Republic of Equatorial Guinea: Request for an Extended Arrangement Under the Extended Fund Facility and Second Review Under the Staff-Monitored Program-Press Release, Staff Report, and Statement by the Executive Director
IMF Staff Country Reports, December 20, 2019
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- Republic of Equatorial Guinea: Request for an Extended Arrangement Under the Extended Fund Facility and Second Review Under the Staff-Monitored Program-Press Release, Staff Report, and Statement by the Executive Director
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Bibliographic details
- Published: December 20, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513524016.002
Overview
- Publication date: December 20, 2019
- Purpose: Highlights Republic of Equatorial Guinea’s Request for an Extended Arrangement Under the Extended Fund Facility and Second Review Under the Staff-Monitored Program.
- Program aims:
- Maintaining macroeconomic and financial stability.
- Improving social protection.
- Fostering economic diversification.
- Strengthening governance and fighting corruption.
Macroeconomic context and challenges
- Key shocks and structural issues:
- Impacted by a sharp decline in oil prices.
- Secular decline in hydrocarbon output.
- Resulted in large macroeconomic imbalances and negative economic growth.
- Governance and transparency:
- Increasing transparency, improving governance and fighting corruption are critical to improve socio-economic outcomes.
- Role of structural reforms:
- Expected to play a crucial role in supporting fiscal consolidation and improving growth prospects.
Program content and reform agenda
- Reform focus areas:
- Reforms to the business environment.
- Other reforms to promote economic diversification and support the achievement of sustainable economic growth.
- Fiscal and public financial management:
- Structural reforms are part of supporting fiscal consolidation.
- Public Financial Management (PFM) vulnerabilities are identified as an area of concern.
Risks and vulnerabilities
- Program implementation remains subject to downside risks, including:
- Volatility in hydrocarbon prices.
- Public Financial Management (PFM) vulnerabilities.
- Governance and corruption vulnerabilities.
Subjects and keywords (as listed)
- Subject: Arrears, External debt, Fiscal policy, Fiscal stance, Public financial management (PFM), Revenue administration
- Keywords: Africa, ambitious development plan, amount, anti-corruption framework, Arrears, authorities of Equatorial Guinea, authority, corruption challenge, CR, Equatoguinean economy, Fiscal stance, Global, governance, ISCR, Our Equato-Guinean authorities, revised strategy, Sub-Saharan Africa
Content in this bundle
- 1gnqea2019001