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Gabon revises State budget

The government adopted in the Council of Ministers, on June 10 in Libreville, the Amending Finance Bill (PLFR) 2021. Initially adopted at CFAF 2,681.5 billion, the 2021 budget thus increases to 3,043.7 billion. CFA francs, an increase of CFA francs 362.2 billion; due in particular to the implementation of the Transformation Acceleration Plan (PAT) and additional expenses related to the response to Covid-19.

Meeting in the Council of Ministers on June 10 in Libreville, the government adopted the 2021 Amending Finance Bill (PLFR). Initially set at CFAF 2,681.5 billion, the 2021 budget thus increases to CHF 3,043.7 billion CFA, an increase of 362.2 billion CFA francs, “mainly attributable to the issuance of government securities in the amount of 495 billion CFA francs on the international financial market”.

“The development of this bill is justified by the need to take into account the very high instructions of the President of the Republic, relating to the implementation of the Transformation Acceleration Plan (PAT), to forecast expenditure additional measures aimed at strengthening the response to the fight against the Covid-19 pandemic and integrating the reforms contained in the agreement concluded with the IMF under the extended credit mechanism, ”explained the Council of Ministers.

With regard to resources, budgetary revenue would be estimated at CFAF 1,622.2 billion against CFAF 1,874.4 billion decreed in the initial finance law (LFI), i.e. a decrease of 13.5% corresponding to 252.3 billion of CFA francs. With regard to cash expenditure and charges, budgetary expenditure is estimated CFA francs 1971.8 billion against CFA francs 2,043.5 billion in the LFI, a decrease of 4% representing CFA francs 71.7 billion. , following the fall in budgetary revenues.

According to the Council of Ministers, the amended bill aims to resume growth, with a rate projected at 1.5% against -1.8% in 2020; reducing the budget deficit from -7.4% to -7.2% of non-oil GDP in order to contain the level of indebtedness; the reconstitution of foreign assets to guarantee the coverage of our imports; the optimization of revenue mobilization through the expansion of the tax base, the digitization of services, the elimination of all tax exemptions, duties and taxes not provided for, authorized or approved by law; improving the supply in the education, vocational training, health, water and energy sectors.

To benefit from the revised budget, the government has counted on several assumptions: production of 10.2 million metric tons in 2021, down 3.12% compared to the initial 2021 finance law; a Gabonese oil price of 55 USD in 2021, up 34.15% compared to the initial 2021 finance law; manganese exports which would stand at 9 million tonnes in 2021, up 12.25% compared to the 2021 BIA; a selling price per tonne of manganese that would average USD 150.2, a decrease of 10.75% compared to the 2021 BIA; an exchange rate of the US dollar at 550 FCFA in 2021, down 5.17% compared to the LFI 2021.

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