赤道几内亚共和国：2025年工作人员监督计划第四条协商和第一次和第二次审查工作人员报告新闻稿；员工报告；赤道几内亚共和国执行主任的发言

STAFF REPORT FOR THE 2025 ARTICLE IVCONSULTATION AND FIRST AND SECOND REVIEWSUNDER THE STAFF-MONITORED PROGRAM—PRESSRELEASE; STAFF REPORT; AND STATEMENT BY THEEXECUTIVE DIRECTOR FOR THE REPUBLIC OFEQUATORIAL GUINEA In the context of the Staff Report for the 2025 Article IVConsultation and First andSecond Reviews Under the Staff-Monitored Program the following documents have beenreleased and are included in this package: •APress Releaseincluding a statement by the Chair of the Executive Board andsummarizing the views of the Executive Board as expressed during its July 23, 2025,consideration of the staff report on issues related to Article IV Consultation and theIMF arrangement •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration on July 23rd, 2025, following discussions that ended on June 4th, 2025,with the officials of the Republic of Equatorial Guinea on economic developments andpolicies. Based on information available at the time of these discussions, the staffreport was completed on June 26, 2025 •AStatement by the Executive Directorfor the Republic of Equatorial Guinea. TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. ©2025International Monetary Fund IMF Executive Board Concludes 2025 Article IV Consultation withEquatorial Guinea and IMF Management Approves the First andSecond Reviews Under the Staff Monitored Program forEquatorial Guinea FOR IMMEDIATE RELEASE Staff Monitored Programs (SMPs) are informal agreements between national authorities and IMF staffto monitor the authorities’ economic program. As such, they do not entail endorsement by the IMFExecutive Board. SMP staff reports are issued to the Board for information. •The Executive Board of the International Monetary Fund (IMF) concluded today the 2025Article IV consultation with Equatorial Guinea. IMF Management approved in June thecombined first and second reviews under the Staff Monitored Program (SMP) and a12-month SMP extension. •Equatorial Guinea registered a mild economic recovery in 2024, but the economy isprojected to grow weakly and a drain on regional reserves is expected to continue in themedium term as hydrocarbon production declines. The banking sector is showing clearsigns of improvement. •Performance under the program has been strong, with significant reforms implementedand a substantial fiscal adjustment that met the SMP conditionality. However, contrary tolongstanding commitments, the authorities decided not to publish asset declarations ofpublic officials. The program extension will provide the authorities with an opportunity tocomplete an alternative governance reform measure aimed at strengthening transparencyin the extractive sector. Washington, DC – July 25, 2025:The Executive Board of the International Monetary Fund(IMF) completed the Article IV Consultation for Equatorial Guinea.1IMF Management approved the completion of the first and second reviews and a 12-month extension of the StaffMonitored Program (SMP) for Equatorial Guinea on June 25, 2025. The authorities haveconsented to the publication of the Staff Report prepared for this consultation.2 Equatorial Guinea registered a mild economic recovery in 2024, growing by 0.9 percentfollowing a strong contraction in 2023. However, non-hydrocarbon GDP growth slowed in 2024to 1.3 percent, and the economy is expected to grow only modestly in the medium term ashydrocarbon production declines. Inflationary pressures have persisted, with inflationincreasing from 2.5 percent in 2023 to 3.4 percent in 2024. The banking sector showed clear signs of improvement in 2024 but remains undercapitalized.The average capital adequacy ratio of the system is marginally below the regulatory minimum,but substantially higher than at the end of 2022. The authorities’ substantial fiscal adjustment in 2024 improved the non-hydrocarbon primarybalance from -22.3 percent of non-hydrocarbon GDP in 2023 to -17.0 percent in 2024. Publicdebt decreased from 39.1 percent to 36.4 percent of GDP. Equatorial Guinea’s contribution toforeign reserves at the regional central bank remained negative in 2024, following a reserveloss in 2023. The authorities planned further fiscal adjustment will aim to keep public debtbelow 50 percent of GDP despite the projected decline in hydrocarbon revenues and restoreexternal balance in the medium term. The authorities have implemented substantial reforms over the past year in the context of theSMP. The significant fiscal adjustment in 2024 helped initiate stabilization of the public debtdynamics and res