## 1gabea2020001

## Source details

**Canonical URL:** [1gabea2020001](https://www.imf.org/-/media/files/publications/cr/2020/english/1gabea2020001.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/cr/2020/english/1gabea2020001.pdf.md)
- [Structured JSON version](/-/media/files/publications/cr/2020/english/1gabea2020001.pdf.json)

---

### EXECUTIVE SUMMARY — Context
- COVID-19 pandemic and concurrent collapse in oil prices are expected to put the economy under extreme stress in a context of limited buffers.
- Authorities are requesting a purchase under the Rapid Financing Instrument (RFI) for 50 percent of quota (SDR 108 million). Staff supports the request.
- Key pre-pandemic indicators and buffers:
  - Regional reserves reached $7.4 billion, the equivalent of 3.6 months of imports of goods and services in December 2019.
  - Economy had been gradually recovering from the 2014 oil price shock under a three-year EFF approved in 2017.

### Impact of Recent Shocks, Outlook, and Risks
- Macroeconomic projections and headline shocks (2020):
  - Real GDP growth in 2020: -0.4 percent (from 3.8 percent projected in December 2019).
  - Current account deficit (2020): about 8.5 percent of GDP (from 2 percent of GDP projected in December 2019).
  - FDI projected decline: CFAF 153 billion (1.7 percent of GDP).
- Oil and non-oil specifics:
  - World oil price assumption for 2020: $36 per barrel (down from $60 per barrel in December 2019).
  - Oil revenue projected decline: CFAF 286 billion (3.2 percent of GDP).
  - Non-oil activity projection for 2020: 0.4 percent, 3.6 pp lower than projected in December 2019.
  - Non-oil revenue projected decline: CFAF 198 billion (2.2 percent of GDP).
- Sectoral transmission:
  - COVID-19 affects agriculture, manufacturing, and services via trade disruptions, lower investment, depressed global demand, and increasing absenteeism.
  - Imports partly contained by lower oil-related activity but will include increases related to healthcare supplies.
- Health system and cases (as of March 31, 2020):
  - Reportedly 16 confirmed cases and one decease; health system underdeveloped compared with other middle-income countries.
- Fiscal composition of shock impacts (2020):
  - Immediate health-related spending: about CFAF 42 billion (0.5 percent of GDP).
  - Social transfers increase: CFAF 23 billion (0.2 percent of GDP).
  - Foreign-financed capital declines by CFAF 68 billion (0.8 percent of GDP) due to project delays.
- Projected 2020 fiscal balances (selected):
  - Non-oil balance: from -303 to -390 (billions CFAF).
  - Non-oil balance (percent non-oil GDP): from -4.2 to -5.7.
  - Overall balance: from 152 to -245 (billions CFAF).
  - Overall balance (percent of GDP): from 1.5 to -2.7.
- Financial sector buffers and risks:
  - Banking system solvency ratio: 15 percent; short-term liquidity ratio close to 200 percent (minimums 10.5 and 100 percent respectively at end-March 2019).
  - Downside risks: higher NPL ratios and provisioning needs if GDP declines and authorities avoid accumulating additional domestic arrears.
- External and medium-term risks:
  - COVID-19 could be more severe and persistent; further declines in international oil prices could erode oil revenues and future oil production, affecting debt sustainability.

### Policy Discussions and Fiscal Response
- Immediate priorities:
  - Accommodate health-related spending to protect wellbeing, treat the sick, slow virus spread, and ensure availability of medical supplies.
  - Increasing space for health and COVID-19 related expenditures implies a higher fiscal deficit in 2020.
- Government actions and reallocations:
  - Identified additional spending needs: about CFAF 65 billion (0.7 percent of GDP).
  - Redirected savings: CFAF 17 billion (0.2 percent of GDP) from non-priority expenditure to COVID-19 spending.
  - Curtailment of domestically-financed capital expenditure: about 40 percent (1.0 percent of GDP) of the initial budget appropriation.
- Fiscal gap and financing needs:
  - Total uncovered fiscal needs after identified financing: about CFAF 252 billion, or 2.8 percent of GDP.
  - Non-oil deficit expected to increase to 5.7 percent of non-oil GDP from 4.2 percent envisaged in the budget law.
  - Identified sources of financing (selected, in billions CFAF): World Bank 115.0; AfDB 65.0; IMF-EFF 72.0; Proposed IMF-RFI 88.0.
  - Residual gap in revised projection: CFAF 164.8 billion.
- Guidance on measures and targeting:
  - Additional support to businesses and households under consideration; costings and temporary design with sunset clauses important.
  - Temporary reductions or repeal of customs duties or VAT for medical equipment and supplies could be appropriate; delays of tax payments appropriate for cash-flow support; avoid aggressive or permanent tax policy changes.
  - Measures should be assessed to avoid deadweight effects and remain temporary.

### Authorities’ Proposed Support Measures (highlights from Box 1)
- Household measures:
  - Telecommunication costs reduced by at least 50 percent during confinement.
  - Minimum remuneration maintained at 50 percent of basic salary during technical unemployment.
  - Suspension of rents for unemployed people and compensation measures for landlords.
  - Temporary suspension of debt repayments for individuals.
  - Measures to guarantee price uniformity across territory.
- Business measures:
  - Establishment of a refinancing window for companies forced to cease operations due to confinement.
  - Tax rebates for companies which keep operating and maintain jobs.
  - State support for recovery of unpaid debts for banks facilitating access to financial services.
- Digital and financial inclusion:
  - Enhancing digitalization of revenue collection, interoperability of electronic money transactions, and universal access to financial services.

### Monetary and Financial Sector Policy Measures
- COBAC guidance to banks and microfinance institutions (letter dated March 25, 2020):
  - Review loan portfolios; follow existing loan classification and provisioning rules including in restructuring/reprofiling.
  - May use conservation buffers of 2.5 percent to absorb pandemic-related losses and thus hold a minimum solvency ratio of 8 percent.
  - Adopt restrictive policy on dividend distributions and provide recapitalization plans if capital shortfalls arise.
  - Continue providing essential financial services and implement business continuity plans.
- BEAC Monetary Policy Committee decisions (March 27, 2020):
  - Decrease policy rate (TIAO) by 25 basis points from 3.5 to 3.25 percent.
  - Decrease marginal lending facility rate by 100 basis points from 6 to 5 percent.
  - Increase liquidity provision from CFAF 240 to 500 billion (with possibility of further increases).
  - Widen range of private financial instruments accepted as collateral for monetary policy operations.
  - BEAC provided a financing line of CFAF 90 billion to BDEAC to finance public investment projects.
  - MPC recommended banks ensure continuity of financial services, strengthen remote banking, and reduce banking service costs.

