EXCLUSIVE-Gabon formally requests IMF programme, Fund says

By Colleen Goko and Portia Crowe

JOHANNESBURG/DAKAR, March 11 - Gabon has formally requested a programme from the International Monetary Fund, a spokesperson for the Fund told Reuters on Wednesday, a move that could help stabilise the Central African OPEC-member's finances and strengthen transparency.

The IMF on Friday concluded a 10-day visit to the country of 2.6 million people, ​its first since the government said it wanted an IMF loan after toying with the idea of tapping the market for over a year.

Investors and ratings agencies view an IMF programme as crucial, but worries over Gabon's debt transparency and the government's will to push through tough reforms have bred skepticism.

A spokesperson for the fund said its team discussed the Gabonese government's policy priorities and reform plans.

"Discussions highlighted the potential benefits of ongoing reforms, underscoring the criticality of ensuring prudent fiscal and financial policies to safeguard macroeconomic stability in Gabon and the region," the spokesperson said.

"During the mission, the authorities made a formal request for an IMF arrangement. Discussions with the authorities will continue in the weeks ahead, including during the upcoming IMF Spring Meetings."

An official within Gabon's Economy and Finance Ministry did not respond to a request for comment.

Gabon's push for an IMF loan - a prerequisite ​to unlocking investor cash and other international funding - could help stabilise finances in the second-largest economy of the Central African Economic and Monetary Community (CEMAC).

Ahead of the IMF visit, its finance ministry said turning to the ​Fund was "part of the government's will to strengthen transparency, budget rigidity and sustainability of public finances."