On Wednesday 13th July the International Monetary Fund (IMF) mission, which began on 30th June, concluded with recommendations to improve our country’s economy.
The IMF Adviser for Africa, Montie Mlacila, in a statement to the press on completing the work, recognised the support and cooperation that the IMF mission received from the ministerial departments involved, together with companies and public agencies, affirming that “we have received a lot of data, and also the documentation necessary to carry out the work”.
In relation to the challenges that Equatorial Guinea must overcome, he mentioned the drop in the price of hydrocarbons, which is a significant challenge for Equatorial Guinea, together with the reduction in oil production. Regarding the economic situation, he said that it continued to be difficult in 2015, due also to the reduction in oil production.
For his part, the Minister of Finance and Budgets, Miguel Engonga Obiang Eyang pointed out that the conclusions adopted following the work are in line with what the Government had concluded in its own analysis. “We are satisfied because it is a report that firstly recognises the efforts of the Government in relation to development, with respect to social development indicators”.
He also said that there had been deficiencies that had been highlighted in relation to the business climate and tourism, which are sectors that can be developed in our country, because tourism is currently a global industry that provides resources and activity to many countries.
Concerning activities in the customs sector, the Minister of Finance highlighted the fact that the Government had deployed actions to improve the sector, with the installation in customs of a computer program for the payment of taxes, the reform of tax law, and the adoption of a fiscal amnesty law, which would also contribute towards the collection of taxes.
All these projects are aimed at economic diversification, in order to create more activity and increase tax revenue.
Text and photos: Clemente Ela Ondo Onguene (DGPWIGE)
Equatorial Guinea Press and Information Office
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