Gabon: Request for a Three-Year Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; Supplementary Information, and Statement by the Executive Director for Gabon
IMF Staff Country Reports, August 26, 2021
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- Gabon: Request for a Three-Year Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; Supplementary Information, and Statement by the Executive Director for Gabon
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Bibliographic details
- Published: August 26, 2021
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513592107.002
Economic shock and pandemic impact
- Gabon was gradually recovering from the 2014 oil price shock when it was hit by the Covid-19 pandemic.
- Decisive confinement measures helped save lives, but the pandemic and the fall in oil prices have:
- severely hit the economy;
- increased unemployment and poverty.
Fiscal position and public debt
- With a weak economy and increased COVID-19 related spending, the fiscal deficit has widened.
- Public debt experienced a sharp increase.
IMF support and emergency financing
- Emergency financing from the IMF through the Rapid Financing Instrument (US$299.61 million) helped meet urgent balance of payment needs in 2020.
- The publication comprises a Press Release; Staff Report; Supplementary Information; and Statement by the Executive Director for Gabon.
Outlook and financing needs
- Growth is expected to resume in 2021.
- The pandemic has made the economic outlook very challenging and generated sizable financing needs over the medium term.
Gabon: Request for a Three-Year Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; Supplementary Information, and Statement by the Executive Director for Gabon — https://www.imf.org/en/publications/cr/issues/2021/08/25/gabon-request-for-a-three-year-extended-arrangement-under-the-extended-fund-rec-464667
Content in this bundle
- 1gabea2021001