Culture of Gabon

From Wikinfo

Gabon's economy is dominated by oil. Oil revenues comprise 65% of the Government of Gabon budget, 43% of gross domestic product (GDP), and 81% of exports. Oil production is now declining rapidly from its high point of 370,000 barrels per day in 1997. In spite of the decreasing oil revenues, little planning has been done for an after-oil scenario. Gabon public expenditures from the years of significant oil revenues were not spent efficiently. Overspending on the Transgabonais railroad, the oil price shock of 1986, the CFA franc devaluation of 1994, and low oil prices in the late 1990s caused serious debt problems. Gabon has earned a poor reputation with the Paris Club and the International Monetary Fund (IMF) for the management of its debt and revenues. Successive IMF missions have criticized the government for overspending on off-budget items (in good years and bad), over-borrowing from the Central Bank, and slipping on the schedule for privatization and administrative reform. In September 2005, Gabon successfully concluded a 15-month Stand-By Arrangement with the IMF. Gabon seeks a multi-year successor arrangement.

Original source is United States State Department information page on Gabon, public domain as a product of the government of the United States.