### Staff Appraisal and Recommendations (summary)
- Staff supports RFI purchase request for SDR 108 million (50 percent of quota) to address urgent balance of payments needs from COVID-19 and terms-of-trade shocks.
- Additional external support critical to contain the outbreak and offset economic impact.
- Continue reforms to:
  - Achieve more-friendly fiscal consolidation,
  - Improve the business climate,
  - Enhance governance and fight corruption,
  - Improve financial intermediation.
- Reforms are essential to achieve higher, more inclusive, and resilient growth.

### Medium-term fiscal stance and revenue measures
- Authorities committed to planned medium-term growth-friendly fiscal consolidation and intend to revert to the consolidation path set out in the Staff Report for the Fourth and Fifth Reviews under the extended arrangement once the fallout subsides.
- Most spending increases in 2020 expected to be one-off; revenues should return to trend once growth rebounds from 2021.
- Lower medium-term oil prices require further adjustment over the medium term to preserve debt and support CEMAC’s strategy to rebuild external buffers.
- Revenue and spending efficiency measures:
  - Launch of customs administration IT system (ASYCUDA World).
  - Implementation of larger project for revenue digitalization.
  - Completion of public service census to identify and remove ghost workers.
  - Commitment to protect social spending and strengthen public financial and investment management.

### Debt dynamics, vulnerabilities, and debt management
- Public debt sustainable but considerably more vulnerable (Annex III (DSA)).
- Under assumption of temporary deviation and fiscal balance target achieved from 2023:
  - Public debt would peak at 69 percent of GDP before declining to 52 percent in 2025 (Text Figure 3).
- Policy priorities:
  - Enhance debt management.
  - Seek more semi-concessional loans, including multilateral and bilateral partners.
  - Improve efficiency of public investment.
- Gabon has no arrears with external creditors; measures under the EFF have addressed past coordination issues.

### Response to COVID-19 and financing needs
- Staff and authorities agreed policy package appropriate: scaled up health care and social spending and revisions to investment plan in response to lower international oil prices.
- Additional external budget and balance of payments support will be needed.
- Contingency measures:
  - Additional projects that could be put on hold: CFAF 40 billion.
  - FY2020 budget contains existing contingency plan; authorities will explore scope for additional domestic and regional financing.
- Estimated present and urgent additional financing needs: about 3 percent of GDP in 2020 under the baseline; a more protracted crisis could require larger financing needs.

### IMF assistance: access, modalities, and capacity to repay
- Staff proposes financial assistance under RFI for 50 percent of quota (SDR 108 million):
  - The purchase amounts to 1.0 percent of GDP and will cover 35 percent of the estimated financing gap, including through indirect budget support.
  - Remaining gap (1.8 percent of GDP) expected to be covered by loans and grants from multilateral and bilateral partners.
- Eligibility: Gabon meets RFI eligibility requirements given uncertainties and practical difficulties in holding comprehensive policy discussions under ongoing EFF-supported program.
- Capacity to repay and IMF obligations:
  - Total outstanding credit from the Fund, including envisaged next and final review of the EFF and proposed RFI, will amount to 265 percent of quota, within normal access limits.
  - IMF credit outstanding peaks at 5.3 percent of GDP in 2020.
  - Total obligations to the IMF projected to rise from 0.1 percent of GDP in 2020 to a peak of 0.8 percent of GDP in 2024 (or 17 percent of total debt service).
  - These obligations are higher than at the fourth and fifth EFF review, which peaked at 0.5 percent of GDP (12.5 percent of total debt service).
  - Obligations relative to international reserves will peak at 15.9 percent of GDP in 2024.
- Increased risks to debt sustainability: elevated gross financing needs, debt profile risks, and commodity price shock susceptibility.

### Safeguards and institutional issues
- BEAC has implemented most recommendations from the 2017 safeguards assessment:
  - Alignment of BEAC’s secondary legal instruments with its Charter concluded.
  - Work advancing on full transition to IFRS for FY 2019.
- Gabon will cooperate with any updated safeguards assessment by the Fund.

### Annex I — Chronology of Measures Taken (selected, as of March 25, 2020)
- March 7th, 2020: Presidential council measures; creation of special fund; green phone line for free tests; crisis cell at Prime Minister cabinet; border health strengthening; quarantine and travel restrictions; closure of nurseries, schools, universities until March 30th; closure of bars and nightclubs; ban on assemblies >50 people (later reduced); suspension of tourist visas; price controls on masks, gels, and alcohol.
- March 13th, 2020: Prohibition of gatherings >10 people; reduction of public administration working time from 8 to 4 hours except essential services; closure for fifteen days of air borders (except cargo); closure of Libreville, Akanda, and Owendo for fifteen days.
- March 16th, 2020: Start of local production of alcohol gels.
- March 20th, 2020: Strict limitation of non-essential transport to interior; limits on passengers in vehicles in Libreville.
- March 21st, 2020: Curfew from 7:30pm till 6am; only authorized agents allowed to circulate.
- Sources: Prime Minister COVID-19 crisis cell; Minister of Health; World Health Organization.

### Risk Assessment Matrix (key entries)
- Disruption in domestic oil production:
  - Likelihood: Medium; Impact: Medium.
  - Recommended response: Reprioritize fiscal spending; enhance maintenance and exploration.
- Weaker-than-expected global growth:
  - Likelihood: High; Impact: High.
  - Recommended response: Reprioritize fiscal spending; accelerate structural reforms; energize external support.
- Large swings in energy prices:
  - Likelihood: High; Impact: High.
  - Recommended response: Increase non-oil revenue; reprioritize spending; accelerate reforms.
- More severe Covid-19 pandemic:
  - Likelihood: High; Impact: High.
  - Recommended response: Energize external support; reprioritize fiscal spending for health; accelerate reforms.
- RAM meta-note: “Low” <10 percent, “medium” 10–30 percent, “high” 30–50 percent. “ST” = within 1 year, “MT” = within 3 years.

