International Monetary Fund (IMF) approved a three-year Stand-By Arrangement for Gabon

In May 2007, the International Monetary Fund (IMF) approved a three-year Stand-By Arrangement for Gabon, aimed at stabilizing the country's economy and addressing fiscal challenges. This arrangement was intended to support Gabon in implementing necessary economic reforms and maintaining financial stability. However, the political landscape shifted dramatically following the death of long-time President Omar Bongo in June 2009, which led to significant social unrest and uncertainty during the subsequent elections. These developments severely impacted Gabon's ability to adhere to the economic goals set forth in the Stand-By Arrangement. By 2009, the country faced challenges in meeting its fiscal targets, exacerbated by the global financial crisis that affected many economies worldwide. The combination of over-borrowing, delays in privatization, and the need for administrative reforms further complicated Gabon's economic situation. As a result, the IMF arrangement, which was designed to bolster Gabon's economic framework, ultimately fell short of its objectives due to these unforeseen circumstances. #mooflife #mof #MomentOfLife #Imf #Gabon #Stand-byArrangement #OmarBongo #EconomicReform