Gabon - Public finance



The oil sector brings in over 50% of government revenues. Government finances are generally poorly managed. Large deficits have required borrowing from foreign creditors, although the government's failure to privatize state-owned enterprises and to fully account for oil revenues has soiled its reputation with international financial institutions. After the 1994 devaluation of the currency, Gabon was forced to rescheduled its debt with the World Bank/IMF, the London Club of creditors, the African Development Bank, and the Paris Club. In April 2002, an 18-month Stand-By Arrangement with the IMF expired, without Gabon fulfilling its responsibilities.

The US Central Intelligence Agency (CIA) estimates that in 2002 Gabon's central government took in revenues of approximately $1.8 billion and had expenditures of $1.8 billion including capital expenditures of $310 million. External debt totaled $3.6 billion.

Also read article about Gabon from Wikipedia

User Contributions:

Comment about this article, ask questions, or add new information about this topic: