Glossary -- Ivory Coast

barrels per day (bpd)

Production of crude oil and petroleum products is frequently measured in barrels per day, often abbreviated "bpd" or "bd." A barrel is a volume measure of forty-two United States gallons. Conversion of barrels to tons depends on the density of the specific product. About 7.3 barrels of average crude oil weigh one ton; gasoline and kerosene average closer to 8 barrels per ton.

canton

During the colonial era, referred to a group of neighboring villages linked either by ethnicity or by direct family ties.

CFA franc

The African Financial Community (Communauté Financière Africaine) franc, the currency of Côte d'Ivoire. In 1988 CFA F315 equaled US$1. The CFA, an organization that includes France and most former French colonies in Africa, administers currency policy in the franc zone. As of 1988, the CFA maintained a currency parity between French francs (FF) and the CFA francs of West Africa at the rate of 1 FF = 50 CFA F. Issuing the CFA francs is the Central Bank of West African States (Banque Centrale des Etats de l'Afrique de l'Ouest--BCEAO), which is based in Paris.

coopérants

French technical assistants and teachers under contract to the Ivoirian government for a fixed period. Coopérants generally received higher salaries than local counterparts and were exempted from many customs regulations. Until 1986 the Ivoirian government assumed responsibility for paying coopérants; after 1986 their salaries were included in the foreign aid provided by France.

coutumes

Literally, "customs, mores, or practices." Fixed, annual fees paid by colonial authorities to local rulers to secure trading rights or permission to establish permanent settlements. Payment of coutumes constituted a de facto recognition of lower status and ceased when the colonial administration felt it could impose its will on local chiefs.

fiscal year (FY)

the calendar year.

French West Africa (Afrique Occidentale Française--AOF)

The collection of territories under French colonial rule until 1960. French West Africa comprised what in 1988 was Mauritania, Mali, Burkina Faso, Guinea, Côte d'Ivoire, Niger, Togo, and Benin.

gross domestic product (GDP)

A measure of the value of domestic goods and services produced by an economy over a period of time, such as a year. Only output values of goods for final consumption and investment are included because the values of primary and intermediate production are assumed to be included in final prices. GDP is sometimes aggregated and shown at market prices, meaning that indirect taxes and subsidies are included; when these have been eliminated, the result is GDP at factor cost. The word gross indicates that deductions for depreciation of physical assets have not been made.

gross national product (GNP)

The gross domestic product (q.v.) plus net income or loss stemming from transactions with foreign countries. GNP is the broadest measure of the output of goods and services by an economy.

indigénat

Refers to denizenship and rights of natives. In colonial French West Africa, the colonial system of discipline characterized by arbitrary and summary judgments accorded Africans living in rural areas. The indigénat was abolished in 1946.

International Monetary Fund (IMF)

Established along with the World Bank (q.v.) in 1945, the IMF is a specialized agency affiliated with the United Nations and is responsible for stabilizing international exchange rates and payments. The main business of the IMF is the provision of loans to its members (including industrialized and developing countries) when they experience balance of payments difficulties. These loans frequently carry conditions that require substantial internal economic adjustments by the recipients, most of which are developing countries.

London Club

A noninstitutional framework within which bank advisory committees conduct negotiations between debtor countries and the private banks holding the loans. The advisory committees form in response to requests for debt restructuring and consist of individuals representing major loan holders in the key creditor countries. The London Club typically reschedules principal falling due and principal in arrears; interest is not covered by any agreement and must be paid along with any outstanding arrearages before any agreement can take effect.

Paris Club

A noninstitutional framework whereby developed nations that have made loans or guaranteed official or private export credits to developing nations meet to discuss borrowers' ability to repay debts. The organization, which met for the first time in 1956, has no formal or institutional existence and no fixed membership. Its secretariat is run by the French treasury, and it has a close relationship with the World Bank (q.v.), the International Monetary Fund (q.v.), and the United Nations Conference on Trade and Development (UNCTAD).

Western Sudan

That part of French West Africa (q.v.) comprising in 1988 the state of Mali.

World Bank

Informal name used to designate a group of three affiliated international institutions: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), and the International Finance Corporation (IFC). The IBRD, established in 1945, has the primary purpose of providing loans to developing countries for productive projects. The IDA, a legally separate loan fund but administered by the staff of the IBRD, was set up in 1960 to furnish credits to the poorest developing countries on much easier terms than those of conventional IBRD loans. The IFC, founded in 1956, supplements the activities of the IBRD through loans and assistance designed specifically to encourage the growth of productive private enterprises in the less-developed countries. The president and certain senior officers of the IBRD hold the same positions in the IFC. The three institutions are owned by the governments of the countries that subscribe their capital. To participate in the World Bank group, member states must first belong to the International Monetary Fund (IMF--q.v.).

NOTE: The information regarding Cote d'Ivoire on this page is re-published from The Library of Congress Country Studies and the CIA World Factbook. No claims are made regarding the accuracy of Cote d'Ivoire Glossary information contained here. All suggestions for corrections of any errors about Cote d'Ivoire Glossary should be addressed to the Library of Congress and the CIA.

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