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Libreville, Thursday, June 20, 2024 (Gabon News) – The Minister of Economy and Participation announced through a press release issued on Monday, June 17, 2024 in Libreville that Gabon has raised its credit rating from negative CAA1 to stable CAA2, according to data from the Moody’s agency.
This result is the result of the Transitional Government’s efforts to achieve a marked improvement in transparency and governance in the country. In fact, the Government recently corrected its budget accounts and revealed previously unrecorded extraordinary expenditures, which were mainly financed by external arrears.
Moody’s said that by the end of 2023, the debt managed by Gabon’s General Debt Directorate (DGD) will account for 58.2% of GDP, but according to the International Monetary Fund’s (IMF) assessment methodology, the net debt ratio will reach 63.5% of GDP by 2022 and reach 70.5%.
Moody’s took into account VAT, financial procedures, wage arrears and special short-term government bonds.
It is worth mentioning that, according to a press release from the Minister of Economy and Participation, despite budgetary constraints, the Transitional Government has always strived to respond positively to requests in terms of investment and to exceed the expectations of the population.
FIN/INFOSGABON/SM/2024
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