{
  "title": "IMF Executive Board Approves US$67.38 Million in Emergency Support to Equatorial Guinea to Address the COVID-19 Pandemic and Accidental Explosions",
  "publication": "IMF News, September 15, 2021",
  "sourceUrl": "https://www.imf.org/en/news/articles/2021/09/15/pr21266-equatorial-guinea-imf-exec-board-approves-emergency-support-covid-19-accidental-explosions",
  "canonical": "https://www.imf.org/en/news/articles/2021/09/15/pr21266-equatorial-guinea-imf-exec-board-approves-emergency-support-covid-19-accidental-explosions",
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  "summary": "The Executive Board approved emergency assistance equivalent to about US$67.38 million under the Rapid Financing Instrument (RFI).",
  "publishDate": "2021-09-15",
  "sections": [
    {
      "heading": "Executive Board decision and financing",
      "content": "- The Executive Board approved emergency assistance equivalent to about US$67.38 million under the Rapid Financing Instrument (RFI).\n- Disbursement amount in SDRs: SDR 47.25 million (about US$67.38 million, 30 percent of quota).\n- Purpose: to meet urgent fiscal and balance of payments needs stemming from the COVID-19 pandemic and March Bata explosions, to catalyze additional external resources, and to bolster regional reserves of the Economic and Monetary Community of Central Africa (CEMAC)."
    },
    {
      "heading": "Economic damage and financing needs",
      "content": "- The pandemic and the Bata explosions have inflicted heavy damage on Equatorial Guinea’s economy, substantially weakened its near-term economic outlook, increased economic and financial stress, and severely affected livelihoods.\n- Additional projected external financing needs: US$625 million (5 percent of GDP) in 2021-22 (relative to the EFF-supported program).\n- Authorities’ responses already undertaken:\n  - Boosted frontline healthcare spending, including purchase of a large batch of vaccines.\n  - Rolled out social assistance to households severely affected by the pandemic and the Bata explosions.\n  - Provided limited and temporary tax relief to the private sector."
    },
    {
      "heading": "Governance, anti-corruption, and transparency measures (prior actions)",
      "content": "- Authorities adopted an anti-corruption law, in line with international good practices and obligations under the United Nations Convention Against Corruption.\n- Established two escrow accounts at the Bank of Central African States (BEAC) for pandemic and Bata emergency-related spending.\n- Commissioned audits for pandemic and Bata emergency-related spending.\n- Committed to adhering to good public procurement practices.\n- These four prior actions were met as part of the request for emergency assistance."
    },
    {
      "heading": "IMF stance and recommended reforms (statement by Mr. Bo Li, Deputy Managing Director and Acting Chair)",
      "content": "- The IMF stands ready to provide policy advice and further support, including as part of ongoing cooperation under the EFF-supported program.\n- Key recommendations and priorities:\n  - Accelerate reforms under the EFF-supported program to safeguard macroeconomic stability, promote inclusive growth, and fight corruption.\n  - Honor commitment to prepare and publish a list of meaningful public assets for privatization.\n  - Approve regulations in line with the anti-corruption law for an asset declarations regime for public officials and the governance of the anti-corruption commission as soon as possible.\n  - Implement measures to strengthen banking sector stability, including settlement of domestic arrears and recapitalization of the largest bank, without further delay.\n  - Safeguard social spending and enhance social protection.\n  - Continue reforms on revenue administration and strengthen the public financial management framework.\n  - Continue implementation of audits and escrow-account arrangements to ensure effective spending on pandemic- and reconstruction-related needs."
