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IMF mission conclude visit to Côte d’Ivoire

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ABIDJAN – An International Monetary Fund (IMF) mission visited Abidjan during March 11-26, 2014, to conduct discussions on the fifth review of Côte d’Ivoire’s economic and financial program supported by an arrangement under the Extended Credit Facility (ECF).

At the conclusion of the mission, Mr. Michel Lazare, Assistant Director in the IMF’s African Department, issued the following statement:

“Côte d’Ivoire’s economic and financial program remains on track. Macroeconomic performance continued to be impressive in 2013, with economic activity expanding by an estimated 8.7 percent, close to the government’s objective. Inflation remained subdued at some 2½ percent. Budget execution was better than anticipated in 2013, with the basic primary deficit estimated at CFAF 11.7 billion compared to CFAF 44 billion under the program. All quantitative performance criteria and indicative targets at end 2013 under the ECF arrangement were met, except for the quantitative target on the amount of floating debt.

“The macroeconomic prospects for 2014 remain positive, with a vigorous growth rate and low inflation expected. This outlook is partly dependant on rising private investment as well as adequate external financing to allow public investment to rise to close to 8 percent of GDP, consistent with the level envisaged in the 2012-2015 National Development Plan.

“Clear progress has been made recently in the implementation of structural reforms, especially to improve the business climate as indicated by the improvement in Cote d’Ivoire’s ranking in the World Bank 2014 report on “Doing Business”. Delays however have been encountered in some areas. The mission welcomes the authorities’ commitment to finalize and adopt shortly a medium-term wage bill strategy, a financial sector reform strategy, a public bank restructuring plan and measures to strengthen public financial management.

“Continued strong macroeconomic performance and further progress on the government’s structural reform program is necessary to support GDP growth, improve living standards including of the most vulnerable segments of the population, and allow Côte d’Ivoire to transform itself into an emerging economy.

“Upon approval by the IMF’s management and Executive Board, conclusion of this fifth program review will allow disbursement of SDR 48.78 million (about US$74 million or CFAF 35 billion) under the ECF arrangement. Executive Board consideration is expected at the beginning of June 2014.

“The IMF team thanks the authorities for their hospitality and for the constructive discussions.”

The mission met and had constructive discussions with [H.E. Dr. Alassane Dramane Ouattara, President of the Republic of Côte d’Ivoire]; H.E. Mr. Daniel Kablan Duncan, Prime Minister and Minister of Economy and Finance; H.E. Dr. Albert Toikeusse Mabri, State Minister for Planning and Development; H.E. Ms. Niale Kaba, Minister at the Prime Minister’s Office in charge of Economy and Finance; H.E. Mr. Abdourahmane Cisse, Minister at the Prime Minister’s Office in charge of the Budget; H.E. Mr. Adama Toungara, Minister of Petroleum and Energy; H.E. Mr. Jean-Louis Billon, Minister of Trade, Handicraft and Small and Medium Size Businesses; H.E. Mr. Jean-Claude Brou, Minister of Industry and Mines; Mr. Jean-Baptiste Aman Ayayé, National Director of the Central Bank of West African States; other senior government officials, as well as members of civil society, and representatives of the business and donor communities.

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Tesla Aims for 2028 Commercial Production of Flying Car

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Tesla has set a 2028 commercial production date for its new Roadster sports car that can briefly rise into the air using rocket technology.

According to CNN, the date was revealed when the manufacturers demonstrated its functionality on Thursday at a SpaceX testing facility in Texas, United States, where the two-seater vehicle performed a series of manoeuvres, including driving upside down before making a short airborne movement.

The prototype was operated without a driver during the test, with Musk saying the decision was taken “to make sure we don’t kill anyone.”

“Success is not guaranteed. I mean that. It’ll probably work, but if it doesn’t work, we’re at a safe distance,” he said.

READ ALSO: 2027 Election: ‘Your Future Is More Valuable’ — IGP Warn Youths Against Political Violence

CNN reported that the vehicle uses 10 nozzles and high-pressure air tanks to generate thrust, with Musk claiming it could accelerate from zero to 60 miles per hour in less than a second.

The Tesla boss attributed the development to cooperation between the electric vehicle manufacturer and SpaceX, the rocket company he also leads.

He described the project as “the results of what happens when you have a collaboration with the world’s best car company and the world’s best rocket company.”

Musk also sought to assure spectators that the demonstration was genuine, saying, “We need an audience to prove that it’s not AI or SI. So you guys can tell people you saw it with your eyes, because what you see with your eyes, you will not believe.”

