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18 June 2021

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IMF to strengthen Gabon’s response to the Covid-19 pandemic

Home > News > Gabon > IMF to strengthen Gabon’s response to the Covid-19 pandemic

The International Monetary Fund will support Gabon response to the Covid-19 pandemic. This would lead to the country's strong, sustainable and inclusive growth.

In a Press Release, the International Monetary Fund (IMF) announced that it had reached a staff-level agreement with the Gabonese authorities. 

“IMF staff and the Gabonese authorities reached a staff-level agreement on a three-year Program under the Extended Fund Facility (EFF),” the statement read.  This program will anchor the government’s policy and reform efforts, aimed at strengthening the country’s response to the COVID-19 pandemic.

This would “pave the way for strong, sustainable, and inclusive growth” in a country which was gradually recovering from the 2014 oil price shock when it was hit by the pandemic in March 2020.

“In addition to bolstering the country’s response to the pandemic, the new IMF-supported home-grown program aims at reducing fiscal and debt vulnerabilities and fostering a high sustainable, green, and inclusive private sector-led growth,” the Press release reported. 

To help achieve these joint-objectives, the Gabonese authorities committed  to strengthening anti-corruption efforts, enhancing the financial sector, and promoting a business-friendly climate. 

The staff level agreement will be subject to IMF management approval and Executive Board consideration. This action is expected in the coming weeks.

Note that an IMF mission led by Mr. Boileau Loko, Mission Chief for Gabon, held virtual meetings from  May 1 to June 7 to discuss IMF support for the Gabonese authorities’ economic reform program.

The IMF Mission met with the General Coordinator of Presidential Affairs, Mr. Noureddine Bongo Valentin; Prime Minister, Mrs. Rose Christiane Ossouka Raponda; Minister of Economy and Recovery, Mrs. Nicole Janine Roboty Mbou as well as other Government Members. 

 

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