{ "title": "Equatorial Guinea: Promoting Inclusive Growth, Improving Governance and Transparency", "publication": "IMF News, December 18, 2019", "sourceUrl": "https://www.imf.org/en/news/articles/2019/12/13/na121319-equatorial-guinea-promoting-inclusive-growth-and-improving-governance-and-transparency", "canonical": "https://www.imf.org/en/news/articles/2019/12/13/na121319-equatorial-guinea-promoting-inclusive-growth-and-improving-governance-and-transparency", "overlayPath": "/en/news/articles/2019/12/13/na121319-equatorial-guinea-promoting-inclusive-growth-and-improving-governance-and-transparency/index.md", "summary": "

The IMF has agreed a program with Equatorial Guinea worth around $283 million, which will have governance and anti-corruption reforms at its heart.", "publishDate": "2019-12-18", "sections": [ { "heading": "Program overview", "content": "- The IMF has agreed a program with Equatorial Guinea worth around $283 million.\n- Main objective: support the recovery of the country’s economy and promote sustainable and inclusive economic growth.\n- Program type and duration: a three-year program under the IMF’s Extended Fund Facility (EFF).\n- Core emphasis: governance and anti-corruption reforms are at the heart of the program." }, { "heading": "Background and process", "content": "- The economy has been contracting for the past six years due to successive years of strong decline in hydrocarbon output and a contracting non-oil sector.\n- The approval process took about 2½ years to conclude.\n- The process began in mid-2017 and involved a staff-monitored program (SMP) agreed in 2018, which established a track record of policy implementation and opened the way to negotiations for the EFF-supported program." }, { "heading": "Focus and policy measures", "content": "- Macroeconomic and social objectives:\n - Strengthen macroeconomic and financial stability.\n - Improve social protection and promote human capital development.\n - Promote economic diversification and improve the business climate.\n - Increase space for social spending.\n- Public finance measures:\n - Strengthen public finances by reducing inefficient spending.\n - Increase non-resource tax revenue.\n - Improve public financial management.\n- Structural reforms:\n - Reforms required to support economic diversification and improve the business climate.\n - Measures to upgrade the anti-money laundering framework.\n- Governance and transparency:\n - Implementation of a \"Good Governance and Anti-Corruption Action Plan\" adopted and published by the authorities.\n - Prior actions completed in advance of Board consideration included:\n - Application to join the Extractive Industries Transparency Initiative.\n - Adoption and publication of an action plan to improve transparency and governance and fight corruption.\n - Establishment of a system to adequately track and control government spending.\n - Presentation to parliament of a budget for 2020 that is consistent with program targets." }, { "heading": "Anti-corruption and transparency measures (specifics)", "content": "- Adoption of an anti-corruption law covering conflicts of interest and asset declarations by senior public officials.\n- Enhancements to enforcement and strengthening of international cooperation.\n- Transparency measures consistent with the Extractive Industries Transparency Initiative standard, including:\n - Audits of state-owned hydrocarbon companies and their publication.\n - Regular publication of data and other relevant information on the hydrocarbon sector.\n - Publishing beneficial ownership information for companies established in Equatorial Guinea." }, { "heading": "Monitoring and conditionality", "content": "- IMF Board review schedule: semi-annual reviews by the Fund’s Executive Board.\n- Completion of reviews will depend on program performance, notably the implementation, as agreed, of key governance and anti-corruption measures.\n- The mission team will report regularly to the Fund’s Executive Board, which has taken a keen interest in the program given its governance focus." }, { "heading": "Fast Facts (as presented)", "content": "- Real GDP growth (2019): -5.9%\n- Inflation rate Q3 (2019): 1.3%\n- Population: 1.36 million\n- Income per capita (PPP based): $19,513\n- Human Development Index rank: 141\n- Life expectancy at birth: 57.9\n- Expected years of schooling: 9.3\n\nInternational Monetary Fund\n\n---\n\n\n References\n\n- https://www.imf.org/en/News/country-focus\n- PRESS CENTER\n- Read the report\n- Read the press release\n- Equatorial Guinea and the IMF\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2019/12/13/na121319-equatorial-guinea-promoting-inclusive-growth-and-improving-governance-and-transparency" } ], "bullets": [ "[Markdown version](/en/news/articles/2019/12/13/na121319-equatorial-guinea-promoting-inclusive-growth-and-improving-governance-and-transparency/index.md)", "[Structured JSON version](/en/news/articles/2019/12/13/na121319-equatorial-guinea-promoting-inclusive-growth-and-improving-governance-and-transparency/index.json)", "[Bundle manifest](/en/news/articles/2019/12/13/na121319-equatorial-guinea-promoting-inclusive-growth-and-improving-governance-and-transparency/bundle-manifest.json)", "Published: December 18, 2019", "The IMF has agreed a program with Equatorial Guinea worth around $283 million.", "Main objective: support the recovery of the country’s economy and promote sustainable and inclusive economic growth.", "Program type and duration: a three-year program under the IMF’s Extended Fund Facility (EFF).", "Core emphasis: governance and anti-corruption reforms are at the heart of the program.", "The economy has been contracting for the past six years due to successive years of strong decline in hydrocarbon output and a contracting non-oil sector.", "The approval process took about 2½ years to conclude.", "The process began in mid-2017 and involved a staff-monitored program (SMP) agreed in 2018, which established a track record of policy implementation and opened the way to negotiations for the EFF-supported program.", "Macroeconomic and social objectives:", "Public finance measures:", "Structural reforms:", "Governance and transparency:", "Adoption of an anti-corruption law covering conflicts of interest and asset declarations by senior public officials.", "Enhancements to enforcement and strengthening of international cooperation.", "Transparency measures consistent with the Extractive Industries Transparency Initiative standard, including:", "IMF Board review schedule: semi-annual reviews by the Fund’s Executive Board.", "Completion of reviews will depend on program performance, notably the implementation, as agreed, of key governance and anti-corruption measures.", "The mission team will report regularly to the Fund’s Executive Board, which has taken a keen interest in the program given its governance focus.", "Real GDP growth (2019): -5.9%", "Inflation rate Q3 (2019): 1.3%", "Population: 1.36 million", "Income per capita (PPP based): $19,513", "Human Development Index rank: 141", "Life expectancy at birth: 57.9", "Expected years of schooling: 9.3", "[https://www.imf.org/en/News/country-focus](https://www.imf.org/en/News/country-focus)", "[PRESS CENTER](http://presscenter.imf.org/)", "[Read the report](https://www.imf.org/en/Publications/CR/Issues/2019/12/20/Republic-of-Equatorial-Guinea-Request-for-an-Extended-Arrangement-Under-the-Extended-Fund-48904)", "[Read the press release](https://www.imf.org/en/News/Articles/2019/12/18/pr19472-equitorial-guinea-imf-executive-board-approves-us-million-three-year-eff-arrangement)", "[Equatorial Guinea and the IMF](https://www.imf.org/en/Countries/GNQ)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2019/12/13/na121319-equatorial-guinea-promoting-inclusive-growth-and-improving-governance-and-transparency/index.md", "json": "/en/news/articles/2019/12/13/na121319-equatorial-guinea-promoting-inclusive-growth-and-improving-governance-and-transparency/index.json", "bundleManifest": "/en/news/articles/2019/12/13/na121319-equatorial-guinea-promoting-inclusive-growth-and-improving-governance-and-transparency/bundle-manifest.json" }, "generatedAtUtc": "2026-09-25T23:18:23.399Z" }