## IMF Executive Board Approves US$67.38 Million in Emergency Support to Equatorial Guinea to Address the COVID-19 Pandemic and Accidental Explosions

_IMF News, September 15, 2021_

## Source details

**Canonical URL:** [IMF Executive Board Approves US$67.38 Million in Emergency Support to Equatorial Guinea to Address the COVID-19 Pandemic and Accidental Explosions](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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## Bibliographic details
- Published: September 15, 2021

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### Executive Board decision and financing
- 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).

### Economic damage and financing needs
- 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:
  - Boosted frontline healthcare spending, including purchase of a large batch of vaccines.
  - Rolled out social assistance to households severely affected by the pandemic and the Bata explosions.
  - Provided limited and temporary tax relief to the private sector.

### Governance, anti-corruption, and transparency measures (prior actions)
- 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.

### IMF stance and recommended reforms (statement by Mr. Bo Li, Deputy Managing Director and Acting Chair)
- 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:
  - Accelerate reforms under the EFF-supported program to safeguard macroeconomic stability, promote inclusive growth, and fight corruption.
  - Honor commitment to prepare and publish a list of meaningful public assets for privatization.
  - 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.
  - Implement measures to strengthen banking sector stability, including settlement of domestic arrears and recapitalization of the largest bank, without further delay.
  - Safeguard social spending and enhance social protection.
  - Continue reforms on revenue administration and strengthen the public financial management framework.
  - Continue implementation of audits and escrow-account arrangements to ensure effective spending on pandemic- and reconstruction-related needs.

### Selected economic and financial indicators (highlights from Table 1: 2018–26)
- Real GDP (annual percent change):
  - 2018: -6.2
  - 2019: -6.0
  - 2020: -4.9
  - 2021 (Est./Proj): 4.1
  - 2022: -5.6
  - 2023: -1.5
  - 2024: -1.0
  - 2025: -2.8
  - 2026: -2.1
- Hydrocarbon sectors (annual percent change):
  - 2018: -12.4
  - 2019: -9.3
  - 2020: 5.9
  - 2021: -12.5
  - 2022: -5.2
  - 2023: -5.5
  - 2024: -9.6
  - 2025: -9.0
- Non-hydrocarbon sectors (annual percent change):
  - 2018: 2.6
  - 2019: -1.9
  - 2020: -3.4
  - 2021: 2.2
  - 2022: 2.1
  - 2023: 3.0
  - 2024: 2.8
  - 2025: 2.9
- GDP deflator (annual percent change):
  - 2018: 9.5
  - 2019: -2.2
  - 2020: 12.3
  - 2021: 0.8
  - 2022: 3.4
  - 2023: 4.2
  - 2024: 4.7
- Consumer prices (annual average):
  - 2018: 1.3
  - 2019: 1.2
  - 2020: 4.8
  - 2021: 0.5
  - 2022: 3.1
- Broad money (annual percent change):
  - 2018: -2.5
  - 2019: -6.3
  - 2020: -7.0
  - 2021: 10.0
  - 2022: 5.7
  - 2023: 5.6
  - 2024: 6.5
  - 2025: 6.3
- Exports, f.o.b. (annual percent change):
  - 2018: 11.9
  - 2019: -18.7
  - 2020: -35.2
  - 2021: 44.9
  - 2022: -18.8
  - 2023: -7.5
  - 2024: -5.4
  - 2025: -6.8
- Hydrocarbon exports (annual percent change):
  - 2018: 12.7
  - 2019: -18.4
  - 2020: -35.4
  - 2021: 43.6
  - 2022: -20.1
  - 2023: -11.3
  - 2024: -9.2
- Non-hydrocarbon exports (annual percent change):
  - 2018: -27.9
  - 2019: -29.2
  - 2020: 84.4
  - 2021: 12.2
  - 2022: 12.5
  - 2023: 14.4
  - 2024: 14.5
  - 2025: 15.3
- Imports, f.o.b. (annual percent change):
  - 2018: 7.3
  - 2019: -15.6
  - 2020: -24.3
  - 2021: 24.3
  - 2022: -18.1
  - 2023: -15.1
  - 2024: 97.2
  - 2025: 6.4
- Terms of trade (annual percent change):
  - 2018: 14.2
  - 2019: -4.3
  - 2020: -7.9
  - 2021: -4.1
  - 2022: -1.3
  - 2023: -22.8
  - 2024: 13.8
- Government finance (annual percent change, selected):
  - Revenue: 16.8 (2018); -14.3 (2019); -33.9 (2020); 35.2 (2021); -9.9 (2022); 1.5 (2023); -0.7 (2024)
  - Expenditure: -20.6 (2018); -17.7 (2019); 26.3 (2020); 1.0 (2021); 0.3 (2022); 1.8 (2023)
- Investment and savings (percent of GDP):
  - 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)
  - 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)
- Of which: hydrocarbon revenue (percent of GDP):
  - 2018: 16.2
  - 2019: 14.7
  - 2020: 10.6
  - 2021: 10.5
  - 2022: 9.3
  - 2023: 8.5
  - 2024: 7.6
  - 2025: 6.7
- Non-hydrocarbon revenue (percent of GDP):
  - 2018: 3.7
  - 2019: 3.8
  - 2020: 3.6
  - 2021: 5.0
  - 2022: 6.0
  - 2023: 8.2
  - 2024: 19.4
  - 2025: 16.7
- Overall fiscal balance (Commitment basis, percent of GDP):
  - 2018: -1.7
  - 2019: -0.8
  - 2020: -0.2
  - 2021: 0.0
- Overall fiscal balance (Cash basis):
  - 2018: -3.2
  - 2019: -11.5
- Non-hydrocarbon primary balance (percent of GDP):
  - 2018: -12.1
  - 2019: -11.1
  - 2020: -7.1
  - 2021: -6.4
- Outstanding public debt (percent of GDP):
  - 2018: 41.2
  - 2019: 43.0
  - 2020: 48.9
  - 2021: 42.7
  - 2022: 45.4
  - 2023: 44.4
  - 2024: 43.5
  - 2025: 42.8
  - 2026: 41.4
- Change in domestic arrears (percent of GDP):
  - 2018: -10.6
- Current account balance (including official transfers; - = deficit, percent of GDP):
  - 2018: -5.3
  - 2019: -6.1
  - 2020: -4.2
  - 2021: -3.8
  - 2022: -4.0
  - 2023: -16.0
  - 2024: -17.4
- Total external public debt (percent of GDP):
  - 2018: 12.6
  - 2019: 13.9
  - 2020: 16.1
  - 2021: 20.6
  - 2022: 22.0
  - 2023: 23.7
  - 2024: 25.7
  - 2025: 27.1
- External debt service-to-exports ratio (percent):
  - 2018: 7.4
  - 2019: 5.2
  - 2020: 8.6
  - 2021: 9.4
- External debt service/government revenue (percent):
  - 2018: 11.0
  - 2019: 17.0

