Abstract
A decade-long hydrocarbon boom has led to a fast rise of average incomes and spurred a large scaling up of investment spending on infrastructure, although progress on social indicators has been slow. With hydrocarbon extraction shifting into a trend decline in the context of weak oil prices outlook and still high capital spending, the fiscal position has weakened and fiscal buffers diminished.
Relations with the Fund
(As of May 31, 2015)
Membership Status: Joined December 22, 1969 Article VIII
General Resources Account:
| SDR Million | %Quota | |
| Ouota | 52.30 | 100.00 |
| Fund holdings of currency (Exchange Rate) | 47.38 | 40.59 |
| Reserve Tranche Position | 4.93 | 9.42 |
| SDR Million | %Quota | |
| Ouota | 52.30 | 100.00 |
| Fund holdings of currency (Exchange Rate) | 47.38 | 40.59 |
| Reserve Tranche Position | 4.93 | 9.42 |
SDR Department:
| SDR Million | %Allocation | |
| Net cumulative allocation | 31.29 | 100.00 |
| Holdings | 21.5 | 67.60 |
| SDR Million | %Allocation | |
| Net cumulative allocation | 31.29 | 100.00 |
| Holdings | 21.5 | 67.60 |
Outstanding Purchases and Loans: None
Latest Financial Arrangements:
Formerly PRGF.
| Date of | Expiration | Amount Approved | Amount Drawn | |
|---|---|---|---|---|
| Type | Arrangement | Date | (SDR Million) | (SDR Million) |
| ECF 1/ | Feb 03, 1993 | Feb 02, 1996 | 12.88 | 4.60 |
| SAF | Dec 07, 1988 | Dec 06, 1991 | 12.88 | 9.20 |
| Stand-By | Jun 28, 1985 | Jun 27, 1986 | 9.20 | 5.40 |
Formerly PRGF.
| Date of | Expiration | Amount Approved | Amount Drawn | |
|---|---|---|---|---|
| Type | Arrangement | Date | (SDR Million) | (SDR Million) |
| ECF 1/ | Feb 03, 1993 | Feb 02, 1996 | 12.88 | 4.60 |
| SAF | Dec 07, 1988 | Dec 06, 1991 | 12.88 | 9.20 |
| Stand-By | Jun 28, 1985 | Jun 27, 1986 | 9.20 | 5.40 |
Formerly PRGF.
Projected Payments to Fund 2/
(SDR Million, based on existing use of resources and present holdings of SDRs):
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Projected Payments to Fund 2/
(SDR Million, based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2015 | 2016 | 2017 | 2018 | 2019 | |
| Principal | |||||
| Charges/Interest | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 |
| Total | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Projected Payments to Fund 2/
(SDR Million, based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2015 | 2016 | 2017 | 2018 | 2019 | |
| Principal | |||||
| Charges/Interest | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 |
| Total | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Implementation of HIPC Initiative: Not Applicable
Implementation of Multilateral Debt Relief Initiative (MDRI): Not Applicable
Implementation of Catastrophe Containment and Relief (CCR): Not Applicable
As of February 4, 2015, the Post-Catastrophe Debt Relief Trust has been transformed to the Catastrophe Containment and Relief (CCR) Trust.
Safeguard Assessments: The Bank of the Central African States (BEAC) is the regional central bank of the Central African Economic and Monetary Community (CEMAC). As with other regional central banks, the BEAC is subject to a safeguards assessment every four years. The quadrennial assessment in 2013 occurred against the backdrop of significant changes at the BEAC to address governance challenges and control failures that emerged in 2009 and led to close engagement in the period after through IMF monitoring of safeguards “rolling measures.” The BEAC also embarked on a reform and modernization plan (RMP) to strengthen controls. The 2013 assessment concluded that, despite some progress made by the BEAC in reinforcing its safeguards framework, further actions were needed to restore sound governance and control fully, including through amendments to the BEAC charter and commitment to achieve the RMP. The assessment also recommended maintaining the annual monitoring visits to the BEAC to follow up on progress on implementing the safeguards rolling measures and advancing work on the BEAC’s own reform plan in the context of new program requests and reviews of CEMAC countries. Consistent with this engagement, a safeguards staff visit to the BEAC was conducted in April 2015. Staff concluded that although the BEAC continues to maintain a strong commitment to complete its reform plan, slippages have occurred and the timeframe of the RMP has been revised. Progress on implementing the safeguards rolling measures has been mixed, and priority recommendations on amendments to the BEAC charter and adoption of an internationally recognized financial reporting framework (IFRS) have been delayed. The BEAC has indicated a need for IMF technical assistance to advance the above recommendations, and steps on prompt delivery of this input have been initiated. Strong actions and close coordination with member states to gain consensus will be needed in the period ahead for the BEAC to conclude its reforms and the outstanding safeguards recommendations. Progress on implementation of the latter will remain subject to annual monitoring by the IMF, as a condition to continuing new program requests and reviews of CEMAC member countries.