    },
    {
      "heading": "Selected economic and financial indicators (highlights from Table 1: 2018–26)",
      "content": "- Real GDP (annual percent change):\n  - 2018: -6.2\n  - 2019: -6.0\n  - 2020: -4.9\n  - 2021 (Est./Proj): 4.1\n  - 2022: -5.6\n  - 2023: -1.5\n  - 2024: -1.0\n  - 2025: -2.8\n  - 2026: -2.1\n- Hydrocarbon sectors (annual percent change):\n  - 2018: -12.4\n  - 2019: -9.3\n  - 2020: 5.9\n  - 2021: -12.5\n  - 2022: -5.2\n  - 2023: -5.5\n  - 2024: -9.6\n  - 2025: -9.0\n- Non-hydrocarbon sectors (annual percent change):\n  - 2018: 2.6\n  - 2019: -1.9\n  - 2020: -3.4\n  - 2021: 2.2\n  - 2022: 2.1\n  - 2023: 3.0\n  - 2024: 2.8\n  - 2025: 2.9\n- GDP deflator (annual percent change):\n  - 2018: 9.5\n  - 2019: -2.2\n  - 2020: 12.3\n  - 2021: 0.8\n  - 2022: 3.4\n  - 2023: 4.2\n  - 2024: 4.7\n- Consumer prices (annual average):\n  - 2018: 1.3\n  - 2019: 1.2\n  - 2020: 4.8\n  - 2021: 0.5\n  - 2022: 3.1\n- Broad money (annual percent change):\n  - 2018: -2.5\n  - 2019: -6.3\n  - 2020: -7.0\n  - 2021: 10.0\n  - 2022: 5.7\n  - 2023: 5.6\n  - 2024: 6.5\n  - 2025: 6.3\n- Exports, f.o.b. (annual percent change):\n  - 2018: 11.9\n  - 2019: -18.7\n  - 2020: -35.2\n  - 2021: 44.9\n  - 2022: -18.8\n  - 2023: -7.5\n  - 2024: -5.4\n  - 2025: -6.8\n- Hydrocarbon exports (annual percent change):\n  - 2018: 12.7\n  - 2019: -18.4\n  - 2020: -35.4\n  - 2021: 43.6\n  - 2022: -20.1\n  - 2023: -11.3\n  - 2024: -9.2\n- Non-hydrocarbon exports (annual percent change):\n  - 2018: -27.9\n  - 2019: -29.2\n  - 2020: 84.4\n  - 2021: 12.2\n  - 2022: 12.5\n  - 2023: 14.4\n  - 2024: 14.5\n  - 2025: 15.3\n- Imports, f.o.b. (annual percent change):\n  - 2018: 7.3\n  - 2019: -15.6\n  - 2020: -24.3\n  - 2021: 24.3\n  - 2022: -18.1\n  - 2023: -15.1\n  - 2024: 97.2\n  - 2025: 6.4\n- Terms of trade (annual percent change):\n  - 2018: 14.2\n  - 2019: -4.3\n  - 2020: -7.9\n  - 2021: -4.1\n  - 2022: -1.3\n  - 2023: -22.8\n  - 2024: 13.8\n- Government finance (annual percent change, selected):\n  - Revenue: 16.8 (2018); -14.3 (2019); -33.9 (2020); 35.2 (2021); -9.9 (2022); 1.5 (2023); -0.7 (2024)\n  - Expenditure: -20.6 (2018); -17.7 (2019); 26.3 (2020); 1.0 (2021); 0.3 (2022); 1.8 (2023)\n- Investment and savings (percent of GDP):\n  - Gross investment: 7.7 (2018); 5.3 (2019); 11.1 (2020); 12.0 (2021); 11.4 (2022); 11.8 (2023); 25.6 (2024); 27.0 (2025)\n  - Gross national savings: 7.2 (2018); 1.7 (2019); 6.9 (2020); 6.8 (2021); 7.8 (2022); 9.6 (2023); 19.9 (2024); 18.5 (2025)\n- Of which: hydrocarbon revenue (percent of GDP):\n  - 2018: 16.2\n  - 2019: 14.7\n  - 2020: 10.6\n  - 2021: 10.5\n  - 2022: 9.3\n  - 2023: 8.5\n  - 2024: 7.6\n  - 2025: 6.7\n- Non-hydrocarbon revenue (percent of GDP):\n  - 2018: 3.7\n  - 2019: 3.8\n  - 2020: 3.6\n  - 2021: 5.0\n  - 2022: 6.0\n  - 2023: 8.2\n  - 2024: 19.4\n  - 2025: 16.7\n- Overall fiscal balance (Commitment basis, percent of GDP):\n  - 2018: -1.7\n  - 2019: -0.8\n  - 2020: -0.2\n  - 2021: 0.0\n- Overall fiscal balance (Cash basis):\n  - 2018: -3.2\n  - 2019: -11.5\n- Non-hydrocarbon primary balance (percent of GDP):\n  - 2018: -12.1\n  - 2019: -11.1\n  - 2020: -7.1\n  - 2021: -6.4\n- Outstanding public debt (percent of GDP):\n  - 2018: 41.2\n  - 2019: 43.0\n  - 2020: 48.9\n  - 2021: 42.7\n  - 2022: 45.4\n  - 2023: 44.4\n  - 2024: 43.5\n  - 2025: 42.8\n  - 2026: 41.4\n- Change in domestic arrears (percent of GDP):\n  - 2018: -10.6\n- Current account balance (including official transfers; - = deficit, percent of GDP):\n  - 2018: -5.3\n  - 2019: -6.1\n  - 2020: -4.2\n  - 2021: -3.8\n  - 2022: -4.0\n  - 2023: -16.0\n  - 2024: -17.4\n- Total external public debt (percent of GDP):\n  - 2018: 12.6\n  - 2019: 13.9\n  - 2020: 16.1\n  - 2021: 20.6\n  - 2022: 22.0\n  - 2023: 23.7\n  - 2024: 25.7\n  - 2025: 27.1\n- External debt service-to-exports ratio (percent):\n  - 2018: 7.4\n  - 2019: 5.2\n  - 2020: 8.6\n  - 2021: 9.4\n- External debt service/government revenue (percent):\n  - 2018: 11.0\n  - 2019: 17.0"
    },
    {
      "heading": "Memorandum items (selected)",
      "content": "- CEMAC Foreign Reserves (US$ billions, end-of-period):\n  - 2018: 6.6\n  - 2019: 8.9\n  - 2020: 10.3\n  - 2021: 11.5\n  - 2022: n.a\n  - 2023: n.a.\n  - In months of extrazone imports (2018): 4.4\n- Oil price (U.S. dollars a barrel):\n  - 2018: 67.2\n  - 2019: 60.5\n  - 2020: 38.8\n  - 2021: 56.2\n  - 2022: 52.7\n  - 2023: 50.6\n  - 2024: 49.5\n- Nominal GDP (billions of CFA francs):\n  - 2018: 7,275\n  - 2019: 6,690\n  - 2020: 5,768\n  - 2021: 6,744\n  - 2022: 6,415\n  - 2023: 6,456\n  - 2024: 6,606\n  - 2025: 6,691\n  - 2026: 6,854\n- Nominal GDP (millions of US dollars):\n  - 2018: 13,097\n  - 2019: 11,417\n  - 2020: 10,036\n- Non-hydrocarbon GDP (billions of CFA francs):\n  - 2018: 3,855\n  - 2019: 3,875\n  - 2020: 3,849\n  - 2021: 3,964\n  - 2022: 4,191\n  - 2023: 4,426\n  - 2024: 4,714\n  - 2025: 5,012\n  - 2026: 5,328\n- Oil volume (crude + condensado, millions of barrels):\n  - 2018: 57\n  - 2019: 53\n  - 2020: 52\n  - 2021: 48\n  - 2022: 41\n  - 2023: 38\n  - 2024: 35\n  - 2025: 31\n  - 2026: 28\n- Exchange rate (average; CFA francs/U.S. dollar):\n  - 2018: 555.4\n  - 2019: 585.9\n  - 2020: 574.8\n\nSources: Data provided by the Equatoguinean authorities; and staff estimates and projections.\n\n---\n\n\n References\n\n- https://www.imf.org/-/media/images/imf/bios/imfboard.jpg\n- The Executive Board\n- PRESS CENTER\n- Rapid Financing Instrument\n- relative to the EFF-supported program\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2021/09/15/pr21266-equatorial-guinea-imf-exec-board-approves-emergency-support-covid-19-accidental-explosions"
    }
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    "Published: September 15, 2021",
    "The Executive Board approved emergency assistance equivalent to about US$67.38 million under the Rapid Financing Instrument (RFI).",
    "Disbursement amount in SDRs: SDR 47.25 million (about US$67.38 million, 30 percent of quota).",
    "Purpose: to meet urgent fiscal and balance of payments needs stemming from the COVID-19 pandemic and March Bata explosions, to catalyze additional external resources, and to bolster regional reserves of the Economic and Monetary Community of Central Africa (CEMAC).",
    "The pandemic and the Bata explosions have inflicted heavy damage on Equatorial Guinea’s economy, substantially weakened its near-term economic outlook, increased economic and financial stress, and severely affected livelihoods.",
