Republic of Equatorial Guinea, Article IV consultation, 2005

Republic of Equatorial Guinea, Article IV consultation, 2005

International Monetary Fund | May 6, 2005
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An economic overview and analysis of Equatorial Guinea by the IMF.

"The Article IV consultation discussions took place against the backdrop of expanded hydrocarbon production, high oil prices, widespread poverty, and concerns over transparency and accountability. With a small population and the third-largest hydrocarbon production in sub-Saharan Africa, Equatorial Guinea should be able to make rapid progress toward achieving the MDGs. However, the authorities will first need to implement a development strategy that directs expenditure to priority sectors, strengthens the country’s institutional capacity, and creates an environment conducive to private sector investment. 

The authorities’ response to past policy advice has been mixed. They have adopted the Fund’s recommendations on improving the management of the oil sector, streamlining the tax system, imposing fiscal rules on current and capital spending, and increasing fiscal transparency. However, progress in keeping aggregate expenditure within budget and in developing a poverty reduction strategy has been limited. This reflects weaknesses in the fiscal framework, as well as limited institutional capacity..."

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