Gabonunited States Imf Tender

- Executive Board decision brings total IMF disbursements to Gabon to about US395.9 million.- The governments reform program supported by the IMF aims to restore macroeconomic stability and lay the foundation for inclusive growth.On December 19 2018 the Executive Board of the International Monetary Fund IMF completed the third review of Gabons economic program supported by an extended arrangement under the Extended Fund Facility. Completion of the review enables the immediate disbursement of SDR 71.43 million about US99 million. This brings total disbursements under the arrangement so far to SDR 285.72 million about US395.9 million.In completing the third review the Executive Board approved the authorities requests for waivers of nonobservance of a performance criterion and modification of performance criteria.Gabons three-year SDR 464.4 million extended arrangement about US 642 million at the time of approval the equivalent of 215 percent of Gabons quota was approved by the Executive Board on June 19 2017 see Press Release No. 17233. The governments reform program supported by the IMF aims to restore macroeconomic stability and lay the foundation for inclusive growth. 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 CEMAC.Following the Executive Board discussion Mr. Mitsuhiro Furusawa Deputy Managing Director and Acting Chair made the following statementGabons performance under the EFF arrangement has improved. The authorities have taken important and difficult actions to keep the program on track despite the October 2018 legislative elections. However the economic recovery remains fragile and further fiscal consolidation and decisive reforms are needed to achieve strong and sustainable growth.The authorities are committed to continuing with growth- friendly fiscal consolidation. This requires steadfast implementation of measures to boost non-oil revenues and contain non-priority spending while protecting social and investment spending. Enhancing budgetary execution and oil revenue management and further improving cash and debt management are also priorities.Safeguarding banking sector stability is essential for growth. The authorities plan to accelerate the liquidation of the three distressed banks and expeditiously tackle the NPL overhang to support financial stability promote credit to the private sector and growth.Gabons program continues to be supported by the implementation of supportive policies and reforms by the regional institutions in the areas of foreign exchange regulations and monetary policy framework and to support an increase in regional net foreign assets which are critical to the programs success.