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By Doris M. Hyde

The Government of Belize maintained strict control over spending in 1982 as a means of protecting its import-dependent economy against the effects of a general worldwide recession. The modest economic performance was not expected to differ substantially from the $152 million2 gross national product (GNP) estimated for 1981. Exports and reexports were expected to decline in 1982, partly as a result of the Mexican peso devaluation. Imports were also expected to decline slightly in 1982, but the overall trade deficit was projected some-what higher than the $44 million experienced in 1981. On September 21, 1982, Belize became an independent state. As a result, the new Government became eligible for assistance from international organizations such as the International Monetary Fund, the International Bank for Reconstruction and Development (World Bank), and the United Nations Development Program (UNDP). Belize's independence from its former status as a colony of Great Britain was marred somewhat by the unsettled territorial dispute between Great Britain and Guatemala. Guatemala declared Belize was a part of Guatemala and. therefore. refused to recognize it as an independent state. Negotations between Great Britain and Guatemala continued without resolution.

Jan 1, 1984

Mining activity during 1977 was limited to the production of limestone, marl, and sand and gravel, all of which were used domestically. Public works projects consumed the major portion of the construction material produced. The consortium of oil companies operating as Esso Ventures Inc., drilled one exploratory well off the coast of southern Belize. For drilling the well, Exxon Corp. received a 57% working interest in the consortium's concession located 40 kilometers east of Puta Gorda. No other offshore drilling was attempted in 1977. Esso also drilled a well on the Anschutz Overseas Inc. concession in the Toledo District of south- eastern Belize. The attempt wee abandoned, but seismic activities continued.

Jan 1, 1981

By Doris M. Hyde

The economy of Belize continued to be relatively unaffected by activity in the minerals sector. Mining production consisted of limestone, marl, and sand and gravel. All production was used for domestic construction projects. By the end of 1979 the major oil companies had, temporarily at least, ceased active exploration efforts. Esso Ventures, Inc., after drilling three dry holes in southern Belize, planned to reappraise its activities. The Reef Exploration, Ltd., concession was acquired by Anschutz Oil Co. (81.25%). with minority interests held by Anglo Oil Co. and Carolina Oil Co. The Anschutz group drilled offshore in the Gulf of Honduras and in Belize Harbor. Echo Exploration has a con-cession along the Mexican border and Spar-tan Petroleum Corp. obtained seven exploration licenses covering 768,000 acres in northern Belize. Spartan's concessions included about 130,000 acres offshore, with the remainder along the southeastern rim of the Yucatan Peninsula. Placid Oil Co. took an interest in the Spartan acreage and became operator. Seismic exploration was underway in 1979. A Mexican company, Pan American Oil and Gas, S.A., was awarded two exploration concessions, one in southern Belize and one near the Mexican border.

Jan 1, 1981

By Pablo Velasco

The Belize economy recorded modest growth during 1980; the growth of the gross domestic product (GDP) in real terms was between 1% and 2%. At current prices, the 1980 GDP reached $108 million2. This output was largely attributed to the performance of a few industries, mostly nonminerals. Such performance improved significantly the balance of payments situation by reducing the deficit from $19 million in 1979 to $4 million in 1980. The rate of inflation was an estimated 18% in 1980 and would have been greater if not for a conservative monetary policy and price control on a number of essential items. Expert earnings increased $43 million, or 50%, from the 1979 level. After increasing more than 25% in 1979, imports increased only 6% in 1980 to a level of $141 million owing to the decline in investment and stabilization of petroleum prices. The balance of trade deficit was $9.8 million in 1980, a marked improvement from the 1979 level of $45.1 million. The mineral output for Belize accounted for only a fraction of 1% of the GDP. Such activity was limited to the production of limestone, marl, and sand and gravel, all of which were primarily used in construction of the Northern Highway between Orangewalk and Belize City. Mineral resources are deficient or nonexistent in Belize for the majority of metals and nonmetals, although the Government and others continue to believe that petroleum must exist in Belize. The proximity to Mexican oilfields and the growing finds in the Peters area of Guatemala support this expectation. The Government continues encouraging exploration onshore and offshore and offers terms that

Jan 1, 1982

By H. Robert Ensminger

The Belizean economy registered a modest real growth of 1.3% during 1981. The gross domestic product (GDP), based on current prim was $121 million' with an inflation-rate of 10%. The country received $19 million in economic aid during 1981. In early 1981, Belize'e four commercial banks raised the interest on deposits to 15% in an effort to curb capital outflow. During 1981, the financial situation deteriorated somewhat, particularly the balance of payments. For the year the total value of imports exceeded exports by almost $38 million, while the Government continued to maintain a fairly free trade policy. Import duties and term averaged about 8% on essential item and 40% on nonessential ones.

