|
|
Article: Payments arrears build up. (Gabon)
- Article from:
- African Business
- Article date:
- June 1, 1994
- Author:
CopyrightCOPYRIGHT 1994 IC Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Gabon has won backing from the IMF for its economic and financial programme for 1994. Owing to the continuing slump in oil revenues and a heavy debt burden, Gabon's economic and financial situation has become increasingly difficult.
Access to external financing has been sharply curtailed in the past two years, with a build-up of large domestic and external payments arrears. Progress has been slow in containing public spending, in strengthening non-oil receipts and in reforming public enterprises.
Financial strains and a lack of competitiveness have deterred non-oil private investment and have held back the country's growth.
Faced with this situation, ...