Gabon and the International Monetary Fund (IMF) will continue technical discussions on fiscal and public debt developments that could pave the way for a new programme, the Fund said on Saturday.
The oil-producing country has stepped up engagement with the IMF and the World Bank as it seeks to strengthen public finances and secure fresh funding for basic infrastructure.
Gabon formally requested an IMF programme in March.
A month later, the government said it would conduct an audit of years of public borrowing, a move the IMF described as an important step towards designing a future programme.
Earlier this month, the government said the audit found that the country’s total debt burden was lower than previously estimated, potentially improving its prospects of securing the programme and the financing associated with it.
“Technical discussions on fiscal and public debt developments, along with the outlook, will continue in the coming weeks, with a view to paving the way for programme discussions,” the IMF said in a statement after its visit.
“The mission also discussed the authorities’ ambitious structural reform agenda to improve the management of public finances.”
According to Gabon’s draft 2027 budget, the government expects to raise 1.144 trillion CFA francs ($2.00 billion) from international markets next year, while debt servicing and repayments are expected to rise sharply.
Reuters
