Republic of Equatorial Guinea: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director
IMF Staff Country Reports, September 27, 2021
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- Republic of Equatorial Guinea: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director
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Bibliographic details
- Published: September 27, 2021
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513595849.002
Background shocks and immediate humanitarian event
- Equatorial Guinea was already affected by a still unfolding COVID-19 pandemic.
- On March 7, massive accidental explosions at a military compound in Bata, its largest city, killed over 100 people and caused widespread damage to surrounding neighborhoods.
- These combined shocks created immediate humanitarian needs that the authorities need to address.
Economic impact and program status
- The shocks have adversely impacted economic activity and weakened considerably the fiscal and external positions, relative to the EFF-supported program approved in December 2019, creating a substantial financing gap.
- With the EFF-supported program off-track, as governance reforms have taken longer than originally envisaged, it is not feasible to effectively respond to the humanitarian crisis within the EFF framework.
- Bringing the program back on track would take time because the authorities continue to work on outstanding structural measures due to capacity constraints in the pandemic context and the need for consensus building.
Rationale for Rapid Financing Instrument (RFI) support
- Support provided under the RFI, buttressed by appropriate prior actions on governance and safeguards, would:
- create the fiscal space necessary for the authorities to meet the immediate humanitarian needs, and
- reinvigorate engagement under the EFF-supported program.
Publication metadata and scope
- Publication date: September 27, 2021
- Pages: 56
- Volume: 2021
- Issue: 219
- Series: Country Report No. 2021/219
- DOI: https://doi.org/10.5089/9781513595849.002
- Stock No: 1GNQEA2021001
- ISBN: 9781513595849
- ISSN: 1934-7685
Thematic subjects and keywords
- Subjects: Arrears, Commercial banks, COVID-19, Expenditure, External debt, Financial institutions, Fiscal policy, Fiscal stance, Health, International organization, Monetary policy
- Keywords: anti-corruption law, Arrears, authorities of Equatorial Guinea, Bata emergency, Bata explosion, Central Africa, Commercial banks, COVID-19, Equatoquiriean authorities, Fiscal stance, Global, governance safeguard, government arrears, health pandemic, U.S. dollar
Republic of Equatorial Guinea: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director (IMF Staff Country Reports 2021, 219).
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- 1gnqea2021001