Republic of Equatorial Guinea: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director

September 27, 2021

Preview Citation

Format: Chicago

Republic of Equatorial Guinea: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director, (USA: International Monetary Fund, 2021) accessed November 21, 2024

Also available in: español

Summary

Already battered by a still unfolding COVID-19 pandemic, Equatorial Guinea was struck on March 7 by massive accidental explosions at a military compound in Bata, its largest city, that killed over 100 people and caused widespread damage to surrounding neighborhoods. These shocks have adversely impacted economic activity and weakened considerably the fiscal and external positions, relative to the EFF-supported program approved in December 2019, creating a substantial financing gap. With the EFF-supported program off-track, as governance reforms have taken longer than originally envisaged, it is not feasible to effectively respond to the humanitarian crisis within the EFF framework. Bringing the program back on track would take time as the authorities continue to work on outstanding structural measures due to capacity constraints in the pandemic context and need for consensus building. Support provided under the RFI, buttressed by appropriate prior actions on governance and safeguards, would create the fiscal space necessary for the authorities to meet the immediate humanitarian needs, and reinvigorate engagement under the EFF-supported program.

Subject: Arrears, Commercial banks, COVID-19, Expenditure, External debt, Financial institutions, Fiscal policy, Fiscal stance, Health, International organization, Monetary policy

Keywords: Anti-corruption law, Arrears, Authorities of Equatorial Guinea, Bata emergency, Bata explosion, Central Africa, Commercial banks, COVID-19, Equatoquiriean authorities, Fiscal stance, Global, Governance safeguard, Government arrears, Health pandemic, U.S. dollar

Publication Details

Pages:

56
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2021/219
Stock No:

1GNQEA2021001
ISBN:

9781513595849
ISSN:

1934-7685

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