Republic of Equatorial Guinea: 2008 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Equatorial Guinea

IMF Staff Country Reports, March 25, 2009

Source details

Canonical URL: Republic of Equatorial Guinea: 2008 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Equatorial Guinea

Economic growth in Equatorial Guinea recovered sharply in 2007.
The opening of a new oil field in late 2006 and a liquefied natural gas facility in mid-2007, supported by increased public infrastructure spending, lifted 2007 economic growth to an estimated 21.4 percent.
Executive Directors welcomed Equatorial Guinea’s recent robust economic performance and sound macroeconomic policies that have strengthened fiscal sustainability.

Directors have welcomed the National Development Plan as an appropriate framework for:
- Economic and institutional reforms to diversify the economy.
- Enhancing external competitiveness.
Emphasis on maintaining sound macroeconomic policies to preserve fiscal sustainability amid rapid hydrocarbon-led growth.
Implicit policy priorities derived from the report’s findings:
- Continue public infrastructure investment linked to productive diversification.
- Strengthen institutions and governance to translate hydrocarbon revenues into sustainable development.

Subject: Commodities, Expenditure, National accounts, Oil, Oil prices, Prices, Revenue administration
Keywords: Africa, Central Africa, CR, GDP, Global, hydrocarbon derivative, hydrocarbons price, ISCR, Oil, Oil prices, price assumption, public spending restraint, Sub-Saharan Africa, U.S. dollar, U.S. dollar-euro exchange rate