Download AMAN Application from Apple store and Google play                                Follow us on : Twitter - Facebook - YouTube - Instagram

STATUTES GENERAL ASSEMBLY SECRETARY GENERAL CONTACTS Follow us on Twitter Follow us on Facebook Follow us on Instagram
Daily News
MedNEWS HOME
APS - Improving citizen's standard of living, protection of managers at heart of State's concerns
APS -ALGIERS- The President of the Republic,Abdelmadjid Tebboune affirmed Saturday the continuation of measures to improve the standard of living...
APS - Increase in salaries, unemployment benefit and retirement pensions from 2023
APS - ALGIERS- President of the Republic Abdelmadjid Tebboune announced an increase in salaries, unemployment benefit, and retirement pensions as...
APS - Arkab partakes, in Vienna, at 66th IAEA General Conference
APS-ALGIERS-Minister of Energy and Mines Mohamed Arkab will take part at the 66th General Conference of the International Atomic Energy...
SANA - Syrian-Jordanian-Iraqi-Lebanese talks to sign agreements in the field of agricultural integration
Amman,SANA-The quadripartite meeting of the Ministers of Agriculture in Syria, Jordan,Iraq and Lebanon started activities today at the Jordanian capital,...
SANA - Mikdad discusses with Russian and Emirati counterparts relations, latest developments
New York,SANA-Foreign and Expatriates Minister, Fayssal Mikdad, discussed with his Russian counterpart, Sergey Lavrov, the latest developments in the region...
SANA - Syrian and Lebanese health Ministers discuss coordination on transporting victims of boat sinking accident
Damascus, SANA- Health Minister Hasan al-Ghabbash and his Lebanese counterpart Firas Abiad in a phone call on Saturday discussed coordination...
NNA - بريسيلا طربيه ملكة جمال الجالية اللبنانية في أوستراليا لعام 2022
وطنية-سيدني- احتفلت الجالية في سيدني بانتخاب ملكة جمال الجالية اللبنانية في أوستراليا.
وكان تاج الجمال هذا العام من نصيب الآنسة بريسيلا طربيه، كما فازت الوصيفة الأولى رولا عقيقي،والوصيفة الثانية جاسمن منصور...
APS - تحسين المستوى المعيشي للمواطن وحماية المسيرين خلال أداء مهامهم في صلب اهتمامات الدولة
APS -الجزائر- أكد رئيس الجمهورية, السيد عبد المجيد تبون, أمس السبت خلال لقاء الحكومة بالولاة, على مواصلته الإجراءات الكفيلة بالرفع من المستوى المعيشي للمواطن الذي يبقى في صلب اهتمامات الدولة,...
APS - رفع الأجور ومنحة البطالة ومعاشات التقاعد بداية من 2023
APS - الجزائر - أعلن رئيس الجمهورية, السيد عبد المجيد تبون, اليوم السبت بالجزائر العاصمة, أنه سيتم بداية من السنة القادمة 2023 رفع الأجور و منحة البطالة و معاشات التقاعد....
APS - عرقاب يشارك في المؤتمر العام ال66 للوكالة الدولية للطاقة الذرية بفيينا
APS - الجزائر- يشارك وزير الطاقة والمناجم, محمد عرقاب, في المؤتمر العام ال66 للوكالة الدولية للطاقة الذرية, يومي 26 و 27 سبتمبر الجاري , بمقر الوكالة في فيينا (النمسا), ...
SANA - مباحثات سورية أردنية عراقية لبنانية لتوقيع اتفاقيات في مجال التكامل الزراعي
عمان-سانا - بدأت في العاصمة الأردنية عمان اليوم أعمال الاجتماع الرباعي لوزراء الزراعة في سورية والأردن والعراق ولبنان والتي تستمر يومين.
وزير الزراعة والإصلاح الزراعي المهندس محمد حسان قطنا أوضح في...
SANA - المقداد ولافروف: المضي قدماً في تطوير العلاقات الاستراتيجية بين البلدين الصديقين
نيويورك-سانا - بحث وزير الخارجية والمغتربين الدكتور فيصل المقداد مع نظيره الروسي سيرغي لافروف على هامش اجتماعات الجمعية العامة للأمم المتحدة عدداً من القضايا ذات الاهتمام المشترك. ...
SANA - الوزير الغباش يبحث مع نظيره اللبناني آلية التنسيق لنقل الضحايا اللبنانيين في حادثة غرق المركب
دمشق-سانا-بحث وزير الصحة الدكتور حسن الغباش خلال اتصال هاتفي اليوم مع نظيره اللبناني الدكتور فراس الأبيض سبل التنسيق والتعاون بما يخص نقل الناجين وجثامين الضحايا في حادثة غرق المركب اللبناني...
NNA - Ministry of Public Health:157 new coronavirus infections, one death
NNA-Lebanon has recorded 157new coronavirus cases and one death in the last 24hours,as reported by the Ministry of Public Health...
APS - L'amélioration du niveau de vie du citoyen et la protection des gestionnaires au centre des préoccupations de l'Etat
APS-ALGER-Le président de la République, M. Abdelmadjid Tebboune, a assuré samedi la poursuite des mesures visant à améliorer le niveau...
APS - Augmentation des salaires, de l'allocation chômage et des pensions de retraite à compter de 2023
APS-ALGER-Les salaires,l'allocation chômage et les pensions de retraite seront revus à la hausse à compter de 2023,a annoncé le Président...
APS - Arkab participe à Vienne à la 66éme Conférence générale de l’AIEA
APS-ALGER-Le ministre de l’Energie et des Mines, Mohamed Arkab, prendra part à la 66éme Conférence Générale de l’Agence Internationale de...
SANA - Entretiens quadripartites pour signer des accords dans le domaine de l’intégration agricole
Amman-SANA/ Les travaux de la réunion quadripartite des ministres de l’Agriculture en Syrie, en Jordanie, en Irak et au Liban...
SANA - Miqdad et Lavrov: Aller de l’avant dans le développement des relations stratégiques entre les deux pays amis
New-York-SANA / Le ministre des Affaires étrangères et des Expatriés, Fayçal Miqdad, a examiné avec son homologue russe, Sergueï Lavrov,...
SANA - Ghabbach examine avec son homologue libanais la coopération bilatérale pour transporter les victimes libanaises du naufrage du bateau
Damas-SANA/ Lors d’un appel téléphonique, le ministre de la Santé, Hassan Ghabbach, a examiné avec son homologue libanais, Firas Abiad,...
NNA - وزارة الصحة: 157 إصابة جديدة و حالة وفاة واحدة
وطنية - أعلنت وزارة الصحة العامة في تقريرها اليومي تسجيل "157 إصابة جديدة بفيروس كورونا رفعت العدد التراكمي للحالات المثبتة الى 441090، كما تم تسجيل حالة وفاة واحدة".
Lusa - Business News - Equatorial Guinea: IMF expects GDP, living standards to decline




Lisbon, Aug.5,2022(Lusa) - The International Monetary Fund (IMF) expects Equatorial Guinea's GDP and living standards to decline in the medium-term, thanks to reduced oil production and a stalled structural reform in the country.
In a report released Thursday as part of the Article IV consultation, the IMF said the Covid-19 pandemic in 2020-21 and the Bata explosions in 2021 hit oil-exporting Equatorial Guinea at a time when "its economic vulnerabilities were already being exacerbated by a prolonged period of depressed hydrocarbon prices, with real declines for seven consecutive years."
Today, the country's economy is emerging "slowly from the devastation of the 2020-21 shocks, buoyed by higher international oil prices".
But "substantial challenges remain: rising food prices and banking sector vulnerabilities cloud the near term, while declining hydrocarbon production (...) looms in the medium term", coupled with delays in governance improvements, reform implementation and diversification of the economy, as a threat.
Therefore, the IMF expects "GDP and living standards to decline over the medium term" in Equatorial Guinea.
According to the report's data, as early as the second half of 2020, "urban poverty increased during the pandemic by about 8 percentage points [to an estimated 44% of the population]".
Given the current scenario the IMF estimates that, "after a 3.2% contraction in 2021, real GDP should grow by 5.8% in 2022, supported by hydrocarbon production and reconstruction of Bata" in Equatorial Guinea.
However, from 2023, "the economy is expected to contract (...), reflecting a reduction in hydrocarbon production together with stalled structural reform."
As for inflation, the IMF predicts it will rise "to 6% by the end of 2022, driven by the impact of higher international oil and food prices".
With the rise in food prices, the institution led by Kristalina Georgieva, also predicts that it will increase "the risk of food insecurity for a substantial part of the population," while the ongoing decline in hydrocarbon production "will lead to a fall (...) "in living standards, in the medium term."
It thus concludes that the country's "balance of risks and prospects" falls "to the negative side".
Against this background, the IMF emphasises that "the authorities must significantly strengthen their commitment to the stalled structural reform agenda" to encourage "sustainable and inclusive growth".
The IMF executive directors reaffirm that the institution remains "ready to continue supporting the efforts of the authorities" of Equatorial Guinea to boost its development capacity.
But they call on the country's officials to "use part of the windfall revenues from higher hydrocarbon prices to rebuild macroeconomic buffers, including through the accumulation of foreign reserves, as well as to address social needs, especially food insecurity."
The organisation's officials also call for further efforts by Equatorial Guinea to "improve the efficiency of public spending and non-hydrocarbon revenues, promote inclusive growth and economic diversification in the medium term".
In addition to, they stressed, "the importance" of "tackling vulnerabilities in the banking sector".
While welcoming the country's measures "to deal with non-performing loans, undercapitalisation and low liquidity in some banks" the IMF executive directors "urge the authorities to substantially increase efforts to improve governance, increase transparency and combat corruption", measures they consider "essential to ensure national development gains".
And they also highlighted "the need for [the country] to increase investment in health, education and sanitation to strengthen human capital and social outcomes."
In this context, it recommends that the short-term priorities for the government of Equatorial Guinea should be: protecting the most vulnerable families from food insecurity, rebuilding macroeconomic buffers, including accumulating foreign reserves, with windfall revenues from oil, and addressing concerns about the stability of the sector.
For the medium term, it suggests that Equatorial Guinea, maintain fiscal sustainability, promote inclusive growth and economic diversification. This while advising that fiscal policy be recalibrated to improve non-hydrocarbon related revenues and that the country improve spending efficiency, while implementing, "with credibility the development plan and the action plan to improve governance, increase transparency and fight corruption.
Equatorial Guinea is one of the nine member states of the Community of Portuguese Language Countries (CPLP), although the vast majority of its population speak Spanish or Fang, a local language. It has been governed for decades by Teodoro Obiang Nguema Mbasogo, a head of state opposed by several human rights non-governmental organisations.
ATR/AYLS // AYLS
Lusa



Agency : LUSA

Date : 2022-08-06 10:07:00







 

Copyright © Alliance of Mediterranean News Agencies 2017