{
  "title": "Republic of Equatorial Guinea: Request for an Extended Arrangement Under the Extended Fund Facility and Second Review Under the Staff-Monitored Program-Press Release, Staff Report, and Statement by the Executive Director",
  "publication": "IMF Staff Country Reports, December 20, 2019",
  "sourceUrl": "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",
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  "summary": "This paper highlights Republic of Equatorial Guinea’s Request for an Extended Arrangement Under the Extended Fund Facility and Second Review Under the Staff-Monitored Program.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Publication date: December 20, 2019\n- Purpose: Highlights Republic of Equatorial Guinea’s Request for an Extended Arrangement Under the Extended Fund Facility and Second Review Under the Staff-Monitored Program.\n- Program aims:\n  - Maintaining macroeconomic and financial stability.\n  - Improving social protection.\n  - Fostering economic diversification.\n  - Strengthening governance and fighting corruption."
    },
    {
      "heading": "Macroeconomic context and challenges",
      "content": "- Key shocks and structural issues:\n  - Impacted by a sharp decline in oil prices.\n  - Secular decline in hydrocarbon output.\n  - Resulted in large macroeconomic imbalances and negative economic growth.\n- Governance and transparency:\n  - Increasing transparency, improving governance and fighting corruption are critical to improve socio-economic outcomes.\n- Role of structural reforms:\n  - Expected to play a crucial role in supporting fiscal consolidation and improving growth prospects."
    },
    {
      "heading": "Program content and reform agenda",
      "content": "- Reform focus areas:\n  - Reforms to the business environment.\n  - Other reforms to promote economic diversification and support the achievement of sustainable economic growth.\n- Fiscal and public financial management:\n  - Structural reforms are part of supporting fiscal consolidation.\n  - Public Financial Management (PFM) vulnerabilities are identified as an area of concern."
    },
    {
      "heading": "Risks and vulnerabilities",
      "content": "- Program implementation remains subject to downside risks, including:\n  - Volatility in hydrocarbon prices.\n  - Public Financial Management (PFM) vulnerabilities.\n  - Governance and corruption vulnerabilities."
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subject: Arrears, External debt, Fiscal policy, Fiscal stance, Public financial management (PFM), Revenue administration\n- Keywords: Africa, ambitious development plan, amount, anti-corruption framework, Arrears, authorities of Equatorial Guinea, authority, corruption challenge, CR, Equatoguinean economy, Fiscal stance, Global, governance, ISCR, Our Equato-Guinean authorities, revised strategy, Sub-Saharan Africa\n\n---\n\n Content in this bundle\n\n- 1gnqea2019001\n  - 1gnqea2019001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1gnqea2019001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: December 20, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513524016.002",
    "Publication date: December 20, 2019",
    "Purpose: Highlights Republic of Equatorial Guinea’s Request for an Extended Arrangement Under the Extended Fund Facility and Second Review Under the Staff-Monitored Program.",
    "Program aims:",
    "Key shocks and structural issues:",
    "Governance and transparency:",
    "Role of structural reforms:",
    "Reform focus areas:",
    "Fiscal and public financial management:",
    "Program implementation remains subject to downside risks, including:",
    "Subject: Arrears, External debt, Fiscal policy, Fiscal stance, Public financial management (PFM), Revenue administration",
    "Keywords: Africa, ambitious development plan, amount, anti-corruption framework, Arrears, authorities of Equatorial Guinea, authority, corruption challenge, CR, Equatoguinean economy, Fiscal stance, Global, governance, ISCR, Our Equato-Guinean authorities, revised strategy, Sub-Saharan Africa",
    "**1gnqea2019001**"
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