Exchange System: The regional currency is the CFA franc, which has been pegged to the euro at the rate of CFAF 655.957 per euro, since the euro was introduced in 1999. Equatorial Guinea has accepted the obligations of Article VIII, Sections 2, 3 and 4 and maintains an exchange system free of restrictions on the making of payments and transfers for current international transactions.
Article IV Consultations: Equatorial Guinea is on the standard 12-month Article IV consultation cycle. The last Article IV consultation with Equatorial Guinea was concluded by the Executive Board on April 30, 2014, on lapse-of-time basis.
Equatorial Guinea: Technical Assistance Missions since 2007
| Provider | Theme | Timing |
|---|---|---|
| AFRITAC Central | National accounts and consumer price statistics | October 2007 |
| Price statistics | March 2008 and June 2008 | |
| Trade statistics | July 2008 | |
| Public financial management statistics | February 2008, February 2009, July 2010, May 2011, and March 2012 | |
| Budget accounting system and practices | September 2012 | |
| Debt management | September 2013 | |
| National accounts statistics | June to July 2008; January, May, December 2011; October to November 2013; March, October 2014; and February 2015. | |
| LTO administration | November 2014 and June 2015 | |
| Customs administration | September 2015 (Planned) | |
| Fiscal Affairs Department (FAD) | Public finance management | February 2013 |
| Revenue administration | March-April 2014 | |
| Statistics Department(STA) | Real sector statistics | March 2007 |
| Balance of payments statistics | February 2013 | |
| Resident advisors | Macro-fiscal advisor backstopped by AFR; paid for by the government through a reimbursement agreement with the Fund. | June 2006 to early May 2007 |
| Public financial management advisor backstopped by FAD; paid for by the government through a reimbursement agreement with the Fund. | June 2006 to early May 2007 | |
| Two macro-fiscal advisors backstopped by AFR; paid for by the government through a reimbursement agreement with the Fund. | Redeployed in April 2008 for a one-year period. Their contracts were extended in 2009 and 2010, and expired on December 31, 2011. |
| Provider | Theme | Timing |
|---|---|---|
| AFRITAC Central | National accounts and consumer price statistics | October 2007 |
| Price statistics | March 2008 and June 2008 | |
| Trade statistics | July 2008 | |
| Public financial management statistics | February 2008, February 2009, July 2010, May 2011, and March 2012 | |
| Budget accounting system and practices | September 2012 | |
| Debt management | September 2013 | |
| National accounts statistics | June to July 2008; January, May, December 2011; October to November 2013; March, October 2014; and February 2015. | |
| LTO administration | November 2014 and June 2015 | |
| Customs administration | September 2015 (Planned) | |
| Fiscal Affairs Department (FAD) | Public finance management | February 2013 |
| Revenue administration | March-April 2014 | |
| Statistics Department(STA) | Real sector statistics | March 2007 |
| Balance of payments statistics | February 2013 | |
| Resident advisors | Macro-fiscal advisor backstopped by AFR; paid for by the government through a reimbursement agreement with the Fund. | June 2006 to early May 2007 |
| Public financial management advisor backstopped by FAD; paid for by the government through a reimbursement agreement with the Fund. | June 2006 to early May 2007 | |
| Two macro-fiscal advisors backstopped by AFR; paid for by the government through a reimbursement agreement with the Fund. | Redeployed in April 2008 for a one-year period. Their contracts were extended in 2009 and 2010, and expired on December 31, 2011. |
Relations with the World Bank Group
| (As of end-May, 2015) | |||
|---|---|---|---|
| Title | Products | Provisional timing of missions | Expected delivery date |
| A. Mutual information on relevant work programs | |||
| The World Bank work program in the next 12 months | 1. Statistics Support: A technical assistance project is in place to support the government along three priority pillars: 1. production of data (namely national accounts), 2. institutional development of the National Statistics Institute, 3. promoting the use of data for decision making. Two resident advisors are currently based in Malabo. | The next supervisory mission will take place in June 2015. | Expected completion in December 2016. Expected completion in December 2016. |
| 2. Public Investment Management and Monitoring of National Development Plan: A technical assistance project is in place to support the government with strengthening public investment management and the monitoring of the NDP. Two resident advisors are currently based in Malabo. | The next supervisory mission will take place in June 2015 | ||
| 3. Investment Climate Reform: A third technical assistance agreement to promote investment climate reform and support the set-up of an Investment Promotion Agency is pending signature | Signature expected in June 2015 | ||
| B. Requests for work program inputs | |||
| Fund request to Bank | Data sharing, in particular the outcome of technical assistance to the statistical office | ||
