Gabon: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Gabon

International Monetary Fund

No 2024/144, IMF Staff Country Reports from International Monetary Fund

Abstract: The 2024 Article IV Consultation discusses that Gabon’s post-pandemic recovery held up well in the face of recent shocks. The economy hit a soft patch in 2023, following a series of logistics disruptions, political uncertainty, and high fuel prices for businesses, but it is set to resume its potential growth of around 3 percent this year as shocks dissipate. The transition authorities now face a historic opportunity to pivot toward a more transparent and inclusive model of governance, but overcoming decades of entrenched institutional practice will require sustained reform efforts to achieve a point of no return. Discussions focused on the main challenges facing the transition government: ensuring transparency in the management of public resources, putting the fiscal position on a sustainable footing, and raising potential growth, while making it more inclusive. Fiscal imbalances need to be urgently addressed to reduce liquidity risks and avoid unsustainable debt dynamics, as well as to support the external objectives of the currency union. Addressing transparency and governance gaps is critical for understanding the fiscal position, efficiently managing public resources, and supporting the business climate.

Keywords: transition regime; AFRITAC mission; transition authorities; regime in place; decades-long regime; Fiscal stance; Oil prices; Global; Africa (search for similar items in EconPapers)
Pages: 80
Date: 2024-05-31
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