Despite the display, questions remain about whether the vehicle can achieve sustained flight and how practical it would be for everyday transportation.

Roger Conner, curator for vertical flight at the Smithsonian’s National Air and Space Museum, told CNN that combining the requirements of road vehicles and aircraft presented significant engineering challenges.

“Aircraft are extremely sensitive to weight, whereas with ground vehicles you want them to have bumpers and crumple zones and all that,” he said.

“Inevitably, something that is a hybrid between the two is going to be a poor performing aircraft and a poor performing vehicle, and also quite expensive,” he added.

Conner questioned whether the demonstration amounted to flying in the conventional sense.

“We’re not talking about sustained flight. We are literally talking about hopping,” he said.

However, Jim Dukhovny, chief executive of flying car startup Alef, said the technology was achievable, while pointing to the difficulties involved in making such vehicles transition safely from vertical take-off to forward flight.

“It absolutely is 100% feasible,” he told CNN.

“That being said, the hardest part on all eVTOLs, and for us, it’s a transition from (rising) vertical to (moving) forward. It needs to be extremely careful, making sure you do not lose lift, and making sure it’s very stable,” he added.

CNN also reported that Alef’s prototype weighs about 254 pounds, uses eight propellers and is designed to carry one person.

Musk said Tesla intended to begin production of the new Roadster in 2028.

CNN reported that the latest display adds to Musk’s ambitions to push Tesla’s vehicle technology beyond conventional electric cars, although the prototype’s ability to operate as a practical flying vehicle has yet to be established.

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Marketers Eye Portion of FG’s Petrol Discount

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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged the Federal Government to add its member-stations to the petrol discount programme.

It cautioned that the current arrangement could limit the reach and deny vast consumers in underserved communities the benefits of the 30-day discount window.

The PETROAN also urged the FG to allocate at least 30 percent of the discounted petrol volume to outlets operated by its members.

READ ALSO: Tanzania Nears Completion of $42bn Equinor, Shell-Led LNG Project

The calls followed last week’s announcement by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, of a petrol discount at Nigerian National Petroleum Company Limited (NNPC Ltd) retail outlets, with priority given to public transport operators nationwide.

According to the National Publicity Secretary, Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, the exclusion of independent marketers could undermine the programme’s effectiveness, particularly in communities where NNPC retail outlets have limited presence.

He argued that independent marketers, with their extensive nationwide distribution networks, were better positioned to extend the benefits of the intervention to consumers in remote and underserved areas.

“Independent oil marketers have over 90 percent coverage and presence in the nooks and crannies of this country. You are giving NNPC that is situated only in the town. So how do the poor masses, whom you intend to ensure that this petroleum product will alleviate their sufferings, how would they now get it?” Ukadike asked.

He said the association was not opposed to the government’s policy but insisted that independent marketers should be included to ensure wider access to the discounted product.

“But it’s government policies; we are not against government policies, but let it be all-inclusive; let independent marketers be part of it,” he said.

Ukadike also urged the government to extend the discount period to 60 days, citing logistical challenges that could delay the movement of petrol from coastal depots to other parts of the country.

“And the 30 days should be extended to 60 days. Because of the circulation of petroleum products, most times it takes two weeks for a truck to leave Apapa and get to Gombe, Maiduguri, because of the bad road and all the rest of them and loading process,” he added.

Similarly, PETROAN National President, Billy Gillis-Harry, urged the Federal Government to allocate 30 per cent of the discounted petrol volume to the association’s retail outlets to facilitate broader national distribution.

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Tanzania Nears Completion of $42bn Equinor, Shell-Led LNG Project

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In the bid to transform Tanzania into the East African regional energy hub, the country is on the verge of concluding an agreement with a consortium of energy companies, including a $42 billion LNG project.

It was gathered that the project is designed to tap the 47.13 tcf of gas discovered in Tanzania’s deep offshore fields, part of the country’s estimated 57.54 tcf in total discovered reserves, the sixth-largest in Africa, behind Nigeria, Algeria, Senegal, Mozambique and Egypt.

READ ALSO: Shell Identifies Keys to Nigeria’s Energy Future

Equinor and Shell would be the lead operators, alongside involvement from ExxonMobil Pavilion Energy and Medco Energi, while state oil major, the Tanzania Petroleum Development Corporation (TPDC), would also hold an equity stake in the project.

“It’s almost there,” Khamis Mussa Omar, Tanzania’s finance minister, told Reuters.

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