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Cover -- CONTENTS -- ECONOMIC IMPACT OF THE OIL-PRICE SLUMP -- A. Oil-Price Shocks in Sub-Saharan Africa -- B. The Impact on Oil-rich CEMAC -- C. Oil-Price Shocks in Gabon -- D. Assessing Potential Impact on Gabon -- E. Structural Mitigating Factors -- F. Conclusion -- FIGURES -- 1. Oil Prices, non-oil real GDP, 1990-2014 -- 2. Government Expenditure, Oil Price, and Non-oil GDP Growth 2000-14 -- 3. GDP Growth During Oil-Price Shock Episodes -- 4. Impulse Response of Gabon's Non-Oil GDP Growth -- TABLE -- 1. Oil Shock Impact on Selected Variables -- REFERENCES

Cover -- CONTENTS -- BACKGROUND -- RECENT DEVELOPMENTS AND PROGRAM PERFORMANCE -- MACROECONOMIC OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Fiscal Policy and Reforms -- B. Financial Sector -- C. Distributional Issues -- PROGRAM MODALITIES AND FINANCING ASSURANCES -- STAFF APPRAISAL -- FIGURES -- 1. Selected Economic Indicators and Outlook -- 2. Fiscal Indicators and Outlook -- TABLES -- 1. Selected Economic Indicators, 2015-23 -- 2. Balance of Payments, 2015-20 -- 3a. Central Government Accounts, 2015-20 (Billions of CFA francs) -- 3b. Central Government Accounts, 2015-20 (Percent of GDP -- Billions of CFA francs) -- 3c. Central Government Accounts, 2015-20 (Percent of Non-oil GDP -- Billions of CFA francs) -- 4a. Financing of the Fiscal Deficit, 2017-20 (Billions of CFA francs) -- 4b. Financing of the Fiscal Deficit, 2017-20 (Percentage of GDP) -- 5. Monetary Survey, 2015-20 -- 6. Financial Soundness Indicators for the Banking Sector, 2013-18 -- 7. Indicators of Capacity to Repay the Fund, 2017-30 -- 8. Schedule of Disbursements and Timing of Reviews Under the Extended -- APPENDICES -- I. Letter of Intent -- Attachments: I. Memorandum of Economic and Financial Policies -- II. Technical Memorandum of Understanding -- 2. Supplementary Letter of Intent

Cover -- CONTENTS -- BACKGROUND: STRATEGY TO REVERSE ECONOMIC AND SOCIAL DECLINE -- GROWTH HAS IMPROVED, BUT NEAR TERM RISKS HAVE INCREASED -- ADJUSTING FISCAL POLICY TO ENSURE SUSTAINABLE FINANCING OF AUTHORITIES' GROWTH AND DIVERSIFICATION STRATEGY -- A. Financing the PSGE on a Fiscally Sustainable Basis -- B. Improving Competitiveness for Economic Diversification and Structural Transformation -- C. Enhancing Financial Access and Financial Stability -- IMPROVING THE QUALITY OF DATA FOR DECISION-MAKING AND MONITORING PROGRESS UNDER PSGE, AND FUND JURISDICTIONAL ISSUES -- STAFF APPRAISAL -- FIGURES -- 1. Growth Performance -- 2. Global Competitiveness Index Comparison (Position in the Ranking) -- 3. Selected Economic Indicators -- 4. No Fiscal Adjustment Scenario, 2014-2020 -- 5. Fiscal Indicators -- 6. 2013 Eurobond Interest Yield and Spread with 10 Year US Bond -- 7. Medium Term Outlook, 2014-2020 -- 8. Public Investment Management Index, 2011 -- 9. Business Environment and Governance -- 10. Financial Indicators -- TABLES -- 1. Selected Economic Indicators, 2012-20 -- 2. Central Government Accounts, 2012-20 -- 3. Central Government Accounts, 2012-20 -- 4. Monetary Survey, 2012-20 -- 5. Balance of Payments, 2012-20 -- 6. Financial Soundness Indicators for the Banking Sector, 2009-13 -- ANNEX -- Risk Assessment Matrix -- APPENDICES -- I. PSGE Track Record -- II. External Sector Assessment -- III. Reform of Fuel Subsidies: Progress and Remaining Agenda -- CONTENTS -- RELATIONS WITH THE FUND -- RELATIONS WITH THE WORLD BANK -- STATISTICAL ISSUES