2024-07-04 22:24:43
Since 2022, this is the first report from the International Monetary Fund (IMF) for Gabon, which has voluntarily suspended the application of its agreement with the institution for the period 2021-2024. The report examines the evolution of Gabon’s economic activity from the 1970s and 1980s until today. And the situation is bad.
According to the IMF report, the Gabon is a middle-income country, but its population is falling deeply into poverty. ” We notice that there is a decrease in the level of income. To give you an example, in Gabon, if an average population gets 100 000 CFA francs in 1990, today, the same population earns 80 000 CFA francsinformation Gomez Agou, representative of FMI, This decrease in income is related to two important elements in Gabon : increasing unemployment and poverty. Unemployment today is around 35 to 40% among people of working age. And poverty, one in three Gabonese people is poor ».
Debt will grow
Another negative indicator is the debt rate which exceeds the threshold of 70% of GDP set by the Economic and Commercial Community of Central Africa (Cémac). ” So we look at Gabon’s debt situation which, today, stands at 70.5% of GDP in 2023. So it is a very high debt ratio. » According to Gomez Agou, the situation could get worse: ” If the debt rate before August 30, 2023 continues in the coming years, Gabon’s debt may reach, in four or five years, 100% of GDP ».
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To correct this situation, the IMF is making several recommendations, especially calling for more transparency in the management of oil and mining resources. ” It is time to restore all transparencyGomez Agou continued, it is necessary to publish, for example, oil contracts and mining contracts. We must ensure that there is an audit of the sector, collect tax and customs duties and reduce the speed of public spending ».
Willingness to manage deficits
During the joint ceremony with the IMF, The Minister of Economy, Mays Mouissi, provide some information: We are continuing our process with the desire to ensure that our country controls its deficits, controls its inflation and controls its debt. » The Minister of Economy continued: « CWhat the IMF is asking for is more information on oil and mining revenues. This is why there is a lot of reflection on the contract aspect, to see how to make the contracts linked to this area public. ».
The IMF congratulates the transitional government for having voluntarily given it, in complete transparency, the document necessary for the preparation of this report. He wants Libreville to take action to implement his recommendations.
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