· Executive Board decision brings total IMF disbursements to Gabon to about US$395.9 million.

Posted On December 20th, 2018 - 10:40 am | by Oil and gas press

The government’s reform program, supported by the IMF, aims to restore macroeconomic stability and lay the foundation for inclusive growth.

On December 19, 2018, the Executive Board of the International Monetary Fund (IMF) completed the third review of Gabon’s economic program supported by an extended arrangement under the Extended Fund Facility [1] . Completion of the review enables the immediate disbursement of SDR 71.43 million (about US$99 million). This brings total disbursements under the arrangement so far to SDR 285.72 million (about US$395.9 million).

In completing the third review, the Executive Board approved the authorities’ requests for waivers of nonobservance of a performance criterion and modification of performance criteria.

Gabon’s three-year, SDR 464.4 million extended arrangement (about US$ 642 million at the time of approval), the equivalent of 215 percent of Gabon’s quota, was approved by the Executive Board on June 19, 2017 (see Press Release No. 17/233 ). The government’s reform program, supported by the IMF, aims to restore macroeconomic stability and lay the foundation for inclusive growth. It also seeks to attain debt sustainability at the national level and contribute to the external stability of the Central African Economic and Monetary Union (CEMAC).

Following the Executive Board discussion, Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair, made the following statement:

“Gabon’s performance under the EFF arrangement has improved. The authorities have taken important and difficult actions to keep the program on track despite the October 2018 legislative elections. However, the economic recovery remains fragile and further fiscal consolidation and decisive reforms are needed to achieve strong and sustainable growth.

“The authorities are committed to continuing with growth- friendly fiscal consolidation. This requires steadfast implementation of measures to boost non-oil revenues and contain non-priority spending, while protecting social and investment spending. Enhancing budgetary execution and oil revenue management, and further improving cash and debt management are also priorities.

“Safeguarding banking sector stability is essential for growth. The authorities plan to accelerate the liquidation of the three distressed banks and expeditiously tackle the NPL overhang to support financial stability, promote credit to the private sector, and growth.

“Gabon’s program continues to be supported by the implementation of supportive policies and reforms by the regional institutions in the areas of foreign exchange regulations and monetary policy framework and to support an increase in regional net foreign assets, which are critical to the program’s success.”

[1] The Extended Fund Facility (EFF) was established to provide assistance to countries: (i) experiencing serious payments imbalances because of structural impediments; or (ii) characterized by slow growth and an inherently weak balance of payments position. It provides assistance in support of comprehensive programs that include policies of the scope and character required to correct structural imbalances over an extended period.

Source / Further information : IMF

oilandgasOil and Gas News Undiluted !!! “The squeaky wheel gets the oil”

Tags: , , Press Releases

Leave a Reply

Be the First to Comment!

Notify of
avatar

wpDiscuz

SUBSCRIBE NOW

Become a Oil & Gas Press subscriber

Oil and Gas Company News and Analysis Daily



ENERGY PRICES

TWITTER FEEDS

Oil and Gas Jobs

Commodity Prices

Images

LIKE US ON FACEBOOK

  • Stocks and Shares
  • Algeria
  • Ministère de l'Energie et des Mines
  • www.mem-algeria.org
  • National Oil Company: SONATRACH
  • www.sonatrach-dz.com
  • Oil and Gas Press
  • Angola
  • Ministry of Petroleum
  • www.minpet.gov.ao
  • National Oil Company: SONANGOL
  • www.sonangol.co.ao
  • Oil and Gas Press Benin Republic
  • Benin
  • Ministère de l'Energie, des Recherches Pétrolières et Minières, de l'Eau et du
  • National Oil Company: OBH (Office Béninois des Hydrocarbures)
  • Oil and Gas Press
  • Cameroon
  • National Oil Company: SNH (Société Nationale des Hydrocarbures )
  • www.snh.cm
  • Oil and Gas Press
  • Chad
  • Ministère du Pétrole et de l'Energie
  • www.ministere-petrole.td
  • National Oil Company: SHT (Société des Hydrocarbures du Tchad)
  • >Oil and Gas Press
  • Congo (Republic of)
  • Ministère des Hydrocarbures
  • www.ministere-hydrocarbures.cg
  • National Oil Company: SNPC (Société Nationale des Pétroles du Congo )
  • www.snpc-group.com
  • Oil and Gas Press
  • D.R Congo
  • Ministère des Hydrocarbures
  • National Oil Company: COHYDRO (Congolaise des Hydrocarbures)
  • Oil and Gas Press
  • Côte d'Ivoire
  • Ministère des Mines, du Pétrole et de l'Energie
  • National Oil Company: PETROCI
  • (Société Nationale d'Opérations Pétrolières de la Côte d'Ivoire)
  • www.petroci.ci
  • Oil and Gas Press
  • Egypt
  • Ministry of Petroleum and Mineral resources
  • www.petroleum.gov.eg
  • National Oil Company: Egyptian General Petroleum Corporation
  • www.egpc.com.eg
  • Oil and Gas Press
  • Gabon
  • Ministère du Pétrole, de l'Energie et des Ressources Hydrauliques
  • http://www.energie.gouv.ga
  • Oil and Gas Press
  • Ghana
  • Ministry of Energy
  • www.energymin.gov.gh
  • National Oil Company: Ghana National Petroleum Corporation
  • www.gnpcghana.com
  • Oil and Gas Press
  • Equatorial Guinea
  • Ministère des Mines, de l'Industrie et de L'energie
  • www.equatorialoil.com
  • National Oil Company:GEPetrol
  • www.guineaecuatorialpetrol.com
  • >Oil and Gas Press
  • Libya
  • National Oil Company: NOC
  • (National Oil Corporation)
  • www.noc.ly
  • Oil and Gas Press
  • Mauritania
  • Ministère du Pétrole, de l'Energie & des Mines
  • www.petrole.gov.mr
  • National Oil Company: SMH
  • (Société Mauritanienne des Hydrocarbures ) Oil and Gas Press
  • Namibia
  • National Oil Company: NAMCOR
  • (National Petroleum Corporation of Namibia)
  • www.namcor.com.na/
  • Oil and Gas Press
  • Niger
  • Ministère de l'Energie et du Pétrole
  • National Oil Company:SONIDEP
  • (Société Nigerienne des Produits Pétroliers)
  • www.sonidep.net
  • Oil and Gas Press
  • Nigeria
  • Ministry of Petroleum Resources
  • www.nigeria.gov.ng
  • National Oil Company: NNPC
  • (Nigerian National Petroleum Corporation)
  • www.nnpcgroup.com
  • Oil and Gas Press Sao Tome
  • Empresa Nacional De Combustiveis e Oleos
  • Island Oil Exploration
  • >Oil and Gas Press
  • South Africa
  • Department of Energy
  • www.energy.gov.za
  • National Oil Company: PetroSA
  • (Petroleum, Oil and Gas Corporation of South Africa)
  • www.petrosa.co.za
  • >Oil and Gas Press
  • Sudan
  • Ministry of Petroleum
  • National Oil Company: SUDAPET
  • (Sudan Petroleum Company)
  • www.sudapet.sd
  • >Oil and Gas Press Togo
  • BUREAU VERITAS TOGO
  • COTECNA INSPECTION S.A.
  • TOTAL TOGO S.A.(DISTRIBUTION)