Gabon’s finance ministry said on Thursday it had signed an additional programme worth $150 million with the World Bank, bringing the institution’s total commitment to $600 million.
The ministry’s statement added that a special commission will be established to conduct a comprehensive audit of the Central African country’s public debt.
The oil-producing nation has stepped up engagement with the International Monetary Fund and the World Bank as it seeks to tighten public finances.
It plans to audit past borrowing and secure fresh funding for basic infrastructure, following years of debt management concerns and fiscal slippages.
The reasons for the audit include the failure to carry out certain projects and to transfer certain funds into the state treasury accounts, the ministry said.
It also noted breaches of contracts and budgetary rules during the 2016 to 2023 period of the previous administration.
The commission will be coordinated by the minister of economy and finance and supported by the International Monetary Fund.
The audit will last over two to three months.
Gabon has formally requested a programme from the International Monetary Fund to help stabilise its finances.
