{
  "title": "IMF Staff Completes 2024 Article IV Mission to Gabon",
  "publication": "IMF News, February 15, 2024",
  "sourceUrl": "https://www.imf.org/en/news/articles/2024/02/15/pr2448-gabon-imf-staff-completes-2024-article-iv-mission",
  "canonical": "https://www.imf.org/en/news/articles/2024/02/15/pr2448-gabon-imf-staff-completes-2024-article-iv-mission",
  "overlayPath": "/en/news/articles/2024/02/15/pr2448-gabon-imf-staff-completes-2024-article-iv-mission/index.md",
  "summary": "The 2024 Article IV consultation focused on the near-term challenges facing Gabon: strengthening transparency and governance, revitalizing economic growth and stabilizing the budgetary position.",
  "publishDate": "2024-02-15",
  "sections": [
    {
      "heading": "Mission scope and logistics",
      "content": "- Press Release No. 24/48\n- Mission dates: January 23-February 6, 2024\n- Mission leader: Ms. Aliona Cebotari\n- Purpose: 2024 Article IV consultation—meetings with the authorities and private sector representatives to discuss reviving economic growth, raising living standards, accelerating structural reforms, fostering transparency, ensuring fiscal sustainability, and strengthening public financial management.\n- Press contact: PRESS OFFICER: Pavis Devahasadin; Phone: +1 202 623-7100; Email: MEDIA@IMF.org"
    },
    {
      "heading": "Key findings — macroeconomic outlook",
      "content": "- The economy has recovered from multiple shocks emanating from the global and domestic economy.\n- Growth is expected to settle around 3 percent in 2024-25.\n- In the medium term, growth should stabilize somewhat below these levels and is “not sufficient to meaningfully boost per capita incomes.”\n- Inflation fell below the regional ceiling of 3 percent towards end-2023 and is expected to remain around this level in the absence of further shocks.\n- Credit growth is strong, financed by increasing deposits, despite the tightening of the regional monetary policy.\n- After a strong surplus in recent years due to higher commodity prices, the current account balance is expected to decrease gradually over the medium term because of lower oil receipts."
    },
    {
      "heading": "Governance, transparency, and data coverage findings",
      "content": "- Staff welcomed transition authorities’ initial steps towards greater transparency and strengthened public financial management, but noted stronger action is needed.\n- Recommended transparency and governance actions (as stated by staff):\n  - An inventory of all state flows, assets, and liabilities (direct and contingent).\n  - Full reporting of the financial positions of the government and state-owned enterprises.\n  - Publication of the past reports of the government’s external auditor in accordance with the legal provisions in force.\n  - Publication of the oil and mining contracts."
    },
    {
      "heading": "Fiscal position and risks",
      "content": "- The government has inherited a difficult fiscal position.\n- In 2022 and 2023, election-related spending widened the non-oil deficit to double digits in terms of its share in the nonoil GDP, financed in part by substantial arrear accumulation.\n- Without firm corrective action, the fiscal deficit in 2024-25 may be difficult to finance in the currently tight global financing environment, and public debt would continue to grow.\n- Improvement of living conditions and boosting growth will require decisive prioritization of spending needs and re-invigorated revenue mobilization, given tight budget constraints."
    },
    {
      "heading": "Policy recommendations and priorities",
      "content": "- Correct fiscal imbalances to bring deficits to financeable levels and pause the increase in debt.\n- Continue efforts to strengthen transparency and the management of public finances unabated.\n- Prioritize high-impact, low-risk investments that:\n  - remove barriers to growth,\n  - support social spending,\n  - broaden the tax base by tackling exemptions and bringing on board underutilized resources across the public sector.\n- Specific public finance management reforms to pursue:\n  - Centralization of all the funds and payment authority in the Treasury Single Account and careful liquidity management.\n  - Set up a regulatory framework for the operation and monitoring of state-owned enterprises.\n  - Better management of the public investment processes."
    },
    {
      "heading": "Structural reforms and growth diversification",
      "content": "- To accelerate economic diversification and growth in per capita income, efforts should focus on:\n  - Removing main constraints on the business environment.\n  - Prioritizing infrastructure spending.\n  - Strengthening governance.\n  - Ensuring a predictable fiscal environment.\n  - Paying government arrears."
    },
    {
      "heading": "Staff statement and next steps",
      "content": "- Views in the end-of-mission statement are those of IMF staff and do not necessarily represent the views of the IMF’s Executive Board.\n- Based on preliminary findings, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.\n- The mission thanked the Gabonese authorities and other partners for open and fruitful discussions and warm hospitality.\n\nIMF Staff Completes 2024 Article IV Mission to Gabon — Press Release No. 24/48\n\n---\n\n\n References\n\n- Gabon and the IMF\n- IMF Policy Advice -- A Factsheet\n- IMF Borrowing Arrangements: GAB and NAB -- A Factsheet\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2024/02/15/pr2448-gabon-imf-staff-completes-2024-article-iv-mission"
    }
  ],
  "bullets": [
    "[Markdown version](/en/news/articles/2024/02/15/pr2448-gabon-imf-staff-completes-2024-article-iv-mission/index.md)",
    "[Structured JSON version](/en/news/articles/2024/02/15/pr2448-gabon-imf-staff-completes-2024-article-iv-mission/index.json)",
    "[Bundle manifest](/en/news/articles/2024/02/15/pr2448-gabon-imf-staff-completes-2024-article-iv-mission/bundle-manifest.json)",
    "Published: February 15, 2024",
    "Press Release No. 24/48",
    "Mission dates: January 23-February 6, 2024",
    "Mission leader: Ms. Aliona Cebotari",
    "Purpose: 2024 Article IV consultation—meetings with the authorities and private sector representatives to discuss reviving economic growth, raising living standards, accelerating structural reforms, fostering transparency, ensuring fiscal sustainability, and strengthening public financial management.",
    "Press contact: PRESS OFFICER: Pavis Devahasadin; Phone: +1 202 623-7100; Email: MEDIA@IMF.org",
    "The economy has recovered from multiple shocks emanating from the global and domestic economy.",
    "Growth is expected to settle around 3 percent in 2024-25.",
    "In the medium term, growth should stabilize somewhat below these levels and is “not sufficient to meaningfully boost per capita incomes.”",
    "Inflation fell below the regional ceiling of 3 percent towards end-2023 and is expected to remain around this level in the absence of further shocks.",
    "Credit growth is strong, financed by increasing deposits, despite the tightening of the regional monetary policy.",
    "After a strong surplus in recent years due to higher commodity prices, the current account balance is expected to decrease gradually over the medium term because of lower oil receipts.",
    "Staff welcomed transition authorities’ initial steps towards greater transparency and strengthened public financial management, but noted stronger action is needed.",
    "Recommended transparency and governance actions (as stated by staff):",
    "The government has inherited a difficult fiscal position.",
    "In 2022 and 2023, election-related spending widened the non-oil deficit to double digits in terms of its share in the nonoil GDP, financed in part by substantial arrear accumulation.",
    "Without firm corrective action, the fiscal deficit in 2024-25 may be difficult to finance in the currently tight global financing environment, and public debt would continue to grow.",
    "Improvement of living conditions and boosting growth will require decisive prioritization of spending needs and re-invigorated revenue mobilization, given tight budget constraints.",
    "Correct fiscal imbalances to bring deficits to financeable levels and pause the increase in debt.",
    "Continue efforts to strengthen transparency and the management of public finances unabated.",
    "Prioritize high-impact, low-risk investments that:",
    "Specific public finance management reforms to pursue:",
    "To accelerate economic diversification and growth in per capita income, efforts should focus on:",
    "Views in the end-of-mission statement are those of IMF staff and do not necessarily represent the views of the IMF’s Executive Board.",
    "Based on preliminary findings, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.",
    "The mission thanked the Gabonese authorities and other partners for open and fruitful discussions and warm hospitality.",
    "[Gabon and the IMF](http://www.imf.org/external/country/GAB/index.htm)",
    "[IMF Policy Advice -- A Factsheet](https://www.imf.org/en/about/factsheets/imf-surveillance)",
    "[IMF Borrowing Arrangements: GAB and NAB -- A Factsheet](https://www.imf.org/en/about/factsheets/sheets/2023/stand-by-arrangement-sba)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
  ],
  "alternates": {
    "markdown": "/en/news/articles/2024/02/15/pr2448-gabon-imf-staff-completes-2024-article-iv-mission/index.md",
    "json": "/en/news/articles/2024/02/15/pr2448-gabon-imf-staff-completes-2024-article-iv-mission/index.json",
    "bundleManifest": "/en/news/articles/2024/02/15/pr2448-gabon-imf-staff-completes-2024-article-iv-mission/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-26T02:45:29.954Z"
}