### Debt Sustainability Analysis — principal numeric findings
- Immediate impact of COVID-19 shock:
  - Public debt increase in 2020: 10 percentage points vis-a-vis 2019 to 69 percent of GDP.
  - Gross financing needs averaged over 2020–25: over 4 percentage points of GDP higher per year at 12 percent and peaking at 18 percent in 2025.
- Historical and near-term baseline:
  - Public debt: 60.6 percent of GDP in 2018; 58.8 percent of GDP in 2019.
  - Gross financing needs pre-shock: 3 percent of GDP.
  - Debt service-to-revenue in 2019: 37 percent.
  - Eurobond issued: US$1 billion (6 percent of GDP) 10-year Eurobond with a 6.625 percent interest rate; 82 percent of proceeds used to pre-pay portion of Eurobonds due in 2024 and 2025.
- Baseline projections vs. December 2019 DSA:
  - Public debt in baseline (2020): 68.7 percent of GDP (compared with 55.6 percent projected in December 2019 DSA).
  - 2020 real GDP growth revision: from 3.8 percent to -0.4 percent.
  - Gross financing needs in 2020: 15.0 percent of GDP (compared with 9.0 percent in December 2019 DSA).
  - Gross financing needs average 2020–25: 12.0 percent of GDP per year (compared with 7.1 percent over 2019–24 in December 2019 DSA).
  - Debt levels decline starting 2021, reaching 51.5 percent of GDP in 2025.
  - Gross financing needs peak: 18percent of GDP in 2025.
- Stress tests:
  - Standard shocks: debt remains below 70 percent of GDP except real exchange rate shock (debt peaks at 72 percent of GDP).
  - Combined shock: debt to 80.4 percent of GDP; gross financing needs to 31.2 percent of GDP.
- Risk indicators:
  - Debt held by non-residents and foreign currency debt breach upper risk assessment benchmarks.
  - Projected external financing risks: 24 percent of GDP, well above upper benchmark.
  - EMBI spread averaged 492 bps over last three months, rapidly increased at end of March 2020, trading above 1400 bps.
- Policy recommendations on debt:
  - Strengthen MTDS in line with TA recommendations.
  - Account for limited near-term Eurobond issuance prospects.
  - Avoid accumulation of external and domestic arrears.
  - Continue fiscal consolidation, particularly revenue mobilization.
  - Mobilize additional semi-concessional loans to meet medium-term financing needs.

### Letter of Intent — key policy commitments and financing request (April 3, 2020)
- COVID-19 and oil shock context:
  - First COVID-19 case reported: March 12, 2020.
  - Government measures: closing borders, schools, bars and restaurants; suspension of international flights; price controls on certain medicines and health-care products.
  - Planned rescheduling of projects: around CFAF 92 billion.
  - Identified additional projects that could be postponed: CFAF 40 billion.
- Fiscal projections and financing request:
  - Expected overall fiscal balance deterioration in 2020: deterioration by about 4.3 percentage points of GDP (from a surplus 1.4 percent to a deficit of 2.9 percent of GDP).
  - Non-oil primary fiscal deficit expected to increase by 1.5 percentage points of non-oil GDP.
  - Request for IMF assistance under RFI: SDR 108 million (50 percent of Gabon’s quota).
  - Intended use of IMF support: ease pressure on balance of payments and provide fiscal space to fight spread of the virus and meet population needs.
  - Coordination with development partners: World Bank, African Development Bank, and French Development Agency.
- Policy commitments:
  - Tighten control over spending to free room for COVID-19 related expenditures.
  - Adopt a revised budget law as soon as possible if needed.
  - Maintain macroeconomic stability, boost competitiveness and growth, and reduce poverty.
  - Maintain strict fiscal discipline and implement additional revenue and expenditure measures if necessary to ensure fiscal sustainability and avoid creation of new arrears.
  - Mobilize non-oil revenues and improve spending efficiency while protecting social spending.
  - Enhance debt management and rely more on semi-concessional loans.
  - Continue to implement key remaining structural benchmarks under the EFF, including submission of Gabon’s application for membership in EITI.

### Transparency and accountability commitments
- Government will continue to publish information on revenue and expenditure performance regularly.
- Separate reporting mechanism for COVID-19 expenditures; authorities commit to report quarterly on emergency fund spending.
- Independent, third-party audit of emergency fund spending to be commissioned within six months of disbursement and results published, including full text of related procurement contracts and beneficial ownership information for companies receiving contracts.
- Authorities will continue to provide Fund staff with necessary data and information, including those concerning the Special Fund to Combat COVID-19 established under the Caisse des Dépôts et Consignation.
- Government authorizes IMF to publish this letter and forthcoming staff report for the RFI request.

*Source: Gabon—Executive Summary (April 3, 2020) and related chapters/extracts from 1gabea2020001.*

### EXECUTIVE SUMMARY

### EXECUTIVE SUMMARY

### Context
- COVID-19 pandemic and concurrent collapse in oil prices are expected to put the economy under extreme stress in a context of limited buffers.
- Authorities are requesting a purchase under the Rapid Financing Instrument (RFI) for 50 percent of quota (SDR 108 million). Staff supports the request.
- Key pre-pandemic indicators and buffers:
  - Regional reserves reached $7.4 billion, the equivalent of 3.6 months of imports of goods and services in December 2019.
  - Economy had been gradually recovering from the 2014 oil price shock under a three-year EFF approved in 2017.

