By Enyichukwu Enemanna
The International Monetary Fund (IMF) hopes to embark on a staff-level visit to Gabon next month as part of ongoing work with the Central African country, but no official request for a loan programme has been submitted, a spokesperson of the Fund said on Friday.
According to the spokesperson, the visit will assess Gabon’s macroeconomic and fiscal developments, and discuss policy and reform plans with the authorities.
“While the authorities announced their intention to work towards an IMF-supported programme, we are yet to receive a formal request,” the spokesperson said.
“We look forward to continuing to work together, and expect a staff visit in February to assess macroeconomic and fiscal developments and discuss the authorities’ policy and reform plans,” he stated.
Gabon has become increasingly reliant on regional capital markets to meet its financing needs, though appetite for its debt “has weakened substantially”, ratings agency Fitch said in December, when it downgraded the country’s long-term foreign-currency issuer default rating.
The newly appointed finance and economy minister, Thierry Minko, earlier in the week said the government would implement an economic growth programme “with support” from the IMF, and that technical and institutional discussions with the Fund had intensified.
An IMF spokesperson said Gabon’s new administration had “stepped up engagement” with the Fund following cabinet reshuffle earlier in the month.
Gabon’s debt has risen in recnt years, hitting 80% of the country’s GDP with fears that the actual figure could be higher.
The oil producer has battled a current account deficit since crude prices collapsed a decade ago.
