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IMF staff completes mission for the first review of extended fund facility for Gabon

Economic growth is expected to reach 1.5% in 2021 and accelerate in 2022 to 3% as the recovery gains steam. (Image source: Adobe Stock)

The Gabonese authorities and IMF staff made significant progress in discussions on the actions needed to complete the first review supported by the Extended Fund Facility (EFF), and on economic policies and structural reforms that could form the basis for the programme in 2022

The discussions will continue over the coming weeks. 

Economic growth is expected to reach 1.5% in 2021 and accelerate in 2022 to 3% as the recovery gains steam. The prospects for strong, durable and inclusive growth rest on steady progress on growth friendly fiscal consolidation and structural reforms.

An International Monetary Fund (IMF) staff team led by Boileau Loko visited Gabon from 8-14 December, 2021 to conduct discussions on the first review of Gabon’s extended arrangement under the Extended Fund Facility (EFF), which was approved in July 2021.

At the conclusion of the mission, Loko stated, “The mission held productive discussions with the authorities on steps to enhance programme implementation and complete the first review, and on economic policies and structural reforms that could form the basis for the programme in 2022. These discussions will continue in the coming weeks.

The economic recovery remains fragile and subject to risks from the pandemic and oil prices. Strengthening revenue and public finance management and governance will expand room for development needs and reduce fiscal and debt vulnerabilities. 

With the pandemic still persisting, the 2022 budget includes additional COVID-19 related spending. The authorities are encouraged by the staffs to implement all tax measures as agreed in the initial programme and those necessary to make-up for the potential revenue shortfalls in 2021.

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