| Bank request to Fund | Regular updates on macroeconomic framework Data sharing, in particular with respect to fiscal information. | ||
| (As of end-May, 2015) | |||
|---|---|---|---|
| Title | Products | Provisional timing of missions | Expected delivery date |
| A. Mutual information on relevant work programs | |||
| The World Bank work program in the next 12 months | 1. Statistics Support: A technical assistance project is in place to support the government along three priority pillars: 1. production of data (namely national accounts), 2. institutional development of the National Statistics Institute, 3. promoting the use of data for decision making. Two resident advisors are currently based in Malabo. | The next supervisory mission will take place in June 2015. | Expected completion in December 2016. Expected completion in December 2016. |
| 2. Public Investment Management and Monitoring of National Development Plan: A technical assistance project is in place to support the government with strengthening public investment management and the monitoring of the NDP. Two resident advisors are currently based in Malabo. | The next supervisory mission will take place in June 2015 | ||
| 3. Investment Climate Reform: A third technical assistance agreement to promote investment climate reform and support the set-up of an Investment Promotion Agency is pending signature | Signature expected in June 2015 | ||
| B. Requests for work program inputs | |||
| Fund request to Bank | Data sharing, in particular the outcome of technical assistance to the statistical office | ||
| Bank request to Fund | Regular updates on macroeconomic framework Data sharing, in particular with respect to fiscal information. | ||
Statistical Issues
Equatorial Guinea—Statistical Issues
(As of June 10, 2015)
Equatorial Guinea—Statistical Issues
(As of June 10, 2015)
| I. Assessment of Data Adequacy for Surveillance (continued) | |
| General: Data provision has serious shortcomings that significantly hamper surveillance. National accounts, government finance statistics, and balance of payments data are all deficient in quality, timing, and coverage. The newly established National Institute of Statistics (INEGE) is not fully operational, although noteworthy progress has been made since its creation last year. Poor centralization of information between the island and continental regions is also an issue. | |
| National Accounts: National accounts are constructed by the Bank of Central African States (BEAC) as part of their regular Monetary Programming exercise. They are based largely on estimates, with only limited survey information except for the hydrocarbon sector and other primary sector exporters. The current base year is 1985 and the methodology used is the System of National Accounts, 1968 (SNA68). Progress has been made by the National Statistics Institute (INEGE) toward the establishment of a new base year for national accounts (2006), with the assistance of the World Bank, AFRISTAT, and AFRITAC Central (AFC), using the SNA93 methodology. New estimates for the period 2007-12 have been prepared (but not yet validated), and preliminary estimates for 2013-14 are being finalized. Data sources need to be improved for more reliable and comprehensive GDP estimates. The population census, a household survey, an employment survey, and an agricultural survey, initially planned for 2011, are now scheduled for 2016. An enterprise census is underway. | |
| Price statistics: Compilation of the official CPI resumed in January 2009, with data collected in five major cities. However, a number of deficiencies remain, including outdated weights and composition of the basket of goods and services, and gaps in the time series corresponding to the period for which data was not collected (2008). Imputations for missing data do not always reflect underlying trends. | |
| Government finance statistics: The authorities provide budget execution data to the Fund, but these are limited in detail (with, for example, a poor delineation between capital and current spending and no functional classification) and are not fully reconciled with the monetary accounts. The fiscal data are not subject to any internal process of verification because weak audit capability. The authorities have yet to appoint additional residential advisors for public finance, budgeting, and accounting following advice from the Fiscal Affairs Department. Gains in transparency were made temporarily through the Extractive Industries Transparency Initiative process, with a reconciliation report posted on the World Bank website in March 2010 that included hydrocarbon revenue data and information on state owned oil companies, but no subsequent information has been published. | |
| Monetary statistics: Monetary statistics are reported to the Fund by the Banque des États de l’Afrique Centrale (BEAC) on a monthly basis in the format of the standardized report forms (SRFs). The depository corporation survey does not include data from deposit-taking microfinance institutions. It is hoped to include data in the future on interest rates offered by the financial institutions sector to non-financial entities on deposits and loans. | |
