent starting in 1997.

1998–2000

 
   

Import taxes:

   
   

- Reduction of the number and level of rates (maximum 25 percent) in the context of the implementation of the WAEMU common external tariff and common customs procedures.

End-March 1998

IMF/
World Bank

   2. Expenditure

Containment of current expenditure, except in priority areas.

- Reduction of the central government wage bill from 7.1 percent of GDP in 1996 to 6 percent of GDP by 2000.

1998–2000

 
   

- Restraint in other areas of current expenditure while giving priority to basic social services (health and education) and essential infrastructure (see below).

1998–2000

 
   

- Annual report (in September) on the budgetary execution of the human resources development program.

1998–2000

 
 

Improvement of the programming and execution of the public investment program.

- Annual updating of the rolling three-year investment program in September of each year (in consultation with the World Bank) in accordance with sectoral priorities and the macroeconomic framework.

1998–2000

 

   3. Public finance management

Improvement of budget execution and cash-flow management.

- Adoption of a new budget nomenclature in conformity with that adopted by WAEMU.

September 1998

IMF/
World Bank

   

- Integration of all government expenditure into the budget.

January 1998

 
   

- Centralization at the treasury of all central government deposits and rationalization of their management.

March 1998

 
   

- Adoption and implementation of a new accounting system and preparation of a unified budget.

January 1999

IMF/
World Bank/France

   

- Review of public expenditure in September of each year, in cooperation with the World Bank and other donors and lenders.

1998–2000

World Bank

   

- Implementation of the recommendations of the CGRAE audits:

   
   

   • Completion of the administrative and accounting reorganization.

December 1998

 
   

   • Increased computerization.

1998

 
 

Decentralization and strengthening of regional development.

- Strengthening of the role of local governments.

1998–2000

France/European Union

   4. Civil service reform

Improvement of the administration of the civil service.

- Reduction of the size of the civil service by reducing the number of civil servants in certain sectors, reducing the number of temporary employees and day laborers, strictly applying the rules on retirements and voluntary departures, and focusing new hiring in the health and education sectors.

1998–2000

 
   

- Establishment of a data bank on the qualifications of government employees.

January 1998

 
   

- Establishment of an integrated computerized system for civil service and payroll management covering all government employees (including temporary employees and day laborers), and regular updating of this system.

January 1998

 
   

- Rationalization of the allowances paid to civil servants.

February 1998

 
   

- Completion of organization charts and staffing plans.

February 1998

 
   

- Introduction of a new promotion scheme based on productivity.

June 1998

 
   

- Completion of a study on the public sector pay scale.

June 1998

 

   5. Public debt

Reduction of debt service to a sustainable level.

- Elimination of all verified domestic payments arrears.

December 1998

 
   

- Nonaccumulation of new external and domestic arrears.

1998–2000

 
   

- Request for a rescheduling of debt owed to Paris Club creditors.

April 1998

 
   

- No recourse to nonconcessional external loans (with a grant element of less than 35 percent) contracted or guaranteed by the government, except as specified under the program.

1998–2000

 

II. Regional monetary policy and reform of the financial sector

Improvement of monetary management to ensure a moderate strengthening of the external position of the banking system and maintenance of low levels of inflation.

- Conduct of regional monetary policy using mainly indirect instruments.

1998–2000

 
 

Increase of private domestic savings and improvement of competition and efficiency of the banking and financial systems.

- Development of new medium- and long-term financial instruments.

- Continued strict application of the banking commission's prudential regulations.

1998–2000

1998–2000

 
   

- Adoption by the government and transmission to parliament of the texts changing the status of CAA-GDD from a public enterprise to government corporation subject to the banking laws.

January 1998

 
   

- Start-up of the Regional Stock Exchange.

March 1998

 
   

- Promotion of mutual savings and loan associations.

1998–2000

 
   

-Restructuring of the SIPE and adoption of the decrees separating the postal services from the financial services.

June 1998

 

III. Promotion of private sector development

Continuation of the privatization program and improvement of the performance of public enterprises.

- Privatization of 15 enterprises in 1998 and 25 in 1999-2000 (see attachment).