    "Additional projected external financing needs: US$625 million (5 percent of GDP) in 2021-22 (relative to the EFF-supported program).",
    "Authorities’ responses already undertaken:",
    "Authorities adopted an anti-corruption law, in line with international good practices and obligations under the United Nations Convention Against Corruption.",
    "Established two escrow accounts at the Bank of Central African States (BEAC) for pandemic and Bata emergency-related spending.",
    "Commissioned audits for pandemic and Bata emergency-related spending.",
    "Committed to adhering to good public procurement practices.",
    "These four prior actions were met as part of the request for emergency assistance.",
    "The IMF stands ready to provide policy advice and further support, including as part of ongoing cooperation under the EFF-supported program.",
    "Key recommendations and priorities:",
    "Real GDP (annual percent change):",
    "Hydrocarbon sectors (annual percent change):",
    "Non-hydrocarbon sectors (annual percent change):",
    "GDP deflator (annual percent change):",
    "Consumer prices (annual average):",
    "Broad money (annual percent change):",
    "Exports, f.o.b. (annual percent change):",
    "Hydrocarbon exports (annual percent change):",
    "Non-hydrocarbon exports (annual percent change):",
    "Imports, f.o.b. (annual percent change):",
    "Terms of trade (annual percent change):",
    "Government finance (annual percent change, selected):",
    "Investment and savings (percent of GDP):",
    "Of which: hydrocarbon revenue (percent of GDP):",
    "Non-hydrocarbon revenue (percent of GDP):",
    "Overall fiscal balance (Commitment basis, percent of GDP):",
    "Overall fiscal balance (Cash basis):",
    "Non-hydrocarbon primary balance (percent of GDP):",
    "Outstanding public debt (percent of GDP):",
    "Change in domestic arrears (percent of GDP):",
    "Current account balance (including official transfers; - = deficit, percent of GDP):",
    "Total external public debt (percent of GDP):",
    "External debt service-to-exports ratio (percent):",
    "External debt service/government revenue (percent):",
    "CEMAC Foreign Reserves (US$ billions, end-of-period):",
    "Oil price (U.S. dollars a barrel):",
    "Nominal GDP (billions of CFA francs):",
    "Nominal GDP (millions of US dollars):",
    "Non-hydrocarbon GDP (billions of CFA francs):",
    "Oil volume (crude + condensado, millions of barrels):",
    "Exchange rate (average; CFA francs/U.S. dollar):",
    "[https://www.imf.org/-/media/images/imf/bios/imfboard.jpg](https://www.imf.org/-/media/images/imf/bios/imfboard.jpg)",
    "[The Executive Board](https://www.imf.org/external/np/sec/memdir/eds.aspx)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[Rapid Financing Instrument](https://www.imf.org/en/About/Factsheets/Sheets/2016/08/02/19/55/Rapid-Financing-Instrument)",
    "[relative to the EFF-supported program](https://www.imf.org/en/News/Articles/2019/12/18/pr19472-equitorial-guinea-imf-executive-board-approves-us-million-three-year-eff-arrangement)",
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