| Balance of payments: The National Directorate of the Bank of Central African States is responsible for the compilation of the balance of payments statistics of Equatorial Guinea. The BEAC produces balance of payments data for its monetary programming exercise, but these largely rely on estimations. Trade transactions processing and data compilation are complicated by the fact that customs authorities do not use a computerized system. For example, no data on merchandise imports are made available. The balance of payments statistics mission of March 2013 noted the severe capacity constraints at the National Directorate and the need for staff training as well as the improvement of institutional arrangements in the country to support the production of external sector statistics. | |
| II. Data Standards and Quality | |
| Equatorial Guinea does not participate in the GDDS. | Equatorial Guinea has not yet received a mission to produce the data module of the Report on the Observance of Standards and Codes (data ROSC). |
| III. Reporting to STA (Optional) | |
| Real sector statistics are reported to STA for publication in the International Financial Statistics (IFS) with a long lag and are limited to GDP (without breakdown by sector or expenditure category), and exports, and imports. The authorities agreed to submit CPI data for the IFS publication and STA is communicating with the authorities regarding the procedure. The BEAC reports monetary, interest rates, and exchange rate statistics for publication in the IFS, but delays are persistent (currently the lag is about three months). Due to capacity constraints, balance of payments data are not submitted to STA for publication in the IFS or the Balance of Payments Statistics Yearbook. The latest year for which balance of payments data are available is 1996. Equatorial Guinea does not report fiscal data to STA for publication in the IFS or the Government Finance Statistics Yearbook. | |
Equatorial Guinea—Statistical Issues
(As of June 10, 2015)
| I. Assessment of Data Adequacy for Surveillance (continued) | |
| General: Data provision has serious shortcomings that significantly hamper surveillance. National accounts, government finance statistics, and balance of payments data are all deficient in quality, timing, and coverage. The newly established National Institute of Statistics (INEGE) is not fully operational, although noteworthy progress has been made since its creation last year. Poor centralization of information between the island and continental regions is also an issue. | |
| National Accounts: National accounts are constructed by the Bank of Central African States (BEAC) as part of their regular Monetary Programming exercise. They are based largely on estimates, with only limited survey information except for the hydrocarbon sector and other primary sector exporters. The current base year is 1985 and the methodology used is the System of National Accounts, 1968 (SNA68). Progress has been made by the National Statistics Institute (INEGE) toward the establishment of a new base year for national accounts (2006), with the assistance of the World Bank, AFRISTAT, and AFRITAC Central (AFC), using the SNA93 methodology. New estimates for the period 2007-12 have been prepared (but not yet validated), and preliminary estimates for 2013-14 are being finalized. Data sources need to be improved for more reliable and comprehensive GDP estimates. The population census, a household survey, an employment survey, and an agricultural survey, initially planned for 2011, are now scheduled for 2016. An enterprise census is underway. | |
| Price statistics: Compilation of the official CPI resumed in January 2009, with data collected in five major cities. However, a number of deficiencies remain, including outdated weights and composition of the basket of goods and services, and gaps in the time series corresponding to the period for which data was not collected (2008). Imputations for missing data do not always reflect underlying trends. | |
| Government finance statistics: The authorities provide budget execution data to the Fund, but these are limited in detail (with, for example, a poor delineation between capital and current spending and no functional classification) and are not fully reconciled with the monetary accounts. The fiscal data are not subject to any internal process of verification because weak audit capability. The authorities have yet to appoint additional residential advisors for public finance, budgeting, and accounting following advice from the Fiscal Affairs Department. Gains in transparency were made temporarily through the Extractive Industries Transparency Initiative process, with a reconciliation report posted on the World Bank website in March 2010 that included hydrocarbon revenue data and information on state owned oil companies, but no subsequent information has been published. | |
| Monetary statistics: Monetary statistics are reported to the Fund by the Banque des États de l’Afrique Centrale (BEAC) on a monthly basis in the format of the standardized report forms (SRFs). The depository corporation survey does not include data from deposit-taking microfinance institutions. It is hoped to include data in the future on interest rates offered by the financial institutions sector to non-financial entities on deposits and loans. | |
