President seeks financial aid for Ivory Coast

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The Ivory Coast president has called for urgent international intervention to prevent the country’s economy from losing further ground.

Speaking at a press conference last week, Alassane Ouattara suggested that due to ongoing political conflicts he expects the nation’s economy to contract by 7%.

“Our main task after reconciliation is reconstruction because the country has been destroyed”, said Outtara after a meeting with UN secretary Ban Ki-Moon.

“In the past ten years there was no investment except in public money to buy arms and ammunitions.

This year because of the post-electoral crisis our economy will drop by seven percent so this needs massive support”, continued Outtara.

Although no specific figure has been requested, some reports suggest that the country will need approximately $25 billion worth of investments to rebuild the economy.

Intriguingly though, Outtara is set to meet with US President Barack Obama as well as the heads of the World Bank and International Monetary Fund in Washington at the end of this week.

The meeting is expected to centre on how best to start rebuilding the economy of a country that was previously regarded as the world’s biggest cocoa producer.

It is clearly in the interests of the United States, and several other countries around the world, to get the Ivory Coast back on their feet financially as quickly as possible.

The political problems really began in earnest when, having secured power on November 28th last year, Outtara watched as thousands were killed in conflicts after the result was announced.

For now though, they must look forward and hope that the money they secure can lead to a more stable and financially prosperous future.

Transfer money to the Ivory Coast

If you are looking to invest in the Ivory Coast, think carefully about how you will be transferring money to the Ivory Coast. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to the Ivory Coast, which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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President seeks financial aid for Ivory Coast

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