Jan 1, 1983

By Nicholas G. Theofilos

The only mining activity in Belize during 1976 involved the production of construction aggregates, which were used domestically. A comprehensive ordinance regulating mineral prospecting and mining was proposed during the year. Under the ordinance, which would supersede all grants and titles, ownership and control of all minerals except petroleum would be vested in the Government. Exxon Corp. entered into an agreement with three oil companies to achieve a majority interest in nine oil prospecting leases covering 1 million acres, mostly offshore Belize. The agreement was with Weatherford International Inc. which had 30% interest in the leases, Ajax Petroleum Co. with 40% interest, and Canadian Superior Oil Ltd, with 24% interest. A new entity, Esso Ventures Inc., was established to be responsible for conducting extensive geophysical operations and drilling an exploratory well offshore Belize.

Jan 1, 1980

By Sumner M. Anderson

THE ENORMOUS contrast between the mineral economy of Cuba in 1963 and in 1958 was the result of the overall Political changed to which the total economy of the country was intimately lined. Creation of the Cuban Mining Institute (Instituto Cubano de la Minería) to direct all mining activities in the country was an early act of the new Government after the revolution on January 1, 1959. During the next 2 years, the Government confiscated foreign holdings,2 including Unite States investments exceeding $1 billion in value. Foreign mining and metallurgical technicians-predominately from Communist areas-were brought in to reorganize the mineral industries. On January 3, 1961, diplomatic relations between Cuba and the United States were severe and then on May 2, Cuba announced its full-fledged membership in the so-called Communist Bloc. Fifty-four international treaties assured Cuba of Communist economic support, technical and financial assistance, machinery, raw materials, and manufactures. The Soviet Union agreed to buy some Cuban mineral products, and Czechoslovakia stated that it would buy all mineral production offered for the next 20 years, but in both cases at prices said to be much lower than the world market. The mineral productivity segment of the mineral economy during and since the period of political metamorphosis, has withstood the political disruption better than has the economy as a whole, but with no direct measure of the magnitude of its cost. The overall economic record is marked with steady deterioration; the annual average per capita income has dropped from $374 in 1957 to $185 in 1963, when Cuba's deficit with the Soviet Union alone reached an admitted $1 billion.

Jan 1, 1964

The mineral industry of Benin contributed less than 1% of the 1977 gross domestic product (GDP), which was estimated at $500 million.' Other than limestone and salt, no exploitable mineral deposits have yet been discovered in Benin, which has been rated by the United Nations as one of the world's least developed nations. In 1977, the economy was further weakened by petroleum price increases and severe drought. The country continued to depend on foreign assistance, which averaged $20 million per year, to finance development projects. The country's first 3-year plan, which was put into operation in October 1977 after many delays, allocated more than $1 billion to projects in infrastructure, agriculture, and light industry. The most important infrastructure project was the expansion and modernization of the port of Cotonou, valued as an entrepôt port for the transit of goods to the neighboring countries of Niger and Nigeria. Plans called for an increase in handling capacity to 1 million tons of cargo annually, the improvement of port and cargo handling operations, and the upgrading of the efficiency of the Port Autonome de Cotonou (PAC) management system. The $46 million project was to be financed by a consortium led by the International Bank for Reconstruction and Development (IBRD) and including Canada, France, Nigeria, and Abu Dhabi. Construction was scheduled to begin in 1978 and be completed in 1980.

