{
  "title": "Gabon: Request for a Three-Year Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; Supplementary Information, and Statement by the Executive Director for Gabon",
  "publication": "IMF Staff Country Reports, August 26, 2021",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2021/08/25/gabon-request-for-a-three-year-extended-arrangement-under-the-extended-fund-facility-press-464667",
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  "summary": "The Gabonese economy was gradually recovering from the 2014 oil price shock when it was hit by the Covid-19 pandemic. Decisive confinement measures have helped save lives, but the pandemic and the fall in oil prices have severely hit the economy, increasing unemployment and poverty.",
  "sections": [
    {
      "heading": "Economic shock and pandemic impact",
      "content": "- Gabon was gradually recovering from the 2014 oil price shock when it was hit by the Covid-19 pandemic.\n- Decisive confinement measures helped save lives, but the pandemic and the fall in oil prices have:\n  - severely hit the economy;\n  - increased unemployment and poverty."
    },
    {
      "heading": "Fiscal position and public debt",
      "content": "- With a weak economy and increased COVID-19 related spending, the fiscal deficit has widened.\n- Public debt experienced a sharp increase."
    },
    {
      "heading": "IMF support and emergency financing",
      "content": "- Emergency financing from the IMF through the Rapid Financing Instrument (US$299.61 million) helped meet urgent balance of payment needs in 2020.\n- The publication comprises a Press Release; Staff Report; Supplementary Information; and Statement by the Executive Director for Gabon."
    },
    {
      "heading": "Outlook and financing needs",
      "content": "- Growth is expected to resume in 2021.\n- The pandemic has made the economic outlook very challenging and generated sizable financing needs over the medium term.\n\nGabon: Request for a Three-Year Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; Supplementary Information, and Statement by the Executive Director for Gabon — https://www.imf.org/en/publications/cr/issues/2021/08/25/gabon-request-for-a-three-year-extended-arrangement-under-the-extended-fund-rec-464667\n\n---\n\n Content in this bundle\n\n- 1gabea2021001\n  - 1gabea2021001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1gabea2021001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 26, 2021",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513592107.002",
    "Gabon was gradually recovering from the 2014 oil price shock when it was hit by the Covid-19 pandemic.",
    "Decisive confinement measures helped save lives, but the pandemic and the fall in oil prices have:",
    "With a weak economy and increased COVID-19 related spending, the fiscal deficit has widened.",
    "Emergency financing from the IMF through the Rapid Financing Instrument (US$299.61 million) helped meet urgent balance of payment needs in 2020.",
    "The publication comprises a Press Release; Staff Report; Supplementary Information; and Statement by the Executive Director for Gabon.",
    "Growth is expected to resume in 2021.",
    "The pandemic has made the economic outlook very challenging and generated sizable financing needs over the medium term.",
    "**1gabea2021001**"
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