### Impact of Recent Shocks, Outlook, and Risks
- Overall 2020 outlook and headline shocks:
  - Real GDP growth in 2020 is now projected at -0.4 percent (from 3.8 percent projected at the time of the last Board meeting in December 2019).
  - Current account deficit projected to widen to about 8.5 percent of GDP (from 2 percent of GDP projected in December 2019).
  - FDI is projected to decline by CFAF 153 billion (1.7 percent of GDP).
- Oil and non-oil activity:
  - World oil price assumption for 2020: $36 per barrel (down from $60 per barrel in December 2019).
  - Oil exports and oil revenue will plunge; oil revenue projected to decline by CFAF 286 billion (3.2 percent of GDP).
  - Non-oil activity now projected at 0.4 percent, 3.6 pp lower than projected in December 2019.
  - Non-oil revenue projected to decline by CFAF 198 billion (2.2 percent of GDP).
- Sectoral and transmission channels:
  - COVID-19 will affect agriculture, manufacturing, and services via trade disruptions, lower investment, depressed global demand, and increasing absenteeism.
  - Imports will be partly contained by lower oil-related activity but will include increases related to healthcare supplies.
- Health system and immediate case counts (as of March 31, 2020):
  - Reportedly 16 confirmed cases and one decease; health system remains underdeveloped compared with other middle-income countries.
- Fiscal costs and composition of shock impacts in 2020:
  - Immediate health-related spending: about CFAF 42 billion (0.5 percent of GDP).
  - Social transfers increase: CFAF 23 billion (0.2 percent of GDP).
  - Foreign-financed capital declines by CFAF 68 billion (0.8 percent of GDP) due to project delays.
- Projected 2020 balances and growth components (selected):
  - Non-oil balance: from -303 to -390 (billions CFAF).
  - Non-oil balance (percent non-oil GDP): from -4.2 to -5.7.
  - Overall balance: from 152 to -245 (billions CFAF).
  - Overall balance (percent of GDP): from 1.5 to -2.7.
- Financial sector risks and buffers:
  - Banking system solvency ratio reported at 15 percent and short-term liquidity ratio reported close to 200 percent, against minimums of 10.5 and 100 percent respectively at end-March 2019.
  - Downside risks include higher NPL ratios and provisioning needs if GDP declines and authorities avoid accumulating additional domestic arrears.
- External and medium-term risks:
  - COVID-19 could be more severe and persistent, with lasting impacts on commodity prices, growth, fiscal and external positions.
  - Further declines in international oil prices could erode oil revenues and future oil production, affecting debt sustainability.

### Policy Discussions and Fiscal Response
- Immediate priorities:
  - Accommodate health-related spending to protect wellbeing, treat the sick, slow virus spread, and ensure availability of medical supplies.
  - Increase space for health and COVID-19 related expenditures implies a higher fiscal deficit in 2020.
- Government fiscal actions and reallocations:
  - Identified additional spending needs of about CFAF 65 billion (0.7 percent of GDP).
  - Redirected savings of CFAF 17 billion (0.2 percent of GDP) from non-priority expenditure to COVID-19 spending.
  - Curtailment of domestically-financed capital expenditure by about 40 percent (1.0 percent of GDP) of the initial budget appropriation.
- Fiscal gap and financing needs:
  - After identified financing, total uncovered fiscal needs amount to about CFAF 252 billion, or 2.8 percent of GDP.
  - The non-oil deficit expected to increase to 5.7 percent of non-oil GDP from 4.2 percent envisaged in the budget law.
  - Identified sources of financing (selected, in billions CFAF): World Bank 115.0; AfDB 65.0; IMF-EFF 72.0; Proposed IMF-RFI 88.0.
  - Residual gap in revised projection: CFAF 164.8 billion (0.0 in earlier projection).
- Guidance on policy measures and targeting:
  - Additional measures to support businesses and households are being considered (see Box 1), but costings and temporary design with sunset clauses are important.
  - For medical equipment and supplies, temporary reductions or repeal of customs duties or VAT could be appropriate; delays of tax payments are appropriate for cash-flow support; aggressive or permanent tax policy changes should be avoided.
  - Measures should be carefully assessed to avoid deadweight effects and remain temporary.

### Authorities’ Proposed Support Measures (Box 1 highlights)
- Household measures:
  - Telecommunication costs reduced by at least 50 percent during confinement.
  - Minimum remuneration maintained at 50 percent of basic salary during technical unemployment.
  - Suspension of rents for unemployed people and compensation measures for landlords.
  - Temporary suspension of debt repayments for individuals.
  - Measures to guarantee price uniformity across territory.
- Business measures:
  - Establishment of a refinancing window for companies forced to cease operations due to confinement.
  - Tax rebates for companies which keep operating and maintain jobs.
  - State support for recovery of unpaid debts for banks facilitating access to financial services.
- Digital and financial inclusion measures:
  - Enhancing digitalization of revenue collection, interoperability of electronic money transactions, and universal access to financial services.

### Monetary and Financial Sector Policy Measures
- COBAC guidance to banks and microfinance institutions (letter dated March 25, 2020):
  - Review loan portfolios in light of COVID-19; follow existing loan classification and provisioning rules including in restructuring/reprofiling.
  - May use conservation buffers of 2.5 percent to absorb pandemic-related losses and thus hold a minimum solvency ratio of 8 percent.
  - Adopt restrictive policy on dividend distributions and provide recapitalization plans if capital shortfalls arise.
  - Continue providing essential financial services and implement business continuity plans.
- BEAC Monetary Policy Committee decisions (March 27, 2020):
  - Decrease policy rate (TIAO) by 25 basis points from 3.5 to 3.25 percent.
  - Decrease marginal lending facility rate by 100 basis points from 6 to 5 percent.
  - Increase liquidity provision from CFAF 240 to 500 billion (with possibility of further increases).
  - Widen range of private financial instruments accepted as collateral for monetary policy operations.
  - BEAC provided a financing line of CFAF 90 billion to BDEAC to finance public investment projects.
  - MPC recommended banks ensure continuity of financial services, strengthen remote banking, and reduce banking service costs.

### Staff Appraisal and Recommendations (summary of staff position)
- Staff supports RFI purchase request for SDR 108 million (50 percent of quota) to help address urgent balance of payments needs triggered by COVID-19 and terms-of-trade shocks.
- Additional external support will be critical to contain the outbreak and offset economic impact.
- Continue momentum of reforms to:
  - Achieve more-friendly fiscal consolidation,
  - Improve the business climate,
  - Enhance governance and fight corruption,
  - Improve financial intermediation,
  - These reforms are essential to achieve higher, more inclusive, and resilient growth.

*Source: Gabon—Executive Summary (April 3, 2020).*

### 13. The authorities remain committed to pursuing the planned medium-term growth-

### 1gabea2020001 - 13. The authorities remain committed to pursuing the planned medium-term growth-

### Medium-term fiscal stance and revenue measures
- Authorities remain committed to the planned medium-term growth-friendly fiscal consolidation as outlined in their attached letter and intend to revert to the fiscal consolidation path set out in the Staff Report for the Fourth and Fifth Reviews under the extended arrangement once the fallout from the pandemic subsides.
- Most spending increases in 2020 are expected to be one-off and revenues should return to trend once growth rebounds from 2021.
- Lower medium-term oil prices create additional challenges, requiring further adjustment over the medium term to preserve debt and support the CEMAC’s strategy to rebuild external buffers.
- Recent and ongoing measures to strengthen revenue and public spending efficiency:
  - Launch of the customs administration IT system (ASYCUDA World).
  - Implementation of a larger project for revenue digitalization to boost revenue collection, reduce fraud, and facilitate business continuity if needed.
  - Completion of a public service census to identify and remove ghost workers.
  - Ongoing monitoring to identify other non-priority current spending.
  - Commitment to protect social spending and strengthen public financial and investment management.
  - Continued reforms to improve the business climate, enhance governance, fight corruption, and improve financial intermediation.