1998–2000

 
   

- Finalization of the report on the financial position of public enterprises in 1996

January 1998

 
   

- Implementation of plan for the reduction of cross-debts between the government and public enterprises.

June 1998

 
   

- Completion of a study on the procedures and economic results of the privatizations.

June 1998

 
   

- Revision of the articles of incorporation of public enterprises consistent with the new laws adopted in May 1997, which specify government control mechanisms over the enterprises with state participation.

November 1998

 
 

Reform of legal and regulatory framework and the judicial system.

- Strengthening of the legal and judicial systems and speeding up of court proceedings, including:

1998–2000

France/World Bank

   

   • Decentralization of the judicial system and reform and modernization of the court registry offices.

1998

 
   

   • Recruitment and training of a sufficient number of new magistrates each year to allow the judicial system to function efficiently.

1998–2000

 
   

- Adoption of the 4 remaining implementing decrees of the new labor code.

January 1998

 
 

Increase in labor market flexibility.

- Continued implementation of the new labor code.

1998–2000

ILO

IV. Trade and prices

Increase in flexibility of prices for goods and services and efficient resource allocation.

- Continued application of the system for the adjustment of petroleum product prices based on fluctuations in world prices, and reduction of the butane subsidy.

1998–2000

 
 

Promotion of exports and import substitution by simplifying and liberalizing the trade system.

- Elimination of the SIR monopoly on the supply of petroleum products.

December 1998

 

V. Agriculture

Promotion of modern, diversified, and competitive agriculture with enhanced private sector participation.

- Complete liberalization of coffee and cocoa marketing, with the aim of strengthening the private sector, increasing producers' income, and diversifying agriculture.

1998–2000

 
   

   • Increased public information on new policies through an education and information campaign.

1998–2000

 
   

   • Accelerated strengthening of producer organizations, the private sector, and support to young farmers and women, including through the reduction of legal, financial, and administrative barriers.

1998

AfDB

   

   • Census of producers and creation of a database to serve as a reference source for the two sectors.

1998

 
   

   • More efficient marketing of coffee and cocoa during the transition period before the 1998/99 agriculture season, in particular through the formalization of a domestic market in physical commodities and contracts.

1998–2000

 
   

   • Liberalization of coffee marketing, including elimination of the price schedule (barème), the minimum indicative producer price, and public forward sales (PVAM) for coffee.

October 1, 1998

 
   

   • Evaluation of the impact of the liberalization of coffee marketing and definition of additional measures for the liberalization of cocoa.

1998–99

 
   

   • Liberalization of cocoa marketing, with elimination of the price schedule (barème), the minimum indicative producer price, and the possibility of setting up public forward sales (PVAM) for cocoa managed by professionals instead of the public sector. The evaluation of the coffee liberalization will be made before October 1, 1999, supported by corrective measures, if needed, for the liberalization of the cocoa sector.

October 1, 1999

 
   

- Restructuring of CAISTAB.

1998–2000

 
   

   • Limitation of direct sales by CAISTAB to 15 percent of annual coffee and cocoa production.

1998–2000

 
   

   • Reduction of CAISTAB current outlays ("delta").

1998–2000

 
   

   • Adoption of a restructuring plan for CAISTAB.

September 1998

 
   

   • Reorientation in the functioning of the restructured CAISTAB in conformity with the different stages of liberalization.

1998–99

 
   

   • Submission of quarterly data on CAISTAB's financial operations.

1998–2000

 
   

- Placement of the processing factories on a more competitive footing.

1998–2000

 
   

- Initiation and completion of a feasibility study on the creation of a commodity exchange in Abidjan.

1998–99

 
   

   • Preparation of the terms of reference of the feasibility study.

April 1, 1998

 
   

   • Completion of the study and discussion with development partners.

December 31, 1998

 
   

- Updating and implementation of the food production plan.

1998–2000

 

VI. Environment and forestry

Development and protection of natural resources.

- Implementation of the national environmental action plan.

1998–2000

World Bank/European Union

   

- Halting of illegal occupation and strict control on cultivation in designated forests, and gradual permanent resettlement of occupants producing cash crops.

