Republic of Equatorial Guinea: 2022 Article IV Consultation—Press Release; Staff Report; And Statement By The Executive Director for Republic of Equatorial Guinea

International Monetary Fund

No 2022/267, IMF Staff Country Reports from International Monetary Fund

Abstract: The COVID-19 pandemic in 2020-21, and Bata explosions in 2021, struck oil-exporter Equatorial Guinea at a time when its economic vulnerabilities had already been aggravated by a prolonged period of depressed hydrocarbon prices, and seven consecutive years of decline in real GDP. The economy is slowly emerging from the ravages of the 2020-21 shocks, buoyed by higher international oil prices. However, substantial challenges remain: (i) surging food prices and banking sector vulnerabilities cloud the short term, while (ii) declining hydrocarbon production and the implied decline in external reserves loom over the medium term, especially in light of lagging governance and diversification reform implementation.

Keywords: asset declaration; audit report; gradual ease; headline inflation; Equatorial Guinea's NFA; Oil prices; Commercial banks; External sector statistics; Energy subsidies; Global; Africa; Arrears (search for similar items in EconPapers)
Pages: 102
Date: 2022-08-03
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