IMF Team Visits Gabon to Support Reform Plan
The International Monetary Fund (IMF) will send a team to Gabon next month. This visit aims to support the country’s reform plan. Although Gabon has not formally requested a loan, discussions with the IMF have become more intense.
IMF Delegation Planned for February Visit
Gabon’s Finance Minister, Thierry Minko, announced this week that preparations for the IMF’s visit are underway. The delegation will arrive in Libreville to evaluate Gabon’s macroeconomic and fiscal situation. This assessment will involve discussions on various policy and reform strategies with local authorities.
Evolving Economic Landscape in Gabon
- Gabon’s national debt has surged to 80% of its GDP.
- There are concerns that the actual debt figure might exceed this percentage.
- The country has struggled with a current account deficit since a drop in oil prices occurred over a decade ago.
In recent years, Gabon has relied heavily on regional debt markets to fill its budget gap. In response to these challenges, the nation is also implementing an extensive diversification program aimed at reducing its dependency on oil revenues.
The Importance of Reform Plans
Engaging with the IMF is crucial for Gabon. The multilateral lender can provide insights and guidance that may help stabilize the economy. As Gabon works on its economic recovery, continuous dialogue with international financial institutions will be essential.