### Debt dynamics, vulnerabilities, and debt management
- Public debt remains sustainable but has become considerably more vulnerable to risks (Annex III (DSA)).
- Under the assumption that the deviation from the consolidation path is temporary and the fiscal balance target is achieved from 2023 onwards:
  - Public debt would peak at 69 percent of GDP before declining to 52 percent in 2025 (Text Figure 3).
- Given increased risks to debt sustainability, policy priorities include:
  - Enhancing debt management.
  - Seeking more semi-concessional loans, including from multilateral and bilateral partners.
  - Improving the efficiency of public investment.
- Gabon does not have any arrears with external creditors; measures implemented under the EFF-supported program have addressed past coordination issues that led to arrears and continue to ensure Gabon remains current on debt obligations.

### Response to COVID-19 and financing needs
- Staff and authorities agreed the policy package responding to exogenous shocks has been appropriate, with scaled up health care and social spending and revisions to the investment plan in response to lower international oil prices.
- Despite these steps, additional external budget and balance of payments support will be needed.
- Contingency measures and potential additional savings:
  - Authorities identified a list of additional projects amounting to CFAF 40 billion that could be put on hold to create fiscal space for COVID-19-related spending.
  - The FY2020 budget contains an existing contingency plan; contingency mechanisms could help identify additional buffers.
  - Authorities will explore scope for additional domestic and regional financing.
- Estimated present and urgent additional financing needs of about 3 percent of GDP in 2020 under the baseline scenario; a more protracted crisis could require larger financing needs.

### IMF assistance: access, modalities, and capacity to repay
- Staff proposes providing financial assistance under the regular window of the Rapid Financing Instrument (RFI) for 50 percent of quota (SDR 108 million).
  - The purchase amounts to 1.0 percent of GDP and will cover 35 percent of the estimated financing gap, including through indirect budget support.
  - The remaining gap (1.8 percent of GDP) is expected to be covered by loans and grants from multilateral and bilateral partners.
- Eligibility: Gabon meets RFI eligibility requirements given uncertainties and practical difficulties in holding comprehensive policy discussions under the ongoing EFF-supported program.
- Capacity to repay and IMF obligations:
  - Total outstanding credit from the Fund, including the envisaged next and final review of the EFF-supported program and the proposed RFI, will amount to 265 percent of quota, within normal access limits.
  - IMF credit outstanding peaks at 5.3 percent of GDP in 2020.
  - Total obligations to the IMF are projected to rise from 0.1 percent of GDP in 2020 to a peak of 0.8 percent of GDP in 2024 (or 17 percent of total debt service).
  - These obligations are higher than at the fourth and fifth EFF review, which peaked at 0.5 percent of GDP (12.5 percent of total debt service).
  - Obligations relative to international reserves will peak at 15.9 percent of GDP in 2024; regionally pooled reserves may be negatively affected by the decline in oil prices, posing regional risks.
- Increased risks to debt sustainability—elevated gross financing needs, debt profile risks, and commodity price shock susceptibility—are vulnerabilities to capacity to repay.

### Safeguards and institutional issues
- The BEAC has implemented most recommendations from the 2017 safeguards assessment:
  - Alignment of BEAC’s secondary legal instruments with its Charter was recently concluded.
  - Work is advancing on the full transition to IFRS for FY 2019.
- Gabon will cooperate, to the extent necessary, with any updated safeguards assessment by the Fund.

### Staff appraisal and policy recommendations
- Assessment of shocks and policy response:
  - Gabon faces a double shock from COVID-19 and the collapse in international oil prices that will slow activity and pressure fiscal and external positions.
  - The fiscal loosening in 2020 is appropriate, but authorities should be ready to reverse emergency measures when circumstances allow, particularly to undo temporary revenue losses and transfers and subsidies.
  - Stronger fiscal adjustment will be required in the medium term to bring the debt-to-GDP ratio back to a downward path and to preserve debt sustainability.
  - Authorities should increase domestic revenue and rationalize spending while protecting the poor.
  - Stronger debt management is called for given the rapid increase in public debt.
- On crisis response effectiveness:
  - Staff welcomes the timely scaling up of health care spending and social transfers.
  - Emphasis on good coordination across government agencies and with development partners, including WHO and the World Bank, and attention to spending efficiency.
  - Close monitoring of impacts on businesses, including Small-and-Medium Enterprises; well-designed business and household support (tax deferment, well-targeted subsidies) may be warranted.
- Financing recommendation:
  - The RFI request for 50 percent of quota (SDR 108 million) would provide timely support for urgent balance of payments needs from COVID-19 and the terms-of-trade shock, but additional external budget support remains necessary to facilitate adjustment while minimizing social impact.

*International Monetary Fund — Chapter excerpt from 1gabea2020001*

### 23. Staff supports the authorities’ request for a purchase under the RFI. The authorities

### 1gabea2020001 - 23. Staff supports the authorities’ request for a purchase under the RFI. The authorities

### Request and purpose
- Staff supports the authorities’ request for a purchase under the RFI.
- The authorities intend to use the purchase to address external financing needs arising from COVID-19-related fiscal outlays and the terms of trade shock.
- The government commits to transparency in the use of any emergency support received from the Fund and other sources.

### Governance and implementation arrangements
- An inter-ministerial committee has been put in place to guide the use of emergency financial assistance received from the Fund and others.
- The government commits to transparency in the use of Fund and other emergency support.

### Policy priorities and reforms
- Strengthening revenue administration and broadening the tax base.
- Protecting social spending and developing adequate social safety nets.
- Advancing public financial management (PFM) and governance reforms.
- Countering corruption.
- Ensuring a sound and stable financial sector.

