Gabon |
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Conventional long form: Gabonese Republic
Background: Location: Western Africa, bordering the Atlantic Ocean at the Equator, between Republic of the Congo, Cameroon and Equatorial Guinea Climate: tropical; always hot, humid Terrain: narrow coastal plain; hilly interior; savanna in east and south Natural resources: petroleum, natural gas, diamond, niobium, manganese, uranium, gold, timber, iron ore, hydropower Environment - current issues: deforestation Geography - note: a small population and oil and mineral reserves have helped Gabon become one of Africa's wealthier countries; in general, these circumstances have allowed the country to maintain and conserve its pristine rain forest and rich biodiversity
Executive branch: Chief of state: President El Hadj Omar BONGO Ondimba (since 2 December 1967)
Economy overview: Gabon enjoys a per capita income four times that of most of sub-Saharan African nations. This has supported a sharp decline in extreme poverty; yet, because of high income inequality, a large proportion of the population remains poor. Gabon depended on timber and manganese until oil was discovered offshore in the early 1970s. The oil sector now accounts for 50% of GDP. Gabon continues to face fluctuating prices for its oil, timber, and manganese exports. Devaluation of its currency by 50% in January 1994 sparked a one-time inflationary surge, to 35%; the rate dropped to 6% in 1996. The IMF provided a one-year standby arrangement in 1994-95, a three-year Enhanced Financing Facility (EFF) at near commercial rates beginning in late 1995, and stand-by credit of $119 million in October 2000. Those agreements mandated progress in privatization and fiscal discipline. France provided additional financial support in January 1997 after Gabon met IMF targets for mid-1996. In 1997, an IMF mission to Gabon criticized the government for overspending on off-budget items, overborrowing from the central bank, and slipping on its schedule for privatization and administrative reform. The rebound of oil prices in 1999-2000 helped growth, but drops in production hampered Gabon from fully realizing potential gains. In December 2000, Gabon signed a new agreement with the Paris Club to reschedule its official debt. A follow-up bilateral repayment agreement with the US was signed in December 2001. Gabon signed a 14-month Stand-By Arrangement with the IMF in May 2004, and received Paris Club debt rescheduling later that year. Short-term progress depends on an upbeat world economy and fiscal and other adjustments in line with IMF policies. Agriculture products: cocoa, coffee, sugar, palm oil, rubber; cattle; okoume (tropical softwood); fish Industries: petroleum extraction and refining; manganese, gold; chemicals, ship repair, food and beverages, textiles, lumbering and plywood, cement
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Gabon