Jan 1, 1981

By Candice Stevens

The Territory of Afars and Issas is to receive its independence from France on June 27, 1977. The Territory's economic income was based on entrepôt trade through the port of Djibouti and trans-shipment of goods on the Chemin de Fer Franco-Ethiopian (CFE) railroad. The Territorial budget was scheduled to in- crease from $32.6 million3 in 1976 to $36 million in 1977, despite severe shortfalls in 1976 stemming from inflation and a persistent balance-of-trade deficit. Subsidies from France continued to sustain the economy, and the French pledged to provide approximately $140 million in aid annually after independence. In 1976, financial agreements were concluded with a number of Arab oil-producing countries, including Saudi Arabia which granted $10 million toward development projects. The new Republic of Djibouti is scheduled to become the 49th member State of the Organization of African Unity (OAU) and the 21st member of the Arab League, and to receive aid from their financial institutions. The port of Djibouti and the CFE railroad constituted the Territory's main economic resources. Traffic at the port greatly

Jan 1, 1980

By Travis Q. Lyday

During 1983, Ecuador's gross domestic product (GDP) decreased by a reported 3.3% in real terms, the second consecutive decline in the economy after more than a decade of growth generated mainly by petroleum export revenues. The slowdown was due, in part, to the effects of the world recession, lower foreign demand for oil, depressed world oil prices, and reduced demand and prices for Ecuador's traditional agricultural exports. Inflation accelerated to an estimated 55% annual rate. The sucre was devalued in March, for the second time in less than a 12-month period, by 27% after remaining unchanged during the previous decade. In addition, continuous adjustments were made every weekday, effectively devaluing the sucre another 30% by yearend. Ecuador's production of crude petroleum increased almost 12% in 1983 compared with that of 1982. Average daily production was 237,100 barrels per day (bbl/d), up from 211,300 bbl/d in 1982.

Jan 1, 1985

Ecuador a gross domestic product (GDP) grew 8% despite a slowdown in production and sales of petroleum, the dominant economic sector. Crude petroleum exports, which amounted to about 35% of total exports in 1977, were valued et $484 million,2 a decrease of 14% from 1976 values. Petroleum export sales were depressed because foreign buyers were somewhat uncertain that State-owned Corporación Estatal Petrólera Ecuatoriana (CEPE) held legal title to the oil until final settlement with Ecuadorian Gulf Oil Corp. In addition to the legal complication, Ecuador maintained a relatively high export price for oil until late in the year. There was also a shrinkage of traditional U.S, markets owing to the Alaskan pipeline becoming operational and an increased availability of Mexican supplies. The export market was also affected by increased domestic production in Peru and Chile, which lessened their import needs, and the pressure of greater competition from the Middle East in supplying crude oil to Caribbean refineries. About 20.4 million barrels or 40% of Ecuador's total crude exports went to the United States. Only 27 wells were drilled in Ecuador during L977; of these, 16 produced oil, 3 were dry holes, and 8 were suspended. About 31 wells were planned for 1978. Three new oilfields were discovered during 1977; two by CEPE in northeastern Ecuador and one by the Argentine State oil company Yacimientos Petraliferos Fiscales (YPF), operating in Ecuador under a service contract. CEPE's two discoveries tested at 5,000 and 1.450 barrels per day, respectively. The YPF discovery tested at about 1,000 barrels per day. Ecuador altered its position regarding

Jan 1, 1981

By Travis Q. Lyday

During 1981, Ecuador's gross domestic product (GDP) increased by a reported 4.8% in real terms, a slight improvement over that of 1980. In current prices, the CDP in 1981 was estimated at $13.7 billion.2 The inflation rate increased to 15.6% according to official figures, above that of 1980. Ecuador's production of petroleum increased 3% in 1981 compared with that of 1980. The consortium of Corporación Estat al Petrolera Ecuatoriana (CEPE), the state oil company, and Texaco, Inc., produced almost 98% of the total from their Putumayo Basin operations in Oriente, the eastern jungle region. In sharp contrast, output from the Santa Elena Peninsula Fields, where oil was first produced commercially in 1921, continued to decline, producing only 510,000 barrels, a decrease of almost 8% compared with that of 1980.

Jan 1, 1983

By Pablo Velasco

After becoming an oil exporter in 1972, Ecuador experienced a remarkable economic upswing until 1978. However, in 1979 and 1980, a combination of only slight improvements in agricultural output and stagnating petroleum output lowered rates of real gross domestic product (GDP) expansion to 5.3% and 4.3%, respectively. In current prices, the GDP in 1980 was estimated at $11.3 billion.2 The slowdown in growth is attributable in large part to the low level of petroleum exploration in the 1972-79 period. Ecuador's production of petroleum declined 4.5% in 1980 compared with that of 1979. The consortium of Corporación Eatetal Petrolera Ecuatoriana (CEPS), the State oil company, and Texaco, Inc., operating in Ecuador's eastern jungle region was responsible for nearly all of 1980 production, The volume of total crude petroleum exports from Ecuador dropped from 44.7 million barrels in 1979 to 40 million barrels in 1980, although crude petroleum export revenues rose from $1,032 million in 1979 to $1,294 million in 1980- The latter figure represented 54% of Ecuador's 1980 merchandise exports. Crude oil exports accounted far about 46% of the value of 1979 merchandise exports. The total nonfuel mineral exports in 1980 were valued at less than $1 million.