### Key fiscal and macro figures (selected)
- Total revenue and grants: 1,423; 1,581; 1,868; 1,909; 1,946; 1,463; 1,673; 1,875; 2,057; 2,251; 2,386 (billions of CFA francs).
- Total expenditure and net lending: 1,649; 1,702; 1,692; 1,793; 1,806; 1,720; 1,811; 1,921; 2,049; 2,203; 2,301 (billions of CFA francs).
- Overall balance (cash basis): -297; -147; 167; 68; 152; -245; -147; -381; 85; 89; 92 (billions of CFA francs).
- IMF-related financing noted in financing tables: IMF-EFF 114; 114; 72; 72; 72; 0; 0; 0; 0; 0 (billions of CFA francs) and Prop. IMF-RFI 88 (billions of CFA francs).
- Exceptional financing (excluding IMF) across financing tables: 488; 207; 295; 230; 115; 181; 0; 144; 323; 948; 8 (interpreted as presented in tables).
- Gross government deposits in BEAC (memorandum): 314.9; 315.0; 438.4; 237.4; 732.9; 388.7; 355.5; 423.1; 490.7; 539.5; 576.6 (billions of CFA francs).
- Stock of arrears (memorandum): 545.9; 354.8; 105.9; 151.7; 28.2; 51.1; 0.0; 0.0; 0.0; 0.0; 1.0 (billions of CFA francs).
- Non-oil primary balance excluding capital transfers (NOPB): -582; -479; -308; -384; -303; -390; -297; -235; -202; -177; -141 (billions of CFA francs).
- Non-oil GDP at market prices (memorandum): 6,024; 6,319; 6,725; 6,657; 7,181; 6,839; 7,375; 8,035; 8,694; 9,512; 10,138 (billions of CFA francs).

*Source: Gabonese authorities and IMF staff estimates and projections (as presented in the provided content).*

### Annex I. Chronology of Measures Taken by the Authorities to

### 1gabea2020001 - Annex I. Chronology of Measures Taken by the Authorities to

### Chronology of COVID-19 containment and mitigation measures (selected, as of March 25, 2020)
- March 7th, 2020
  - Presidential council deciding several measures and announcing a combat plan against COVID-19.
  - Announcement of a special fund to finance the national plan.
  - Creation of a green phone line to request the test freely by the population.
  - Creation of a crisis cell at the Prime Minister cabinet with participation of the Ministry of Health and Ministry of Defense.
  - Strengthening of the national health research at all air, land and rail borders.
  - Restriction of non-essential missions abroad for government members and State agents.
  - Postponement of all international events to be held in Gabon until contrary provisions.
  - Interdictions of travels to Gabon for residents from countries revealed to be at high risk, with only diplomats and assimilated as well as Gabonese residents authorized to return to the country. Upon arrival, all travelers coming from those countries would be subject to customary medical control.
  - Implementation of a 14-day quarantine for Gabonese nationals and residents with symptoms of the virus.
  - Suspension of tourist visas for people from infected areas.
  - Closure of nurseries, schools, universities and vocational training centers throughout the territory until March 30th.
  - Closure of bars and nightclubs until further notice.
  - Ban on the assembly of more than 50 people throughout the national territory.
  - Suspension of national sporting and cultural events.
  - Recommendation to the population to use public transportation only for essential travel.
  - Prohibition of any gathering of people reduced from 50 to 30 people.
  - Closure of all places of worship and recommendation of prayers at home.
  - Closure of restaurants to the public with the exception of take-out and delivery services.
  - Suspension of the hearings in Courts with the exception of essential litigation.
  - Prohibition of visits to prisons.
  - Ban on visits to hospitals unless expressly authorized by the medical profession.
  - Authorization of one international flight per week per airline operating or serving Gabonese territory.
  - Price controls of masks, gels, and alcohol in distributors in Gabon.

- March 13th, 2020
  - Prohibition of any gathering of more than 10 people.
  - Reduction in all administrations of the daily working time which would drop from 8 to 4 hours except for essential services.
  - Closure for fifteen days of air borders with the exception of cargo flights.
  - Closure of the cities of Libreville, Akanda, and Owendo for fifteen days.

- March 16th, 2020
  - Debut of local production of alcool gels by the local pharmaceutical industry.

- March 20th, 2020
  - Strict limitation of non-essential transport (vehicles, train, boats, or planes) into the interior.
  - Limitations on the number of passangers in private vehicles, buses and taxis in Libreville.

- March 21th, 2020
  - Curfew imposition from 7:30pm till 6am in the country with only authorized agents (e.g., military, policy, health, telecom) allowed to circulate.

- Sources listed in the chronology:
  - Prime Minister COVID-19 crisis cell; Minister of Health; and World Health Organization.

### Risk Assessment Matrix — key risks, likelihoods, impacts, and recommended responses
- Disruption in domestic oil production caused by aging fields and lower than expected production from new projects.
  - Relative Likelihood: Medium
  - Impact if Realized: Medium
  - Recommended Policy Response:
    - Reprioritize fiscal spending and enhance the efficiency of spending, while supporting non-oil activity during shutdowns.
    - Enhance facility maintenance and plan adequate investment for refurbishment, and encourage exploration and discovery of new oil.
  - Note: Fiscal revenues and exports are susceptible to oil production declines, with potential spillovers to the non-O&G sector.

- Deterioration of domestic political conditions.
  - Relative Likelihood: Medium
  - Impact if Realized: Medium
  - Recommended Policy Response:
    - Communicate the benefits of the government’s macroeconomic program and enhance the inclusiveness of the approach to economic management.
    - Step up efforts to improve governance.
  - Note: Given perceptions of poor governance and corruption it may be difficult to maintain a sustainable consensus to govern. This could compromise the macroeconomic stabilization gains made over the last three years and derail key reforms.

- Weaker-than-expected global growth.
  - Relative Likelihood: High
  - Impact if Realized: High
  - Recommended Policy Response:
    - Reprioritize fiscal spending and enhance the efficiency of spending.
    - Accelerate reforms to address structural weaknesses aimed at supporting private sector growth.
    - Energize external support through better compliance to donors’ conditionality and emphasizing the merits and needs of Gabon’s development strategy.
  - Note: Adverse impact on growth through less foreign direct investment inflows and external support; demand for export products and their prices would fall.

- Large swings in energy prices.
  - Relative Likelihood: High
  - Impact if Realized: High
  - Recommended Policy Response:
    - Increase non-oil revenue to help build fiscal buffers.
    - Reprioritize fiscal spending and enhance the efficiency of spending.
    - Accelerate reforms to address structural weaknesses aimed at supporting private sector growth.
  - Note: Increase volatility and complicates macroeconomic management. Fiscal revenues and exports are susceptible to oil price volatility, with potential spillovers to the non-hydrocarbon sector.

