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Vol 58 No 9

Published 28th April 2017


Bongo's fund embrace

Oil can no longer cover up the cracks in the economy. The IMF is being urged to demand an end to the elite's profligacy

Extravagant spending, collapsing oil revenue and a ruling elite that views state funds as its own property have pushed President Ali Ben Bongo Ondimba's government into the arms of the International Monetary Fund. Amid weak oil prices, the government has found it increasingly difficult to keep fiscal management under control. Senior officials have been in conclave with the IMF in Washington to negotiate a programme after it visited Gabon in February.

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