Jan 1, 1982

By Doris M. Hyde

The petroleum sector continued to dominate Ecuador's economic activity in 1978, accounting for nearly 10% of the gross domestic product (GDP) and 42% of total export earnings. In 1978, a more flexible petroleum export price was adopted which permitted an expansion of foreign market opportunities. During 1979, Ecuador took advantage of disruptions in the world petroleum supply and renegotiated existing export contracts to accomodate the rapidly escalating world market price. Petroleum sales on the spot market were maximized, and prices reached unprecedented levels. By taking royalty payments in-kind, Ecuador increased its volume of petroleum available for term and spot sales. Although the volume remained about the same as in 1978, the total value of 1979 petroleum exports increased to about $920 million, reflecting a 76% increase over the $523 million received for 1978 crude oil exports. Concerned about its steadily decreasing petroleum reserves (recently estimated at about 1.1 billion barrels), rapidly increasing and heavily subsidized domestic consumption, and the prospect of having to import substantial amounts of petroleum by 1983, Ecuador announced plane which it anticipates will double reserves within the next 5 years. The Government plans to spend $1 billion over the 5-year period. Plans include drilling 325 exploration and development wells and establishment of a secondary recovery program for the Sachs and shushufindi fields. Some exploration wells are expected to reach a depth of 17,000 feet. It is thought that substantial reserves exist in the southeast Amazon region. Late in 1979, it was announced that some 10 million hectares will be available for exploration tenders-probably in blocks of about 200,000 hectares each-in the Amazon jungle of the Orients and in the coastal and offshore regions. The Government planned to commission a private, independent analysis of Ecuador's petroleum reserves that would also include recommendations on efficient production levels.

Jan 1, 1981

By E. Chin

The domination of Bangladesh's mineral industry by natural gas was in for some possibly significant changes. A modest flow of crude oil was struck in a gas development well in the northeastern corner of the country. This was the first commercial flow of crude oil in Bangladesh. All crude oil was being imported, which cost a significant proportion of the nation's foreign exchange earnings. The development of an oilfield producing only a few thousand barrels per day would be a welcome help to the economy. Additional exploration at a 1985 coal discovery in the northwest indicated a considerable reserve of good-quality coal at a depth suitable for mining. If the coal is mined, it would be a boon to the local economy because natural gas was not available in the area.

Jan 1, 1988

Mineral production was of little significance in the country's economy, and Bangladesh was not a world-ranked producer of any mineral commodity during 1977. Natural gas was the most important mineral exploited; however, reserves were sufficient to allow for much greater production, Economically, Bangladesh made some progress in 1977-782 in its struggle against poverty, underdevelopment, and rapidly increasing population. The gross domestic product (GDP) grew 8%, mainly owing to a 13% increase in food grain production, the key economic indicator in this highly agricultural nation. GDP at current prices dropped slightly in Fiscal Year (FY) 1976.77 to $6.6 billion3 and rose to $7.2 billion in FY 1977.78. The population rose from 81 million in FY 1975-76 to about 85 million in FY 1977-78, resulting in an increase of per capita GDP from $83 to $85 during the same period. The high annual population growth rate, over 3% in 1976 and about 2.8% in 1977, was recognized by the Government as the main problem facing the country. Average density was 525 people per square kilometer. A similar density would have the entire world population living within the continental United States.

Jan 1, 1981

By Gordon L. Kinney

The only economically important mineral currently produced in Bangladesh was natural gas. Bangladesh was not a world? ranked producer of any mineral commodity, but the possibility of producing and exporting commercial amounts of liquefied natural gas (LNG) was being examined. Proved reserves of natural gas were sufficient to supply most of the country's industrial and domestic heating and electric needs and still support an export-oriented LNG plant. Other mineral production was of virtually no significance to the economy, although there were a few prospects for nonmetallic mineral development. Bangladesh continued to make economic progress during 1978 and into early 1979. Gross domestic product (GDP) at current prices rose from $6.6 billion in 1976-772 to $8.2 billion in 1977?78 and $9.3 billion in 1978.79.2 In fiscal 1979, the economic conditions were favorable until a severe drought hit most of the country. It W88 reported that conditions were the worst in 40 years, and 88 of July 1979, substantial crop losses were predicted. The agricultural sector accounts for over 53% of the GDP and about 75% of all employment. The poor weather will cause economic problems in the form of slower growth, larger trade deficits, and a higher rate of inflation. The 1978.79 statistics showed that real GDP increased just 4%.