- Rising protectionism and retreat from multilateralism.
  - Relative Likelihood: High
  - Impact if Realized: High
  - Recommended Policy Response:
    - Continue improving the business environment to attract further investments and diversify the economy.
    - Reprioritize fiscal spending and enhance the efficiency of spending, while supporting non-oil activity.
    - Diversify the structure of the economy and export products and markets.
  - Note: Demand for export products and their prices would fall, hurting the domestic economy.

- Rise in risk premia and the cost of debt on regional financial markets.
  - Relative Likelihood: High
  - Impact if Realized: High
  - Recommended Policy Response:
    - Optimize debt portfolio and management.
    - Reduce borrowing needs.
    - Ensure to remain current on debt service obligations.
    - Reprioritize fiscal spending and enhance the efficiency of spending.
  - Note: Higher costs of borrowing for government and business reduce economic activities.

- More severe Covid-19 pandemic.
  - Relative Likelihood: High
  - Impact if Realized: High
  - Recommended Policy Response:
    - Energize external support through better compliance to donors’ conditionality and emphasizing the merits and needs of Gabon’s development strategy.
    - Reprioritize fiscal spending to accommodate health spending and promote efficiency of the health system.
    - Accelerate reforms to address structural weaknesses aimed at supporting private sector growth.
  - Note: Demand for exports and their prices would fall, hurting the domestic economy.

- Additional RAM meta-note:
  - “Low” indicates probability below 10 percent, “medium” between 10 and 30 percent, and “high” between 30 and 50 percent.
  - “Short term (ST)” and “medium term (MT)” indicate potential realization within 1 year and 3 years, respectively.

### Debt Sustainability Analysis — principal findings and numeric projections
- Immediate impact of COVID-19 shock:
  - Public debt increase in 2020: 10 percentage points increase vis-a-vis 2019 to 69 percent of GDP owing to lower growth.
  - Gross financing needs averaged over 2020–25: over 4 percentage points of GDP higher per year at 12 percent and peaking at 18 percent in 2025.
  - Gabon issued a Eurobond shortly before the shock used to pre-pay maturing obligations in 2024–25; current market sentiment may prevent similar operations in the near term.

- Historical and near-term baseline figures:
  - Public debt: 60.6 percent of GDP in 2018; 58.8 percent of GDP in 2019.
  - Gross financing needs were 3 percent of GDP (pre-shock).
  - Debt service-to-revenue in 2019: 37 percent.
  - Eurobond issued: US$1 billion (6 percent of GDP) 10-year Eurobond with a 6.625 percent interest rate; 82 percent of proceeds used to pre-pay portion of Eurobonds due in 2024 and 2025.

- Baseline projections and changes relative to December 2019 DSA:
  - Public debt in baseline projected to reach 68.7 percent of GDP in 2020, compared with 55.6 percent projected in December 2019 DSA.
  - 2020 real GDP growth revision: from 3.8 percent projected in December to -0.4 percent.
  - Gross financing needs in 2020: 15.0 percent of GDP, compared with 9.0 percent in the December 2019 DSA.
  - Gross financing needs will average 12.0 percent of GDP per year over 2020–25, compared with an average of 7.1 percent of GDP over 2019–24 in the December 2019 DSA.
  - Debt levels expected to decline starting in 2021, reaching 51.5 percent of GDP in 2025.
  - Gross financing needs peak: 18percent of GDP in 2025.
  - Note: Amortization related to the pre-payment of 2024–25 Eurobonds amounting to 5.3 percent of GDP is included in the gross financing needs for 2020, as was the case in the December 2019 DSA.

- Stress tests and vulnerabilities:
  - Standard shock scenarios: debt levels remain below benchmark levels of 70 percent of GDP, except a real exchange rate shock where debt peaks at 72 percent of GDP.
  - Combined shock (GDP, primary balance, inflation, exchange rate, and interest rate): debt levels to 80.4 percent of GDP and gross financing needs to 31.2 percent of GDP.
  - Further commodity price shocks pose important risk given international oil prices near breakeven levels.
  - Debt exposure: level of debt held by non-residents and foreign currency debt breaches upper risk assessment benchmarks; short-term debt falls between upper and lower benchmarks.
  - Projected external financing risks: 24 percent of GDP, well above the upper risk assessment benchmark.
  - EMBI spread averaged 492 bps over the last three months, rapidly increased at end of March 2020, trading above 1400 bps.

- Policy recommendations to manage debt risks:
  - Strengthen the medium-term debt management strategy (MTDS) in line with TA recommendations.
  - Account for limited near-term Eurobond issuance prospects.
  - Avoid accumulation of external and domestic arrears to help maintain investor sentiment.
  - Continue fiscal consolidation, particularly through revenue mobilization.
  - Mobilize additional semi-concessional loans to meet medium-term financing needs and reduce gross financing needs.

- DSA modeling assumptions and notes:
  - The December 2019 DSA included planned 2020 Eurobond issuance and partial use of proceeds toward pre-payment.
  - The DSA currently assumes residual financing needs in 2021–25 are met by short-term domestic debt, raising gross financing needs given short maturities.
  - Assuming half of these needs were filled by additional debt from official and multilateral creditors (approximately 1 percent of GDP in additional financing per year) would reduce peak gross financing needs in 2025 to 12 percent of GDP.

### Letter of Intent — key policy commitments and financing request (April 3, 2020)
- COVID-19 and oil shock impact:
  - First COVID-19 case reported: March 12, 2020.
  - Government measures: closing borders, schools, bars and restaurants, suspension of international flights, price controls on certain medicines and health-care products.
  - Collapse of international oil prices combined with COVID-19 expected to cause a significant slowdown in growth and deterioration in external position and public finances.
  - Planned rescheduling of projects for a total amount of around CFAF 92 billion to cope with pandemic.
  - Identified additional list of projects worth CFAF 40 billion which could be postponed.

- Fiscal projections and financing request:
  - Expected overall fiscal balance deterioration in 2020: deterioration by about 4.3 percentage points of GDP (from a surplus 1.4 percent to a deficit of 2.9 percent of GDP).
  - Non-oil primary fiscal deficit expected to increase by 1.5 percentage points of non-oil GDP.
  - Request for IMF financial assistance under the Rapid Financing Instrument (RFI): amount equivalent to SDR 108 million (which corresponds to 50 percent of Gabon’s quota with the Fund).
  - Intended use of IMF support: ease pressure on balance of payments and provide fiscal space to fight spread of the virus and meet population needs.
  - Coordination with development partners: World Bank, African Development Bank, and French Development Agency for possible financial support to close additional financing gap.