1998–2000

 
   

- Introduction of a resource-based taxation system on wood to replace the current system based on sawn timber and processed wood products.

1998

 
   

- Introduction of new policies allowing the granting of long-term transferable concessions.

1998

 
   

- Promotion of national parks management and reforestation by the private sector.

1998–2000

 

VII. Mining and petroleum

Increase in production, storage, and distribution capacity for petroleum products.

- Continued exploration of new oil fields, especially offshore.

- Promotion of the use of natural gas.

1998–2000

1998–2000

World Bank

 

Development of the mining sector.

- Promotion of mining production and artisanal mining.

1998–2000

 

VIII. Energy and water

Achievement of self-sufficiency in the energy sector.

- Development of electrical energy production capacities.

1998–2000

 
   

- Extension of national electricity network and acceleration of rural electrification program (200 villages per year).

1998–2000

 
 

Strengthening of competition and cost-effectiveness.

- Improvement of the legal and regulatory framework to promote independent energy producers; completion of the restructuring of the sector.

1998

 
   

- Continued application of a cost-based automatic adjustment mechanism for electricity charges.

1998–2000

 
 

Increase availability of drinking water.

- Implementation of the water supply investment program.

1998–2000

 
   

- Improvement of water distribution equipment.

1998–2000

 
   

- Preparation of a code on water resource management.

1998

 

IX. Transport and telecommunications

Withdrawal of government from the sector and reduction of transport costs through deregulation of domestic and international transport.

- Removal of the remaining regulatory obstacles in the area of road transport.

- Rationalization of roadblocks and checkpoints.

1998–2000

1998

 
 

Reorientation of infrastructure expenditure

- Provision of priority budgetary allocations for road maintenance expenditure, especially for rural roads.

1998–2000

 
   

- Gradual transfer of maintenance work to the private sector.

1998–2000

 
 

Broadening of domestic coverage of the telecommunications network and strengthening of international networks.

- Increase in the number of telephone lines.

- Development of the telephone company's rural network.

1998–2000

1998–2000

 

X. Housing

Establishment of a real estate and mortgage market, and mobilization of private funds for housing purposes.

- Improvement of the access of households (especially lower income) to home ownership and mortgage loans.

1998–2000

 
   

- Provision of additional developed and serviced land, increase in the construction of low-income housing, and rehabilitation of rundown neighborhoods.

1998–2000

 

XI. Social policy

Poverty alleviation and improvement in socioeconomic conditions, aimed at reducing poverty from 36.8 percent of the population in 1995 to 30 percent in 2000.

- Adoption and implementation of a national policy in favor of women.

1997-2000

 

- Creation of a committee to guide and monitor implementation of the poverty reduction action plan.

January 1998

   

- Preparation of specific sectoral action plans aimed at increasing and at better targeting public expenditures in favor of the most vulnerable groups, and at improving the efficiency and usefulness of these expenditures.

March 1998

 
   

- Development of poverty indicators and key social indicators.

March 1998

 
   

- Assessment of the impact of social funds in reducing poverty.

September 1998

 

   1. Health and family planning

Improvement in the coverage and quality of health services, especially in rural and disadvantaged urban areas.

- Reinforcement of measures guaranteeing a minimum level of primary health care.

- Increase of the share of total primary spending represented by health (excluding foreign- financed investments, from 7.1 percent in 1996 to 10.8 percent in 2000, i.e., from 1.0 percent of GDP to 1.5 percent of GDP, respectively).

1998–2000

1998–2000

 
   

- Increase in budgetary allocations to primary and preventive health care (from 33 percent of the health budget in 1996 to 39 percent in 2000).

1998–2000

 
   

- Development of a system to strengthen the program execution capacity of the Ministry of Public Health (MSP).

1998

 
   

- Increased access to health centers in disadvantaged and rural areas, and improvement of the quality of care and development of preventive measures.

1998–2000

 
 

Improvement in accessibility and availability of medicines.

- Continuation of the campaign to promote the use of generic drugs by health providers, patients, and pharmacies (public and private).

1998–2000

 
   

- Strengthening of cost-recovery system in Côte d'Ivoire.

