Gabon's cabinet has approved a trimmed 2016 budget of 2.626 trillion CFA francs ($4.55 billion) reflecting the need to carry on with a policy of belt-tightening amid a slump in world oil prices.
Government proposes trimmed 2016 budget as oil woes persist
According to a statement released late on Friday, investment spending will reach 562.8 billion CFA francs, more than two-thirds of which will be supported by exterior financing.
Gabon president, Ali Bongo
The petroleum-producing Central African state was forced to slash this year's budget by around 14 percent to 2.651 trillion CFA francs in April as the slide in crude prices dealt a blow to government revenues.
Aggravating the fiscal strain caused by the drop in crude prices, Gabon's oil output is expected to fall by around 8 percent this year due to ageing oil fields and the impact of strikes by workers.
Once an OPEC member, Gabon's current reserves will be exhausted in 30 years in the absence of new finds.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Faulty aircraft prevents Shettima from representing Tinubu at US summit
84-yr-old Olubadan-designate vows to build on his predecessor's legacies
Tinubu, Shettima out of the country — who is in charge of Nigeria?
Why I rejected NUJ award Alia accepted - Agbese
Intrigue as Kano Senator donates 1 million clay pots, burial materials to constituents
Delta, Nigeria’s highest oil & gas producer laments epileptic power supply
Telegram powered crypto casino, TG.Casino, signs partnership with AC Milan
Measles kills 42 children in Adamawa, Govt extends resumption date to May 13
Here's why Nigeria's Remi Tinubu was picked as 9th most decent first lady in Africa
ADVERTISEMENT