- Policy commitments and priorities:
  - Tighten control over spending to free room for COVID-19 related expenditures.
  - Adopt a revised budget law as soon as possible if needed.
  - Maintain macroeconomic stability, boost competitiveness and growth, and reduce poverty.
  - Maintain strict fiscal discipline and implement additional revenue and expenditure measures if necessary to ensure fiscal sustainability and avoid creation of new arrears.
  - Mobilize non-oil revenues and improve spending efficiency while protecting social spending.
  - Enhance debt management and rely more on semi-concessional loans, including from multilateral and bilateral partners.
  - Continue to implement key remaining structural benchmarks under the Extended Fund Facility (EFF), in particular the submission of Gabon’s application for membership in the Extractive Industries Transparency Initiative (EITI).

*Source: 1gabea2020001 - Annex I. Chronology of Measures Taken by the Authorities to Combat COVID-19 (as of March 25, 2020).*

### 6. The government will continue to publish information on revenue and expenditure

### 6. The government will continue to publish information on revenue and expenditure

### Transparency and accountability commitments
- The government will continue to publish information on revenue and expenditure performance on a regular basis.
- A separate reporting mechanism for COVID-19 expenditures will be provided to assure transparent accounting of all the funding received to combat the pandemic.
- The authorities commit to report quarterly on the spending of emergency funds.
- An independent, third-party audit of emergency fund spending will be commissioned within six months of disbursement and the results will be published.
- The published results will include the full text of all related procurement contracts, along with the beneficial ownership information for the companies receiving those contracts.
- The authorities are committed to continuing to adhere to the best fiscal management practices put into place with the support of IMF technical assistance.
- The authorities will continue to provide Fund staff with all the data and information necessary to evaluate policies, including those concerning the Special Fund to Combat COVID-19 established under the Caisse des Dépôts et Consignation (Deposit and Consignment Fund).
- The government authorizes the IMF to publish this letter and the forthcoming staff report for the request of the RFI.

### Economic outlook prior to the dual shock
- Following the oil price plunge in 2014, an economic recovery program (Programme de relance économique, PRE) was devised in 2015 and supported by the Fund under the Extended Fund Facility (EFF) since 2017.
- As a result, macroeconomic stability was strengthened with higher growth, improved fiscal and external positions and lower public debt.
- The country remains heavily dependent on commodities, notably oil.
- The medium-term economic prospects for 2020 were deemed favorable in the Article IV consultation in December 2019:
  - Growth was expected to gradually increase from 3.8 percent in 2020 to more than 4.5 percent in the medium term.
  - Inflation was projected to remain under 3 percent.
  - The current account deficit was projected to narrow to 2 percent in 2020 before turning positive by 2022.
- Downside risks identified included a slowdown in the reform momentum, a decline in international oil prices, and lower global growth.

### Impact of the pandemic and the oil price shock
- As of April 7, 2020, Gabon has registered 33 cases of COVID-19, including one fatality.
- Containment measures implemented since the first case on March 12, 2020, include closing borders, schools, bars and restaurants, and suspending international flights.
- External support has been received from World Health Organization, World Bank and Agence Française de Développement (AFD) to strengthen health system capacity.
- Projected macroeconomic impacts for 2020:
  - Economic activity in 2020 is now anticipated to contract by 0.4 percent.
  - The current account deficit will widen more than fourfold to 8.5 percent of GDP.
  - The overall fiscal balance in 2020 is revised from a surplus of 1.4 percent of GDP to a deficit of 2.9 percent in 2020.
- Drivers of deterioration:
  - Decline in oil production and exports due to depressed global demand and postponed oil recovery investments.
  - Non-oil sector output affected by COVID-19 health impacts, containment measures, and negative domestic demand shock.
  - Spillovers from the external environment, including a collapse in non-oil exports and foreign direct investment.
- Despite the fiscal deterioration, public debt sustainability will be preserved according to the authorities’ assessment.
- The authorities agree that this assessment is subject to large uncertainty.

### Policy responses and fiscal stance
- Immediate priority: contain the spread of COVID-19 and mitigate human, social, economic and financial consequences, notably for the most vulnerable.
- Fiscal policy:
  - The fiscal consolidation process will be interrupted in 2020 to respond to the shocks.
  - Non-priority spending will be reduced and resources reallocated to finance COVID-19-related expenditures.
  - A special fund has been established to combat the propagation of the epidemic.
  - Measures to support vulnerable populations and the private sector include food vouchers, utilities cost discounts, reduced licensing fees and tax relief.
  - Authorities will pursue a prudent fiscal policy and resume fiscal consolidation after the health crisis subsides.
  - Additional revenue and expenditure measures will be adopted when needed to ensure fiscal sustainability and avoid the creation of new arrears.
  - The expenditure regulation mechanism set up in 2019 with Fund support will continue to be applied.
  - A revised budget law for 2020 will be adopted as soon as possible to reflect new priorities.
- Monetary and macro-financial measures (regional central bank and supervisory authority COBAC):
  - Suspension of liquidity absorption operations.
  - Monetary policy easing with a reduction of the policy rates.
  - Higher liquidity provision and expansion of instruments accepted as collateral for central bank refinancing.
  - COBAC will closely monitor portfolio quality and profitability of financial institutions in CEMAC.
  - COBAC has issued recommendations on prudent and transparent loan restructuring to preserve financial stability.

### Request for financing
- The Gabonese authorities request Fund financial assistance under the Rapid Financing Instrument (RFI) in the amount equivalent to SDR 108 million (approximately USD 148.8 million) to meet 35 percent of financing needs arising from COVID-19 and the collapse of oil prices.
- The authorities are seeking additional financial support from other development partners, including the World Bank, the African Development Bank, and AFD to close the remaining financing gap.
- With these disbursements, the country’s capacity to repay the Fund will remain appropriate.
- The authorities agree that further financing might be needed should the health crisis last longer than expected.
- The authorities request the Executive Board’s approval of their request for emergency financing.

*Source: 1gabea2020001 - 6. The government will continue to publish information on revenue and expenditure*

---


_Source: https://www.imf.org/-/media/files/publications/cr/2020/english/1gabea2020001.pdf_