1998–2000

 
   

- Strengthening of competition in the import and sale of medicines.

1998–2000

 
   

- Continued reform of the operations of the Public Health Pharmacy (PSP).

1998–2000

 
 

Promotion of family planning and reduction of infant mortality.

- Strengthening of family- planning, AIDS prevention, and anti-malaria services.

1998–2000

 
   

- Implementation of the child vaccination program (raise the child vaccination rate to 80 percent in 2000, compared to 60 percent currently).

1998–2000

 

   2. Education

Improvement in the efficiency and quality of the education system and achievement of a net enrollment rate of 55 percent in 2000, compared to 51 percent in 1996, and a literacy rate of 48 percent by 2000, compared with 43 percent in 1996.

- Increase in the enrollment rate, with a particular emphasis on girls and disadvantaged groups; reduction of repeater rates and exam failure rates; reform of curricula and teaching methods; reduction of regional disparities.

- Increase in the share of total primary spending represented by education (excluding foreign-financed investments, from 31.6 percent in 1996 to 39 percent in 2000, or from 4.5 percent of GDP to 5.4 percent of GDP), and stabilization of the share of the education budget devoted to primary education to at least 45 percent.

1998–2000

1998–2000

 
   

- Targeting of school construction and maintenance programs in favor of low income zones and zones with low primary school enrollment rates, with an objective of building 1000 primary school classrooms per year.

1998–2000

 
   

- Recruitment of 2000 primary school teachers per year.

1998–2000

 
   

- Strengthening of measures to rationalize education and control unit costs.

1998–2000

 
   

- Rehabilitation and expansion of school infrastructure (at least 1000 primary school classrooms per year).

1998–2000

 
   

- Development of technical and vocational training.

1998–2000

 
   

- Implementation of the action plan aimed at increasing girls' access to education, with a view to raising girls' percentage in total students from 42 percent in 1996 to 44 percent in 2000.

1998–2000

 

XII. Statistical issues

Improvement of statistical data, particularly balance of payments, monetary, national accounts, and debt statistics.

- Implementation of BCEAO action plan to improve balance of payments and monetary statistics in response to recommendations of IMF technical assistance missions of August 1996 and August 1997.

1998–2000

IMF

   

- Completion of a household statistical survey.

1998

 

 

Côte d'Ivoire: Privatization Program, 1997–2000


Company's Name Branch    

Original
State Share
(In percent)

   State Share
   After Sale
   (In percent)

I. Companies privatized in 1997    

   1. CI-TELECOM

Telecommunications

98.0

47.0

   2. Assets of PALMINDUSTRIE

Agriculture (palm oil)

100.0

0.0

   3. PHCI

Agriculture (palm oil)

17.0

0.0

   4. SODESUCRE

Sugar production

100.0

0.0

   5. HÔTEL IVOIRE1

Tourism

100.0

100.0

   6. HOTELS EX-SIETHO

Tourism

100.0

0.0

   7. TRITURAF

Cotton seed oil

5.0

0.0

   8. SIEM

Metallic packaging

10.4

0.0

   9. PETRO-IVOIRE

Petroleum

35.0

0.0

   10. SBB/BRACODI

Brewing

11.1

0.0

       
II. Companies to be privatized in 1998

   11. SISA

Shipping

75.0

21.0

   12. GDCI

Gas distribution

71.0

 

   13. GESTOCI

Petroleum

12.5

 

   14. CIDT

Cotton processing

70.0

20.0

   15. BIAO

Banking

100.0

 

   16. SAGA-CI

Goods transportation

0.1

0.0

   17. SIFROID

Cold storage

49.0

 

   18. AIR IVOIRE

Aviation

100.0

34.0

   19. SIR

Petroleum

47.3

 

   20. SIVOA

Oxygen and acetylene

21.0

 

   21. SICOGI

Construction

82.0

 

   22. SOTRA

Urban transport

60.1

 

   23. ABIDJAN CATERING

Catering

34.0

 

   24. SOCEF

Cooling products

44.4

 

   25. SHAD

Coffee/Cocoa marketing

5.1

 
       
III. Companies to be privatized in 1999      

   26. HOTEL PRESIDENT

Tourism

100.0

 