| Balance of payments: The National Directorate of the Bank of Central African States is responsible for the compilation of the balance of payments statistics of Equatorial Guinea. The BEAC produces balance of payments data for its monetary programming exercise, but these largely rely on estimations. Trade transactions processing and data compilation are complicated by the fact that customs authorities do not use a computerized system. For example, no data on merchandise imports are made available. The balance of payments statistics mission of March 2013 noted the severe capacity constraints at the National Directorate and the need for staff training as well as the improvement of institutional arrangements in the country to support the production of external sector statistics. | |
| II. Data Standards and Quality | |
| Equatorial Guinea does not participate in the GDDS. | Equatorial Guinea has not yet received a mission to produce the data module of the Report on the Observance of Standards and Codes (data ROSC). |
| III. Reporting to STA (Optional) | |
| Real sector statistics are reported to STA for publication in the International Financial Statistics (IFS) with a long lag and are limited to GDP (without breakdown by sector or expenditure category), and exports, and imports. The authorities agreed to submit CPI data for the IFS publication and STA is communicating with the authorities regarding the procedure. The BEAC reports monetary, interest rates, and exchange rate statistics for publication in the IFS, but delays are persistent (currently the lag is about three months). Due to capacity constraints, balance of payments data are not submitted to STA for publication in the IFS or the Balance of Payments Statistics Yearbook. The latest year for which balance of payments data are available is 1996. Equatorial Guinea does not report fiscal data to STA for publication in the IFS or the Government Finance Statistics Yearbook. | |
Equatorial Guinea: Table of Common Indicators Required for Surveillance
(As of June 10, 2015)
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, and rates on treasury bills, notes and bonds.
Foreign and domestic bank, nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Includes currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Equatorial Guinea: Table of Common Indicators Required for Surveillance
(As of June 10, 2015)
| Date of Latest Observation | Date Received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | |
|---|---|---|---|---|---|
| Exchange Rates | 5/29/2015 | 5/29/2015 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | Dec. 2014 | 5/12/2015 | M | M | I |
| Reserve/Base Money | Mar. 2015 | 5/29/15 | M | M | M |
| Broad Money | Mar. 2015 | 5/29/15 | M | M | M |
| Central Bank Balance Sheet | Mar. 2015 | 5/29/15 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Mar. 2015 | 5/29/15 | M | M | M |
| Interest Rates2 | Mar. 2015 | 5/29/15 | M | M | I |
| Consumer Price Index | Dec. 2014 | 4/27/2015 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3—General Government4 | Mar. 2015 | 5/29/15 | M | Q | I |
| Stocks of Central Government and Central Government-Guaranteed Debt5,6 | 2014 | 5/12/2015 | A | A | I |
| External Current Account Balance | 2013 | 2/24/2014 | A | A | I |
| Exports and Imports of Goods and Services | 2013 | 2/24/2014 | A | A | I |
| GDP/GNP | 2014 | 4/27/2015 | A | A | I |
| Gross External Debt | 2014 | 5/12/2015 | A | A | I |
| International Investment Position7 | NA | NA | NA |
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, and rates on treasury bills, notes and bonds.
Foreign and domestic bank, nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Includes currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Equatorial Guinea: Table of Common Indicators Required for Surveillance
(As of June 10, 2015)
| Date of Latest Observation | Date Received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | |
|---|---|---|---|---|---|
| Exchange Rates | 5/29/2015 | 5/29/2015 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | Dec. 2014 | 5/12/2015 | M | M | I |
| Reserve/Base Money | Mar. 2015 | 5/29/15 | M | M | M |
| Broad Money | Mar. 2015 | 5/29/15 | M | M | M |
| Central Bank Balance Sheet | Mar. 2015 | 5/29/15 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Mar. 2015 | 5/29/15 | M | M | M |
| Interest Rates2 | Mar. 2015 | 5/29/15 | M | M | I |
| Consumer Price Index | Dec. 2014 | 4/27/2015 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3—General Government4 | Mar. 2015 | 5/29/15 | M | Q | I |
| Stocks of Central Government and Central Government-Guaranteed Debt5,6 | 2014 | 5/12/2015 | A | A | I |
| External Current Account Balance | 2013 | 2/24/2014 | A | A | I |
| Exports and Imports of Goods and Services | 2013 | 2/24/2014 | A | A | I |
| GDP/GNP | 2014 | 4/27/2015 | A | A | I |
| Gross External Debt | 2014 | 5/12/2015 | A | A | I |
| International Investment Position7 | NA | NA | NA |
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, and rates on treasury bills, notes and bonds.
Foreign and domestic bank, nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Includes currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).