IMF Approves $99 Million for Gabon After Economic Program Review

(Bloomberg) -- The International Monetary Fund’s board approved the disbursement of $99 million to Gabon after completing the third review of the central African nation’s Extended Fund Facility.

The approval increases financing under the facility to $395.9 million since 2017, when Gabon agreed to the three-year program, the Washington-based lender said Tuesday in an emailed statement.

“The government’s reform program, supported by the IMF, aims to restore macroeconomic stability and lay the foundation for inclusive growth,” the fund said. “It also seeks to attain debt sustainability at the national level and contribute to the external stability of the Central African Economic and Monetary Union.”

In November, the IMF cut Gabon’s 2018 economic growth outlook to 1.2 percent from 2 percent. It forecast the growth rate would climb to 3.1 percent this year.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editors responsible for this story: Katerina Petroff at kpetroff@bloomberg.net, David Malingha, Paul Richardson

©2019 Bloomberg L.P.