Gabon: Staff Report for the 2003 Article IV Consultation and Staff-Monitored Program—Staff Report
IMF Staff Country Reports, February 5, 2004
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- Gabon: Staff Report for the 2003 Article IV Consultation and Staff-Monitored Program—Staff Report
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Bibliographic details
- Published: February 5, 2004
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451813890.002
Overview / Background
- Continued decline in oil production and the absence of sustained adjustment policies contributed to Gabon's uneven economic performance over the past three years.
- To strengthen the track record before discussing a possible IMF-supported program, a staff-monitored program was established for the period September–December 2003.
- The authorities emphasized determination to confront challenges by pursuing policies aimed at diversifying the economy, sustaining growth, and reducing poverty while containing financial imbalances.
Key Findings
- Oil sector weakness is a primary driver of recent uneven performance.
- Lack of sustained adjustment policies impeded macroeconomic stability and consistent growth over the prior three-year period.
- Authorities committed to policy priorities: economic diversification, sustaining growth, poverty reduction, and containment of financial imbalances.
Staff-Monitored Program (September–December 2003)
- Objective: strengthen the policy track record prior to consideration of an IMF-supported program.
- Timeframe: September–December 2003.
- Emphasis: implementation of policies consistent with diversification, fiscal and financial stability, and poverty-reducing growth.
Policy Recommendations and Priorities
- Pursue structural reforms to diversify the economy away from oil dependence.
- Implement and sustain adjustment policies to restore macroeconomic stability.
- Prioritize measures that support sustained growth and reduce poverty.
- Contain financial imbalances through fiscal and debt management measures.
Subjects and Keywords
- Subject: Arrears, Debt service, Expenditure, External debt, Oil, gas and mining taxes, Public debt
- Keywords: adjustment effort, Africa, Arrears, authorities' effort, authority, bill, CR, cumbersome government structure, debt service, Debt service, Global, government, ISCR, oil revenue, payments arrears, Sub-Saharan Africa, wage bill
Source: Gabon: Staff Report for the 2003 Article IV Consultation and Staff-Monitored Program—Staff Report (February 5, 2004).