Jan 1, 1981

By E. Chin

The only economically significant mineral exploited in Banglades - during 1981 was natural gas. Nitrogenous fertilizer production was important to the agricultural sector and was totally dependent on the natural gas for fuel and raw material. Domestic cement plants were also fu pled by natural gas. The flat river-delta terrain for most of Bangladesh makes the potential for discovering major mineral deposits poor. No large deposits of metal ores have been found and only in the small hilly southeastern section of the country is there even much chance of finding any. Heavy mineral sand deposits may eventually be exploited along the Chittagong coastline. There is a good potential for crude oil discoveries. The Bangladesh economy has been heavi¬ly subsidized by billions of dollars of foreign aid since the country's inception. A World Bank report recommended total aid needs of over $2.6 billion in fiscal year (FY) 1980-81. It received commitments for barely over one-half that amount.

Jan 1, 1983

By Janke L. W. Jolly

Owing to an upsurge in export earnings. Cameroon made substantial economic Progress in 1978 and 1979. With a real growth estimated at 6%, the gross domestic product (GDP) for 1979 surpassed $5 billion.2 Crude petroleum production was providing a new potential in 1978 and 1979 for achieving national self-sufficiency. Among other benefits, crude petroleum exports were helping to offset the escalating costs of refined petroleum imports and to reduce the 14% to 17% annual rate of inflation. Over the 4 years prior to 1978, Cameroon's petroleum imports increased by 12.1% in volume annually, while the import cost increased by 24.5% annually to about $105 million. Total export earnings for 1978 were $805 million,3 to which crude petroleum contributed $25.3 million and crude aluminum product exports contributed $25.9 million. Petroleum exports had increased to about $240 million in 1979 and were in third place after coffee and cacao. Total imports for 1978 were valued at nearly $1 billion. The volume of petroleum imports decreased in 1979 to 552,000 tons, compared with 622,000 tons in 1978. The European Economic Community (EEC) countries purchased over 75% of total Cameroonian exports and provided most of the Nation's imports. The United States purchased $12.4 million in petroleum exports from Cameroon in 1978. Domestic consumption of aluminum metal from imported Guinean alumina continued. to grow; thus exports of this metal to France (valued at $2 million in 1978) and Japan

Jan 1, 1981

By George A. Morgan

The successful expansion of crude oil production begun in late 1977, led to promising development of the nonfuel minerals sector. Although actual production of nonfuel minerals was limited both in variety and in percentage of output on a world scale, the potential for expansion with a rapidly developing infrastructure was significant. The energy base was expanding with construction of two new hydroelectric powerplants in addition to the existing plant near Edea. The Song Loulou plant will have a 240-megawatt capacity, and a hydroelectric plant under construction in the northern part of the country by mainland China will have 72 megawatts of installed capacity. Inflation of between 15% and 20% resulted in a real gross domestic product (GDP) of $2.8 billion2 in fiscal year 1980 (July 31 to June 1), up 6% from that of the previous fiscal year. Petroleum became the leading export item in terms of value, surpassing coffee and cocoa exports. Mineral exports as a whole increased eightfold in value, mainly because of oil sales. Oil exports also caused a reduction in the trade deficit by nearly one-third, and the Government expected its 1980-81 budget to be balanced at $1.17 billion. The Port of Douala accounted for about 8 million tons of cargo, or 93% of total maritime traffic for Cameroon. Expansion plans for the port call for an initial increase to 5 million tons, and a cargo handling capacity of 7.5 million tons in 1985 and 10 million tons by 1990. The Port of Victoria will gain importance with the startup of an oil refinery. The country's third seaport at Kribi was used solely for timber shipments, and capacity at the Port was to triple by 1981. The Government operated its own shipping line with six oceangoing freighters. France was the dominant trading partner, accounting for 25%

Jan 1, 1982