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Ivory Coast Cuts Budget as Cocoa Decline Slashes Export Earnings

Ivory Coast cut its budget after the slump in cocoa prices cost the West African nation’s economy 1 billion euros ($1.1 billion) in lost export earnings over the past year, President Alassane Ouattara said.

Annual spending is being reduced by 250 billion francs ($413 million), Ouattara said on state television Thursday in the commercial capital, Abidjan.