### Memorandum items (selected)
- CEMAC Foreign Reserves (US$ billions, end-of-period):
  - 2018: 6.6
  - 2019: 8.9
  - 2020: 10.3
  - 2021: 11.5
  - 2022: n.a
  - 2023: n.a.
  - In months of extrazone imports (2018): 4.4
- Oil price (U.S. dollars a barrel):
  - 2018: 67.2
  - 2019: 60.5
  - 2020: 38.8
  - 2021: 56.2
  - 2022: 52.7
  - 2023: 50.6
  - 2024: 49.5
- Nominal GDP (billions of CFA francs):
  - 2018: 7,275
  - 2019: 6,690
  - 2020: 5,768
  - 2021: 6,744
  - 2022: 6,415
  - 2023: 6,456
  - 2024: 6,606
  - 2025: 6,691
  - 2026: 6,854
- Nominal GDP (millions of US dollars):
  - 2018: 13,097
  - 2019: 11,417
  - 2020: 10,036
- Non-hydrocarbon GDP (billions of CFA francs):
  - 2018: 3,855
  - 2019: 3,875
  - 2020: 3,849
  - 2021: 3,964
  - 2022: 4,191
  - 2023: 4,426
  - 2024: 4,714
  - 2025: 5,012
  - 2026: 5,328
- Oil volume (crude + condensado, millions of barrels):
  - 2018: 57
  - 2019: 53
  - 2020: 52
  - 2021: 48
  - 2022: 41
  - 2023: 38
  - 2024: 35
  - 2025: 31
  - 2026: 28
- Exchange rate (average; CFA francs/U.S. dollar):
  - 2018: 555.4
  - 2019: 585.9
  - 2020: 574.8

*Sources: Data provided by the Equatoguinean authorities; and staff estimates and projections.*

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## References

- [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)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2021/09/15/pr21266-equatorial-guinea-imf-exec-board-approves-emergency-support-covid-19-accidental-explosions_