Oligui Nguema on IMF negotiations: asserting sovereignty and demanding public debt audit

He emphasized that the request for an audit of Gabon's public debt, which is close to 80% of GDP, came from him, not the IMF. The President stated that transparency is a self-imposed requirement, not a concession to the IMF, aiming to establish an undeniable basis for discussions. Since August 30, 2023, over 3,142 billion CFA francs have been mobilized to honor inherited commitments, rather than for new investments.

Oligui Nguema noted a growing confidence from financial markets, indicated by a reduction in the spread of Gabonese sovereign bonds from 854 to 771 basis points. He clarified that seeking an IMF program is an act of economic maturity, not weakness, and that Gabon officially requested a program in March. The negotiations are guided by four principles: safeguarding projects validated by the people, protecting vulnerable households, eliminating unproductive spending, and responsible debt management.

He drew a "red line," stating he would never sign an agreement that demands austerity from Gabonese citizens while wasteful spending continues. Oligui Nguema concluded that Gabon's issue has never been a lack of resources, but rather a lack of governance, given its oil, manganese, wood, and valuable forest resources, along with a young and hardworking population.