Africa > Gabon

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International Monetary Fund. African Dept.
The Gabonese economy was gradually recovering from the 2014 oil price shock when it was hit by the Covid-19 pandemic. Decisive confinement measures have helped save lives, but the pandemic and the fall in oil prices have severely hit the economy, increasing unemployment and poverty. With a weak economy and increased COVID-19 related spending, the fiscal deficit has widened, with a sharp increase in public debt. Emergency financing from the IMF through the Rapid Financing Instrument (US$299.61 million) helped meet urgent balance of payment needs in 2020. Growth is expected to resume in 2021 but the pandemic has made the economic outlook very challenging and generated sizable financing needs over the medium term.
Ms. Sharmini Coorey and Mr. Bernardin Akitoby

Abstract

En dépit de ses vastes richesses pétrolières, l'Afrique centrale se débat encore pour promouvoir une croissance robuste et solidaire, ou pour offrir suffisamment de perspectives d'emploi à sa population, en particulier aux jeunes. S'appuyant sur de nouveaux travaux, cet ouvrage explique les défis macroéconomiques que doit relever la région, examine la gestion de la richesse pétrolière et ses répercussions pour la réduction de la pauvreté et présente quatre études de cas représentatives des enseignements qui ont été tirés.

Ms. Sharmini Coorey and Mr. Bernardin Akitoby

Abstract

Despite its vast oil wealth, central Africa still struggles to sustain strong, inclusive economic growth and to generate sufficient employment opportunities, particularly for its fast-growing youth population. Drawing on new research, Oil Wealth in Central Africa lays out the macroeconomic and growth challenges facing the region; examines oil wealth management and its implications for poverty reduction; and includes four case studies that exemplify lessons learned.

International Monetary Fund
This paper examines Gabon’s request for a Stand-By Arrangement in support of its economic program. The arrangement provides access at 50 percent of quota. Given its strong balance of payments position, it intends to treat the arrangement as precautionary. Gabon is ineligible for support under the Policy Support Instrument, which is limited to Poverty Reduction and Growth Facility-eligible countries. The critical objectives of the government’s program are to prepare the economy for the post-oil era and to make decisive progress in poverty reduction.
Mr. Dhaneshwar Ghura and Ms. Rina Bhattacharya
This paper investigates the linkages between oil and growth in Congo, where there appears to be no evidence of direct spillover effects. The empirical results suggest however that political instability has a negative effect on non-oil growth, and that the presence of oil could have fueled political instability by being associated with weakening institutions. The results also show that fiscal discipline is beneficial for growth. In addition, there are strong linkages between world oil prices and the real effective exchange rate, with movements in the latter having important indirect repercussions for growth.
International Monetary Fund
The staff report for the Second Review Under the Stand-By Arrangement (SBA) on Gabon focuses on economic developments and policies. The program supported by the 14-month SBA aims at promoting non-oil GDP growth, while sustaining fiscal adjustment and improving public expenditure management. All performance criteria for end-September 2004 were observed, even though there were small slippages in the indicative targets for non-oil revenue and the net reduction of unpaid payments orders at the treasury. The macroeconomic environment has improved since the first review, reflecting slightly higher oil production and considerably higher oil prices.
International Monetary Fund
The note provides statistical data on gross domestic product, supply and use of resources, consumer price index, cotton production, cost structure of cotton processing and marketing, government revenue, economic classification of central government expenditure, public investment program, and monetary survey of Chad. The summary accounts of the central bank, balance sheet of commercial banks, balance of payments, foreign trade indices, exchange rates, and other related economic indices of Chad along with indicators of fiscal balance, external balance, and external public debt of CEMAC have been given.
International Monetary Fund
Income and social indicators, GDP by current prices, supply and use of resources at current prices, savings and investment balances, crude oil production and prices, capital expenditure and oil exploration, discovered oil fields, mineral production, exports, and prices, production and export of timber, production of agriculture, livestock, and fishing, industrial production, wood production and prices, production and distribution of electricity and water, transportation, monetary indicators, interest rate structure, foreign trade indicators, international reserves, composition of exports and imports, and balance of payments are listed in this study.
Mrs. Harinder K Malothra, Mr. Milan M Cuc, Mr. Ulrich Bartsch, and Mr. Menachem Katz

Abstract

How can a country turn oil revenues into a blessing rather than a curse? With growing international interest in new offshore oil deposits in sub-Saharan Africa, there is also greater scrutiny of the reasons why many oil-producing countries in the region have experienced disappointing economic performance over the past 20 to 30 years. This paper discusses the latest thinking on best-practice institutions and policies, compares this thinking with current practice in African oil-exporting countries, and presents a plan for the future, taking into account African policymakers’concerns.

Mr. Johannes Wiegand
This paper discusses fiscal surveillance criteria for the countries of the Central African Monetary and Economic Union (CEMAC), most of which depend heavily on oil exports. At present, the CEMAC's macroeconomic surveillance exercise sets as fiscal target a floor on the basic budgetary balance. This appears inadequate, for at least two reasons. First, fluctuations in oil prices and, hence, oil receipts obscure the underlying fiscal stance. Second, oil resources are limited, which suggests that some of today's oil receipts should be saved to finance future consumption. The paper develops easy-to-calculate indicators that take both aspects into account. A retrospective analysis based on these alternative indicators reveals that in recent years, the CEMAC's surveillance exercise has tended to accommodate stances of fiscal policy that are at odds with sound management of oil wealth.