   27. MOTORAGRI

Agroindustry

95.0

 

   28. SEPBA

Agroindustry

15.0

 

   29. SIVAC

Agroindustry

30.0

 

   30. AIR INTER Ivoire

Transportation

4.9

 

   31. SIPRIM

Housing

33.0

 

   32. SOGEVRI

Housing

50.0

 

   33. SMB

Energy/Mining

20.0

 

   34. CIERIA

Communications

78.0

 

   35. SIB

Banking

49.0

 

   36. CNA

Financial sector

14.8

 

   37. STATION DE PANYA

Cattle raising

100.0

 

   38. STATION DE NORONINGUE

Cattle raising

100.0

 

   39. RANCH DE SIPILOU

Cattle raising

100.0

 

   40. FERME DE BADIKAMA

Cattle raising

100.0

 
       
IV. Companies to be privatized in 2000      

   41. UTEXI

Agroindustry

12.0

 

   42. ERG

Agroindustry

47.7

 

   43. COTIVO

Agroindustry

27.0

 

   44. HEVEGO

Agroindustry

70.0

 

   45. I2T

Agroindustry

75.0

 

   46. SONITRA

Transportation

55.0

 

   47. PETROCI (PETROCI EXPLORATION-
PRODUCTION PETROCI GAZ and PETROCI
INDUSTRIE-SERVICES)

Energy/Mining

100.0

 

   48. SOMIAF

Energy/Mining

32.0

 

   49. EDIPRESSE

Communications

50.0

 

   50. RTI

Communications

98.0

 

Source: Comité de Privatisation.
1Hôtel Ivoire is now under a management contract to a private operator for 15 years.

 

Table 5. Côte d'Ivoire: Selected Demographic and Social Indicators


Indicator Sub-Saharan
Africa
Latest Single Year
       Est.
       1996
    Prog.
2000
1970–75 1980–85 1987–92

Population (In units indicated)
   Total (thousands) 546,390 6,755 9,936 13,1751 14,700 17,100
   Annual growth rate (in percent) 2.9 4.0 3.8 3.8 3.8 3.8
   Urban population
      (in percent of total) 29.5 32.1 37.6 51.2 . . . . . .
   Poverty (in percent of total)     10.0   36.82 30.0
   Life expectancy (years) 52 . . . 53 56
   Total fertility rate
      (births per woman) 6.1 7.4 7.4 6.6 5.6 5.33
 
Labor force
   Total, ages 15-64 (thousands) 224,025 3,153 4,053 4,840 6,500 7,500
   Employment in agriculture
      (in percent of total) . . . 71.0 65.0 . . . . . . . . .
 
Shares of public expenditure
   (As percent of GDP)
      Education4 . . . . . . 6.0 6.8 7.2 8.6
      Health4 . . . . . . 1.0 1.8 1.7 2.0
 
Education (Percent of school-age population)
   Primary school enrollment ratio (gross) 66 62 75 672 69 73
      Male 79 77 88 81  
      Female 62 47 62 58  
   Secondary school enrollment ratio 18 13 20 24 292 . . .
 
  (In units indicated)
   Primary school pupil-to-teacher ratio 39 44 36 37 . . . . . .
   Adult illiteracy rate
      (percentage of population ages
         15 and above) 51 . . . 51 . . . 572 45
       Female 62 . . . 66 . . . 602 47
 
Health
   Persons per hospital bed 1,329 864 . . . 1,269 . . . . . .
   Infant mortality rate
      (per 1,000 live births) 99 129 106 91 902
   Access to safe water
      (percentage of population) 41.1 44.0 . . . . . . 62.5 75.0
         Urban         75.0 85.0
         Rural         50.0 65.0
 
Nutrition
   Food production per capita
      (1987 = 100) . . . 99 100 89 . . .
   Child malnutrition
      (percentage of children under age 5) 28.4 30.6 20.8 33.4 345

Sources: Ivoirien authorities; and World Bank.
11993 estimates.
21995 estimates.
3Implied objective based on long-term target of 4.5 percent in 2015.
4Including foreign-financed investments.
51994 estimates.
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