Republic of Equatorial Guinea: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Equatorial Guinea

Equatorial Guinea’s macroeconomic situation has deteriorated over the last decade due to a secular decline in oil production. In 2022, economic indicators improved somewhat. However, this recovery was short-lived, with the economy projected to fall back into recession in 2023. In the years ahead, the economy would contract further. Without strong policy responses, all the gains in per capita income achieved over the last two decades are expected to fully unravel by 2028. The three-year Extended Fund Facility (EFF) approved in 2019 to support the authorities’ diversification agenda expired at end-2022 without a single completed review. The authorities have nonetheless continued to implement reforms delayed under the program as well as the 2022 Article IV Consultation recommendations.